Inside the mind of millennials: What financial marketers need to know

first_imgMillennials’ interaction with the world of financial services is completely different to that of their parents’ generation. Largely digital native, their consumption of media is a world apart from that of Baby Boomers. For instance, the average Millennial has played over 10,000 of video games by the time they turned 18.Financial marketers must understand the challenges that the banking industry faces when trying to adapt to this new wave of consumers with a different outlook — people who are struggling to find a way to align their future with their present. Financial institutions must acknowledge their shortcomings and overcome the gaps if they are to connect with Millennials.Three Profiles of MillennialsAs with any generation, Millennials are not a homogenous group. It helps to break them down into the following three subsets, as defined by Bank of America.YOUNGER MILLENNIALS 18-22Millennials in the 18-22 year old range are mostly single and are currently going to school. This group goes to their parents for financial advice more often then their older counterparts. A large number still receive financial support from their parents. Those who are saving are not likely to have a 401(k) or IRA. They are saving for a house, a vacation, and their own education. Most are going or went to college. One third have student loans that they pay. They get their financial information from their parents and from their coursework at school.MIDDLE MILLENNIALS 23-29The middle group of Millennials is split between being single and married. Most are employed. They are more likely to make a budget than either of the other age groups and are saving to buy a house more than others. They are also saving for vacations, and half have a savings goal. More than half who went to college are paying for their own student loans. Some have delayed starting a family due to these loans. They still use what they learned in school and from their parents for financial guidance, but are also more likely than younger Millennials to turn to a professional advisor or their employer. continue reading » 11SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img