First there were the Yuppies and Dinks, and now there are the HENRYs. HENRY, which stands for “High Earning, Not Rich Yet,” is the new acronym to describe affluent Millennials. The name may sound funny, but HENRYs are predicted by some to become an important demographic for the finance market, and other industries, in the near future. Despite their reputation for being broke, Millennials’ spending will surpass Boomers’ in the next few years, and the generation already controls financial assets worth more than $1 trillion—with the HENRYs to most likely control a significant amount of that. So far, financial companies that have successfully won over this group are emphasizing passive automated investment strategies with transparent fees. (Quartz)
