From the ability to cancel monthly subscriptions to the chance to ‘rent’ items like cars, tech and clothes; today’s millennial are loaning items and not owning them outright. Three in 10 say this gives them more freedom and, despite popular belief that millennials can’t handle their cash, three in 10 feel ‘in control’ of their money, due to the flexibility of making purchases without permanent ties or having to buy things outright. In fact, this generation has five monthly contracts on average, resulting in a flexible financial lifestyle whereby they’re able to own outright as many or as few possessions as they’d like.
Virgin Money, which carried out the study, believes there is a new social movement that millennials are supporting – Hire Power. This is a feeling of contentment and control over finances due to the flexibility of making purchases without these permanent ties or having to buy things outright straight away. By opting in and out of subscriptions at the push of a button, people have access to more music, films, literature and services than ever before. The survey reveals that 37% of millennials have a music streaming service, six in 10 a TV or video streaming contract, and one in 20 are even signed up to a dog borrowing site.
Aston spoke to Laura Whitmore, TV presenter to discuss what ‘Hire Power’ really means, chat generational differences and talk through the most popular subscription services around today.