30 Apr Millennials' influence on this election – Emily Jaksch
Millennials will have a big influence on who wins this Federal election and they will shape the decisions that will impact us into the near future. Therefore their opinions are important and we talk to Emily Jaksch about those views.
Kevin: We’re only a few weeks away from the federal election, and one thing that many people misjudge, I think, is the power of the next generation. And millennials are going to be probably the big decider. One of the things that concerns them greatly is, of course, housing affordability. I’m talking now to Emily Jaksch, who is an expert in this field. She’s built a lifetime around educating people about how to work with millennials. Emily, thanks very much for your time.
Emily: Thanks for having me. I’m happy to be here.
Kevin: I find this a fascinating subject, and I follow you quite closely, because you’re a passionate believer in what millennials can achieve, and how they’re so misunderstood, and in some cases, not taken account of or their opinion. They’re going to be fairly a big decider in this election I would think, Emily?
Emily: They certainly are. They’re the biggest generation on record, and according to a recent survey, 65% of the millennials don’t support the current government, which is not surprising given the fact that ScoMo is an unelected Prime Minister nobody really wanted in the seat, but here we are. But I think that-
Kevin: Well, it’s not about personalities. It’s more about policy, I think, and-
Emily: It is. It is.
Kevin: And I think one of the big debates right now is about housing affordability. So putting aside the personalities, if we could, let’s talk about the Banking Royal Commission, the results of that and the tightening on lending. That’s making it more difficult for people to get finance, Emily.
Emily: It is, it is. I recently read an article about the fact that lenders are now looking at living expenses. So, they’re delving in to bank statements looking at after pay expenditure, Uber Eats, coffee, and that’s bad news for millennials, because it’s going to make it even harder for them to enter the market. And according to my research, one in three working millennials intend to buy within the next five years, and seven in 10 have between two and $30000 in savings. So they’re saving up their deposits, and here we are after the Banking Royal Commission with even more difficult barriers to entry than we’ve had before, which is … and we’ve also got this other thing where it’s become a buyers market, so we’ve had a bit of a decline. But it’s a great time for them to buy, but they’re not able to enter because of all of these other things.
Kevin: So I think, too, there’s a broader question here, and I just wanted to pose this with you, and that is the misunderstanding about millennials. This goes right through to employment. You and I have spoken off air about employers, how they treat people, but let’s think about the banks for a moment. They really haven’t adjusted to how millennials live. I mean, whether or not you get Uber Eats and how they find out about it is because it has to go on your credit card. They class these people as being lazy, lazy savers, when in fact it’s becoming a part of the way we live to use Uber Eats. To use Uber taxis. Things are changing. Are the banks not changing with it?
Emily: I don’t think they are, and according to a recent study, many millennials stated in this, in the survey that they are going to be looking to find an alternative to the big banks. So, I think that the big banks really need to be careful here, because we’ve got a very, very large proportion of the population who have completely different consumer buying habits and they’re not really listening to them, and they’re cutting them out of the market. So, it’s really interesting, and this is going to be a big issue for the upcoming elections, housing affordability, and the rising cost of living. We’ve cited into two hottest issues for millennials.
Emily: And the two political parties, the big ones really need to start talking to these millennials. The other thing that was found in this report was that they’re now getting the majority of their news from Facebook. And we have seen a lot of the political parties campaigning using that platform which is quite interesting. That’s been going on for quite a few years, but it’s definitely becoming a really big influencer of millennials and and how they think and how they perceive things.
Kevin: Yeah, great message there for politicians to be wary, to listen into what Millennials are saying and what they are needing. My guest has been Emily Jaksch. Now, Emily’s website is Emily Jaksch, pronounced Jacks, dotcom. And you’ll find a link on our website following today’s interview if you want to contact to Emily. Emily, always great talking to you. Thank you. I love your passion. And all the best. We look forward to talking to you after the election. We’ll probably pick up on this subject. I think then.
Emily: Fantastic. I can’t wait. Thank you so much.