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Lifestage Marketing in Financial Services - US - January 2013

There is always a difference among generations in how they think, communicate, and perceive the world. While the recession has forced the generations to have some common goals, there are vast differences in how they expect the financial industry to help them reach those goals. The challenge for the industry is how to adapt to the requirements of the younger generation while still meeting the needs of their older clients.”

– Robyn Kaiserman, Financial Services Industry Analyst

Some questions answered in this report include:

  • What special challenges has the recession created for Millennials?
  • How are the different generations approaching retirement planning?
  • What is the most effective way to reach Millennial and Gen X customers?

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Table of contents

  1. Scope and Themes

      • What you need to know
        • Data sources
          • Consumer survey data
            • Comperemedia
              • Abbreviations and terms
                • Abbreviations
                  • Terms
                    • Companies mentioned in this report
                    • Executive Summary

                        • The market
                          • Figure 1: U.S. population, by generation, 2012
                          • Figure 2: U.S. population projections, 2020 and 2050
                        • Debt reduction is the major concern for consumers
                          • Figure 3: Debt reduction goals for next 2 - 3 years, October 2012
                        • Baby Boomers are especially struggling
                          • Figure 4: Percentage of households with heads aged 55+ with debt, by age of household head, 1992-2007
                        • Student debt—the next bubble?
                          • Figure 5: Total student debt balances, Q3 2008-Q3 2012
                          • Figure 6: Average amount of student debt per household, selected years, 1989-2010
                        • Retirement planning is a concern for everyone
                          • Figure 7: Percentage who want to increase the proportion of income saved for retirement, October 2012
                          • Figure 8: Worker confidence in having enough to live comfortably in retirement, 2002-12
                        • Millennials are slower to live adult lifestyles
                          • Figure 9: Percentage of Millennials living at least temporarily with parents
                        • There is opportunity among the Millennials
                          • Gen X is perhaps the most challenged
                            • Figure 10: Change in median household net worth, by age, 2005-10
                          • Youngest customers are most interested in learning about finances
                            • Figure 11: Interest in events hosted by financial institution, by generation, October 2012
                          • Opportunities exist for the insurance industry
                            • Figure 12: Preference for an insurance agent, by generation, October 2012
                          • Financial services companies have slipped down in Fortune 500
                          • Issues in the Market

                              • The pressure is on the Millennials
                                • Everyone is rethinking retirement
                                  • Communication preferences are changing
                                  • Insights and Opportunities

                                    • Key points
                                      • Retirement concerns loom large
                                        • Figure 13: Those who cite saving for retirement as an important goal for the next 12 months, November 2012
                                        • Figure 14: Percentage of workers saving for retirement, by age, 2002 and 2012
                                        • Figure 15: Total amount in retirement savings, by age, 2012
                                        • Figure 16: Expectations as to amount needed to retire comfortably, by age, 2012
                                      • Younger investors too conservative to ensure a comfortable retirement
                                        • More Millennials moving home
                                          • Figure 17: Percentage of Millennials living at least temporarily with parents, 2012
                                        • The Millennial segment is large—and some are affluent
                                          • Millennials are turning to entrepreneurship
                                            • Millennials are using alternative financial products
                                              • Gen X is perhaps the most challenged
                                                • Figure 18: Change in median household net worth, by age, 2005-10
                                              • Youngest customers are most interested in learning about finances
                                                • Figure 19: Interest in events hosted by financial institution, by generation, October 2012
                                              • Many young males would prefer to work with insurance agents
                                                • Figure 20: Preference for receiving overall financial advice from an insurance agent, by generation, October 2012
                                              • Retirement postponed for Boomers
                                                • Figure 21: Number of people aged 65+ who remain in the workforce, in thousands, January 2002-January 2012
                                              • Different channels for different generations
                                                • Figure 22: Banking channel preferences among consumers aged 18-34, 2008, 2010 and 2012
                                                • Figure 23: Banking channel preferences among consumers aged 35-54, 2008, 2010 and 2012
                                                • Figure 24: Banking channel preferences among consumers aged 55+, 2008, 2010 and 2012
                                            • Trend Applications

                                                • Trend: Attention Economy
                                                  • Industry application
                                                    • Trend: Influentials
                                                      • Industry application
                                                        • 2015 Trend: Brand Intervention
                                                          • Industry application
                                                          • Market Size

                                                            • Key points
                                                              • More Millennials than Baby Boomers
                                                                • Figure 25: Population numbers, by generation, 2011
                                                              • Oldest segment projected to explode in size
                                                                • Figure 26: U.S. population estimates, by age, 2020-50
                                                            • Market Drivers

