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Lifestage Marketing - US - November 2014

“FS marketers continue to be challenged by the changing world of communication and the specific financial needs and demands of each generation. Collaborating closely with technology for quick and efficient communication as well as seamless and innovative product and service delivery could help the industry keep up with consumers.”
– Monica Staco, Financial Services Manager

This report answers the following questions:

  • How can FSI effectively reach consumers from three different generations?
  • Can FSI do more for Gen Xers and Boomers?

American consumers are becoming more diverse in terms of age, communication habits, and lifestyle. Understanding their needs and effectively communicating to them are increasingly more challenging to marketers. This report will look at the differences between three key generations – Millennials, Gen Xers, and Boomers – their communication habits and preferences. Their financial goals, trust in FS representatives, and ownership of electronic devices will guide a deeper dive into understanding each generation and will determine the ways to best get their attention and impact their purchasing decisions.

Lastly, key interest in new financial services products and services will be reviewed. This report builds on the analysis presented in Mintel’s Lifestage Marketing in Financial Services – US, January 2013 report.


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Table of contents

  1. Scope and Themes

    • What you need to know
      • Data sources
        • Consumer survey data
          • Direct marketing creative
            • Abbreviations and terms
              • Abbreviations
                • Terms
                • Executive Summary

                  • Overview
                    • The market drivers
                      • Figure 1: Consumer confidence index, October 2012-September 2014
                      • Figure 2: Average annual income and average annual expenditures, by age, 2013
                      • Figure 3: Very confident in having enough money for retirement, 2004, 2012, 2014
                    • The consumer
                      • Primary financial goals
                        • Figure 4: Primary financial goals, by Generations, September 2014
                      • Trust in FS representatives is back
                        • Figure 5: Very trustworthy, by generations, September 2014
                      • Lack of engagement in FS marketing
                        • Figure 6: Interacting with FS marketing, by generations, September 2014
                      • Traditional marketing can be relevant
                        • Figure 7: Research Financial Products – CHAID – Tree output, November 2014
                      • Use of devices
                        • Figure 8: Attitudes toward mobile technology, by generations, September 2014
                      • Interest in specific FS products/services
                        • Figure 9: Interest in FS products/services – Any interest, by generations, September 2014
                      • Recommendations
                        • What we think
                        • Issues and Insights

                            • How can FSI effectively reach consumers from three different generations?
                              • The issues
                                • The implications
                                  • Can FSI do more for Gen Xers and Boomers?
                                    • The issues
                                      • The implications
                                      • Trend Applications

                                          • Trend: Make it Mine
                                            • Trend: Returned to the Expert
                                            • Market Drivers

                                              • Key points
                                                • Economy still having an impact
                                                  • Figure 10: Consumer Confidence Index, October 2012 – September 2014
                                                  • Figure 11: Average annual income and average annual expenditures, by age, 2013
                                                • No strong participation of Millennials in labor force
                                                  • Figure 12: U-3 Unemployment Rate, by age, 2012-14
                                                  • Figure 13: Labor force Participation Rate, 2014-22
                                                • Debt continues to challenge all generations
                                                  • Figure 14: Total debt distribution, 2012-14
                                                • Retirement confidence increased
                                                  • Figure 15: Very confident in having enough money for retirement, 2004, 2012, 2014
                                              • Marketing Strategies

                                                • Overview of FS Marketing
                                                  • Millennials
                                                    • E*Trade
                                                      • Figure 16: E*Trade print ad, 2014
                                                    • Fidelity
                                                      • Figure 17: Fidelity print ad, 2014
                                                    • Gen X
                                                      • Community Bank
                                                        • Figure 18: Community Bank direct mail, 2014
                                                      • Allstate
                                                        • Figure 19: Allstate social media, 2014
                                                      • Baby Boomers
                                                        • Ally Bank
                                                          • Figure 20: Ally Bank online ad, 2014
                                                        • Wells Fargo
                                                          • Figure 21: Wells Fargo direct mail, 2014
                                                      • Consumer – Financial Attitudes and Sentiment

