On Thursday, June 18, Axios business editor Dan Primack and media reporter Sara Fischer hosted a live, virtual conversation on millennials and how they'll shape future financial trends with WeWoreWhat founder Danielle Bernstein, NerdWallet CEO Tim Chen and Olympic medalist and CFP® Lauryn Williams.
Lauryn Williams discussed the long-term impact of the pandemic on millennials and the student debt burden.
- On how people are using student loan deferrals: "Most people are stockpiling money to make sure that they have it available, as opposed to paying down debt."
- On the importance of emergency funds during economic turbulence: "An emergency fund is three months of take-home pay if you have a stable and regular job. If you have children, you want to extend that out a little bit further, getting closer to six months...That gives you the bare bones minimum."
Danielle Bernstein highlighted millennial spending trends around socially-minded companies.
- On being more deliberate with where people spend money: "[Customers] want to support direct to consumer businesses that are tied to amazing companies and organizations that are helping people most right now. If they are going to spend their money, they want to spend it in a way that will also give back."
Tim Chen discussed the rising interest in financing and purchasing new homes, as well as trends in investing.
- On the biggest change in millennial behavior with financial services: "We've seen a pickup in three areas: unemployment, investing and refinance."
- How coronavirus is impacting trends in home ownership: "I think a big driver of [interest in purchasing new homes] is the lowest interest rates we've seen in a long time. A lot of people are thinking about moving out of the city. And so there are forces that are driving that change."
In a View from the Top segment, Axios CEO and co-founder Jim VandeHei spoke with SoFi CEO Anthony Noto about how people are weathering financial uncertainty.
- On these unprecedented times: "High achievers for the first time in their lives are making no money, whether they're doctors or lawyers or beauticians or plumbers or entrepreneurs or small business owners, at no fault of their own. They have no income."
Thank you SoFi for sponsoring this event.