                                                              • Key points
                                                                • People are getting married later
                                                                  • Figure 27: Median age of marriage in U.S., 1980-2011
                                                                • Unemployment is still a factor
                                                                    • Figure 28: U-3 unemployment rate, by age, October 2011-October 2012
                                                                  • Education loan debt
                                                                    • Figure 29: Total student debt balances, Q3 2008-Q3 2012
                                                                    • Figure 30: Average amount of student debt per household, selected years, 1989-2010
                                                                    • Figure 31: Rate of delinquency of student loans, Q3 2008-Q3 2012
                                                                    • Figure 32: Student debt as percentage of household debt, Q3 2008-Q3 2012
                                                                    • Figure 33: Percentage of households with outstanding student loan debt, by age of head of household, selected years 1998-2010
                                                                    • Figure 34: Ratio of student loan debt to income, by age of head of household, selected years, 1998-2012
                                                                  • Non-educational debt
                                                                    • Figure 35: Percentage of households with heads aged 55+ with debt, by age of HH head, 1992-2007
                                                                    • Figure 36: Average total debt for families with debt with household head aged 55+, by age of household head, 1992-2007
                                                                    • Figure 37: Average credit card debt, by age, 2008 vs. 2012
                                                                  • Retirement confidence still relatively low
                                                                    • Figure 38: Worker confidence in having enough to live comfortably in retirement, 2002-12
                                                                    • Figure 39: Retiree confidence in having enough to live comfortably in retirement, 2002-12
                                                                    • Figure 40: Percentage of respondents who believe they will not be able to retire completely, by generation, February 2012
                                                                • Leading Companies

                                                                  • Key points
                                                                    • Financial services companies have slipped in Fortune 500
                                                                        • Figure 41: Revenues of leading financial products companies, 2010-11
                                                                        • Figure 42: Profits of leading financial products companies, 2010-2011
                                                                      • Customers like bank facilities more, fees less
                                                                        • Credit unions are increasing memberships
                                                                          • Figure 43: Largest credit unions, by assets, as of March 31, 2012
                                                                      • Innovations and Innovators

                                                                        • Key points
                                                                          • Merrill Edge helps people “face” retirement
                                                                            • Credit union creates website for high school and college students
                                                                              • BBVA launches a new mortgage for first time buyers
                                                                                • BancVue helps financial institutions build their future customer base
                                                                                • Marketing Channels

                                                                                  • Key points
                                                                                    • Friends and family are important sources of information
                                                                                      • Figure 44: Preferred sources of financial information, by generation, October 2012
                                                                                    • Communicating via technology is vital to Millennials
                                                                                      • Banks, Millennials and Twitter
                                                                                        • Figure 45: Change in Twitter usage, by age, November 2010-February 2012
                                                                                      • Branches are becoming social centers
                                                                                      • Marketing Strategies

                                                                                        • Key points
                                                                                          • Talking to Millennials is different
                                                                                            • Millennials
                                                                                              • Figure 46: Wells Fargo direct mail ad, 2012
                                                                                              • Figure 47: Citibank email ad, 2012
                                                                                              • Figure 48: New York Life print ad, 2012
                                                                                              • Figure 49: BMO television ad, 2012
                                                                                            • Gen X
                                                                                              • Figure 50: Wells Fargo direct mail ad, 2012
                                                                                              • Figure 51: Citibank print ad, 2012
                                                                                              • Figure 52: U.S. Trust online ad, 2012
                                                                                              • Figure 53: Wells Fargo television ad, 2012
                                                                                            • Retirement
                                                                                              • Figure 54: Citizens bank direct mail ad, 2012
                                                                                              • Figure 55: Wells Fargo print ad, 2012
                                                                                              • Figure 56: Wells Fargo email ad, 2012
                                                                                              • Figure 57: Blue cross blue shield print ad, 2012
                                                                                              • Figure 58: Prudential television ad, 2012
                                                                                          • The Consumer – Financial Goals

                                                                                            • Key points
                                                                                                • Figure 59: Specific financial goals for next two or three years, by generation, October 2012
                                                                                                • Figure 60: Specific financial goals for next two or three years, by generation and gender, October 2012
                                                                                                • Figure 61: Specific financial goals for next two or three years, by generation and income, October 2012
                                                                                                • Figure 62: Specific financial goals for next two or three years, by generation and education, October 2012
                                                                                            • Primary Financial Concerns

                                                                                              • Key points
                                                                                                  • Figure 63: Primary financial concern, by generation, October 2012
                                                                                                  • Figure 64: Primary financial concern, by generation and gender, October 2012
                                                                                                  • Figure 65: Primary financial concern, by generation and education, October 2012
                                                                                              • Attitudes Toward Advisers

