In the 1980s, Americans couldn’t escape the term Yuppies (young urban professionals). In the 21st century we have HENRYs (high earners, not rich yet). Why are Madison Avenue and Wall Street so keen on coining terms for such populations? Because they’re worth a lot of money. According to Goldman Sachs, “millennial households already control financial assets worth more than $1 trillion.”
The term HENRY was first used by Fortune in 2003 to refer to households with annual incomes of $100,000 to $250,000. Today, HENRYs include millennials. Although Gen-Xers of the 20th century would find the idea of moving back to their parents as HENRYs do abhorrent, the two populations share the desire “for a better lifestyle.” HENRYs are using Financial Technology (FinTech) apps likes Venmo to help them pay bills and manage their money. That fuels a huge market. 60 Minutes will interview a number of HENRYs on Sunday, May 8 at 7pm.