"I'd rather go to the dentist."
Does this common sarcastic refrain make you cringe? For generations, people have compared dentists to a whole host of things they prefer to avoid, from visits with the in-laws to doing taxes and beyond.
But change may be afoot among younger generations. A recent study conducted by Scratch, Viacom Media Network's "creative and strategic SWAT team," called The Millennial Distruption Index, finds that most members of the Millennial generation (those born between 1981-2000) would rather go to the dentist than hear what banks have to offer.
That's right. Millennials, the largest generation in U.S. history, prefer dentists to banks. Score one for the doctors!
However, the study isn't about how dentists compare to other industries or professions. It's about what industries Millennials are most likely to change. Over the course of three years, Scratch surveyed more than 10,000 Millennials and conducted 200-plus interviews about their feelings toward 73 companies across 15 industries. The goal was to get a sense for which industries were most likely to be "disrupted" by this up-and-coming generation of techies and entrepreneurs.
Millennials, a generation born 1981-2000 and more than 84 million strong in the U.S. alone, use technology, collaboration and entrepreneurship to create, transform and reconstruct entire industries. As consumers, their expectations are radically different than any generation before them….The results paint a clear picture of which brands are loved, which are meeting consumer needs, and which are poised on the brink of disruption.
The banking industry is identified as at the greatest risk for disruption by Millennials. Of those surveyed, 53 percent "don’t think their bank offers anything different than other banks." They'd rather receive financial service offerings from companies like Google, Apple, Square or PayPal than the nationwide bank they currently use.
But the most important nugget of data: 71 percent "would rather go to the dentist than listen to what banks are saying." The dental profession is far from beloved but at least there's some security in knowing that Millennials are more likely to show up for their dental appointments—if only to avoid going to their banks.