Millennials, also referred to as Generation Y, are said to be those individuals who were born between the early years of 1980 and the mid 1990s, though some researchers have also included those who were born in the early 2000s as well.

If you were born between 1981 and 1996, then you fall into this category, which includes people today who are in their early 20s to late 30s.

There has been a lot of talk about millennials in the media over the years, they are often the group that gets mocked for their bad choices.

We're frequently told that millennials aren't good at saving money, that they are lazy, entitled, stubborn, and whiny. That doesn't mean that everyone who falls into this category can accurately be described as being lazy or bad with their money etc though, but on average this might be what many have found, which has helped to further that narrative.

This also doesn't mean that other generations, such as those which came before, aren't without their own faults. After all, it's the example that was set by the baby boomers and Gen X which set the stage for those to follow.

Recent reports have also found that debt loads have increased drastically for baby boomers over the last decade. On average, those who fall into Gen X as well have also been found to have at least $39k in personal debt not including their mortgage.

But let's get back to the millennials.

There are many things today that they don't seem interested in buying any longer and this includes things such as fabric softener, lottery tickets, diamonds, bars of soap, cereal, cable, and life insurance.

They are described as being the most at risk generation with regard to their life insurance preparation, according to a recent survey by New York Life's Life Insurance Gap.

Turns out that many young people today would rather put that money toward saving for a house, paying off debt, affording daily expenses, or saving for retirement, before they would consider funneling it toward a life insurance policy.

Are they not interested? Or they just don't have the money?

It's been found that while some millennial families might be interested in purchasing life insurance, that they cite financial reasons for not being able to do so. Perhaps if they had more discretionary income, they might consider investing in that area.

Many who might be interested might also not be aware of how to buy it or how to go about making a wise decision in this area. That leaves room for companies who are looking to attract those individuals, to try and market their services in a quick and efficient way that is going to relay value quickly to the individual so that they can decide if they want to pursue it any further. Why do they need the policy? How can the policy help them and offer security? What is the benefit to getting the policy started now rather than later etc?

We are going to likely see a gradual evolution regarding the mode in which life insurance has traditionally been sold, so that it is done in a way that caters to the convenience of this group and financially enables them to enter the space.

A previous Bankrate survey found that Millennials today are spending more than previous generations on their bills and daily living expenses, including cell phone bills, gas, and food.

They are spending less on vacations and going without cable television, and it's expected that their bills will only increase as they get older, leaving them with even less discretionary income. They might think that the best time for them to consider something like life insurance isn't until much later in life, but there are many reasons why a young person might want to consider it earlier on; especially if they are married or own their own home etc.

Seeing as millennials are also allegedly more likely than any other group to be scammed in the market, they might not want to rush into making any important financial decisions.

There are plenty of financial scams that have taken place in this industry and that could be why many people hold the view that a life insurance investment isn't for them or wouldn't be worth their money.

Surveys show us however that many people might be interested in getting started, but they just don't know where to go and which decision might be the wisest for them. I wouldn't expect this spending trend to turn around anytime soon however, as millions of millennials are happy spending their money on a myriad of other things besides life insurance.

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Not to be taken as financial advice

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