Millennials and money

7 February 2011 at 9:07 am 1 comment

Alex Oliver writes:

We’ve been out and about talking about the millennials generation and their financial attitudes and behaviours. At the Financial Services Forum event in the City of London recently I presented some of our proprietary research about the millennial cohort growing up and ‘coming of age’ with lifestyles to match.  Millennials are now fluent consumers and intuitive users of technology, and are clearly adept at navigating the increasingly blended worlds real and virtual, work and play, but their self-stated lack of engagement and frequent misunderstanding of financial matters is stark.  Tough economic times, alongside a general lack of interest in managing their finances means millennials need support to weather the storm.

But although this ought to be an opportunity for financial services providers, there is something of a mismatch between the brand values and service propositions which millennials look for and those which financial services providers tend to have. Millennials want to see  ‘authenticity’ in brands, and they want easier access to services (for example when they’re ‘on the go’ or using dead time to catch up. There are some easier wins for financial services providers – for example, they may be able to nudge them to some good but low engagement behaviours (such as saving more for retirement) by smart service design. But there’s potentially a big win here. The provider which gets this right, at a time when many millennials are financially squeezed, could capture a cohort of customers for life.

The picture is from dcist, and it’s used with thanks.

Entry filed under: brands, consumers, economic downturn, financial services, millennials, Uncategorized. Tags: .

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