                                                                                                • Key points
                                                                                                    • Figure 66: Attitudes toward advisers, by generation, October 2012
                                                                                                    • Figure 67: Attitudes toward advisers, by generation and gender, October 2012
                                                                                                    • Figure 68: Attitudes toward advisers, by generation and income, October 2012,
                                                                                                • Attitudes Toward Mobile Technology

                                                                                                  • Key points
                                                                                                      • Figure 69: Attitudes toward mobile technology, by generation, October 2012
                                                                                                      • Figure 70: Attitudes toward mobile technology, by generation and gender, October 2012
                                                                                                      • Figure 71: Attitudes toward mobile technology, by generation and income, October 2012,
                                                                                                  • Learning About Investments and Finance

                                                                                                    • Key points
                                                                                                        • Figure 72: Preferred sources of information about investments and finance, by generation, October 2012
                                                                                                        • Figure 73: Preferred sources of information about investments and finance, by generation and gender, October 2012
                                                                                                        • Figure 74: Preferred sources of information about investments and finance, by generation and education, October 2012
                                                                                                    • Responding to Financial Communications

                                                                                                      • Key points
                                                                                                          • Figure 75: Preferred channels for financial advertisements, by generation, October 2012
                                                                                                          • Figure 76: Preferred channels for financial advertisements, by generation and gender, October 2012
                                                                                                      • Interest in New Products and Services

                                                                                                        • Key points
                                                                                                            • Figure 77: Interest in products and services, by generation, October 2012
                                                                                                            • Figure 78: Interest in products and services, by generation and gender, October 2012
                                                                                                            • Figure 79: Interest in products and services, by generation and education, October 2012
                                                                                                        • Cluster Analysis

                                                                                                            • Advice Seekers
                                                                                                              • Demographics
                                                                                                                • Characteristics
                                                                                                                  • Opportunity
                                                                                                                    • Young Info-Seekers
                                                                                                                      • Demographics
                                                                                                                        • Characteristics
                                                                                                                          • Opportunity
                                                                                                                            • Tech-Savvy Independents
                                                                                                                              • Demographics
                                                                                                                                • Characteristics
                                                                                                                                  • Opportunity
                                                                                                                                    • Solo Flyers
                                                                                                                                      • Demographics
                                                                                                                                        • Characteristics
                                                                                                                                          • Opportunity
                                                                                                                                            • Cluster Characteristic Tables
                                                                                                                                              • Figure 80: Target clusters, October 2012
                                                                                                                                              • Figure 81: Specific financial goals for next two or three years, by target clusters, October 2012
                                                                                                                                              • Figure 82: Primary financial concern, by target clusters, October 2012
                                                                                                                                              • Figure 83: Attitudes toward advisers, by target clusters, October 2012
                                                                                                                                              • Figure 84: Attitudes toward mobile technology, by target clusters, October 2012
                                                                                                                                              • Figure 85: Sources of information about investments and finance, by target clusters, October 2012
                                                                                                                                              • Figure 86: Preferred channels for financial advertisements, by target clusters, October 2012
                                                                                                                                              • Figure 87: Interest in new products and services, by target clusters, October 2012
                                                                                                                                            • Cluster demographic tables
                                                                                                                                              • Figure 88: Target clusters, by demographic, October 2012
                                                                                                                                            • Cluster methodology
                                                                                                                                            • Appendix – Trade Associations

                                                                                                                                              Companies Covered

                                                                                                                                              • Aflac Incorporated
                                                                                                                                              • AIG Group (American International Group Inc)
                                                                                                                                              • Allstate Corporation (The)
                                                                                                                                              • American Express Company (The)
                                                                                                                                              • Bank of America Corporation
                                                                                                                                              • Boeing Employees' Credit Union
                                                                                                                                              • Citigroup Inc.
                                                                                                                                              • Countrywide Financial Corporation
                                                                                                                                              • Goldman Sachs Group, Inc., The
                                                                                                                                              • JPMorgan Chase & Co
                                                                                                                                              • Liberty Mutual Holding Company Inc.
                                                                                                                                              • MetLife, Inc.
                                                                                                                                              • Morgan Stanley
                                                                                                                                              • National Credit Union Administration
                                                                                                                                              • Nationwide Financial Services, Inc.
                                                                                                                                              • Navy Federal Credit Union
                                                                                                                                              • New York Life Insurance Company
                                                                                                                                              • Prudential plc
                                                                                                                                              • State Employees' Credit Union
                                                                                                                                              • State Farm Insurance Companies

                                                                                                                                              Lifestage Marketing in Financial Services - US - January 2013

                                                                                                                                              £3,174.67 (Excl.Tax)