There’s no denying it – millennials love crowdfunding. People ages 24-35 are much more likely to donate to crowdfunding campaigns than those over 45, and 28% of crowdfunders are ages 24-35, more than any other demographic. Crowdfunding can be appealing to all ages, but why is it that millennials love it so much?
Already live on social media
Millennials were teenagers when social media started becoming popular, so they’ve spent their lives growing up with social media ingrained in to their daily lives. Many millennials have smart phones and use social media on them nearly constantly throughout the day. Social media and crowdfunding go hand in hand. It’s likely that millennials see many crowdfunding posts every day, whether it be from a Facebook post of a college friends or from a retweet from a celeb they follow. It’s likely that many millennials actually know someone who has run a crowdfunding campaign and see or interact with associated social media posts.
Like to support their friends
Millennials are busy. While they are some of the youngest in the workforce, they are also busy with raising young families, pursuing higher education, participating in local groups, and enjoying their hobbies and passions. With not a lot of time left to kick back and relax, it can be difficult to get a lot of social interaction or support friends in their equally as busy lives. Crowdfunding is a way for millennials to support their friends’ passions. By giving small amounts of money and sharing on Facebook, millennials can show they care for their friends, even if they are just taking the 5 minutes they have on the train between their job and their night class. Supporting friends who crowdfund is an easy way for millennials to show they care.
Way to get funding
Since millennials have been in the workforce a shorter amount of time as compared to older generations, they have fewer extra funds available for things like starting a business or getting started with their invention idea. Crowdfunding is a great way for millennials with big ideas to try and get the funding they need to chase their dreams. Since their friends utilize social media, they can easily get them on board with their campaign. Millennials have the drive, passion, and heart it takes to be successful and crowdfunding can help provide them with the resources.
Millennials are flocking to crowdfunding faster than any other demographic. It allows them to utilize the social media tools they already have, support their friends’ passions, and try and get funding they need.