                                                        • Key points
                                                          • Financial and economic sentiment
                                                            • Figure 22: Financial sentiment of the future, by age, April 2013-June 2014
                                                            • Figure 23: Economic sentiment, by age, April 2013-June 2014
                                                          • Consumers’ financial attitudes
                                                              • Figure 24: Personal finance attitudes, by age, April 2013-June 2014
                                                          • Consumer – Financial Goals

                                                            • Key points
                                                              • Overall financial goals
                                                                  • Figure 25: Financial goals within the next year, by generations, September 2014
                                                                • Primary financial goals
                                                                  • Figure 26: Primary financial goals, by generations, September 2014
                                                                • Kids impact financial goals
                                                                  • Figure 27: Primary financial goals, by gender and presence of children under 18 living in household, September 2014
                                                              • Trust in the FSI

                                                                • Key points
                                                                  • Consumers trust FS representatives
                                                                    • Figure 28: Level of trust, September 2014
                                                                  • Millennials and Boomers are trusting of FS people
                                                                    • Figure 29: Very trustworthy, by generations, September 2014
                                                                  • Attitudes toward FS providers
                                                                    • Figure 30: Attitudes toward financial advisers – Any agree, by generations, September 2014
                                                                • Learning About Investments and Finance

                                                                  • Key points
                                                                    • Financial advisers are a key resource for FS information
                                                                      • Figure 31: preferred sources of information on investments and finance, 2012-14
                                                                    • Dads are interested in learning more about investment and finances
                                                                      • Figure 32: Preferred sources of information on investments and finance, by gender and parent with children in household, September 2014
                                                                  • Attitudes toward Mobile Technology

                                                                    • Key points
                                                                      • Device ownership
                                                                        • Figure 33: Devices owned, by generations, September 2014
                                                                      • Parents are key consumers for devices
                                                                        • Figure 34: Devices owned, by gender and parents with children in household, September 2014
                                                                      • Continued interest in using mobile technology for FSI contact
                                                                        • Figure 35: Attitudes toward mobile technology, by generations, September 2014
                                                                    • Engagement with FS

                                                                      • Key points
                                                                        • Millennials are more engaged with FS marketing compared to Gen X and Boomers
                                                                          • Figure 36: Interacting with FS marketing, by generations, September 2014
                                                                        • Parents pay more attention to FS advertising
                                                                          • Figure 37: Interacting with FS marketing, by gender and parent with children in household, September 2014
                                                                      • Interest in New Products and Services

                                                                        • Key points
                                                                          • FS classes and workshops are in demand
                                                                            • Figure 38: Interest in FS products/services – Any interest, 2012-14
                                                                          • High interest in FS products/services across all generations
                                                                            • Figure 39: Interest in FS products/services – Any interest, by generations, September 2014
                                                                          • Parents are interested in specific financial products and services
                                                                            • Figure 40: Interest in FS products/services – Any interest, by gender and parents with children in household, September 2014
                                                                        • Consumer Segmentation

                                                                          • CHAID Analysis
                                                                            • Methodology
                                                                              • Traditional marketing is still useful
                                                                                  • Figure 41: Research financial products – CHAID – Tree output, November 2014
                                                                                  • Figure 42: Research financial products – CHAID – Table output, November 2014
                                                                              • Appendix – Other Useful Consumer Tables

                                                                                • Economic sentiment
                                                                                  • Figure 43: Economic sentiment, by gender, April 2013-June 2014
                                                                                  • Figure 44: Economic sentiment, by age, April 2013-June 2014
                                                                                  • Figure 45: Economic sentiment, by household income, April 2013-June 2014
                                                                                  • Figure 46: Economic sentiment, by gender and age, April 2013-June 2014
                                                                                  • Figure 47: Devices owned, September 2014
                                                                                  • Figure 48: Devices owned, by gender, September 2014
                                                                                  • Figure 49: Devices owned, by parent status by generations, September 2014
                                                                                  • Figure 50: Devices owned, by employment status and generations, September 2014
                                                                                  • Figure 51: Devices owned, by level of trust – Trustworthy, September 2014
                                                                                  • Figure 52: Devices owned, by level of trust – Trustworthy, September 2014
                                                                                  • Figure 53: Devices owned, by level of trust – Trustworthy, September 2014
                                                                                  • Figure 54: Devices owned, by level of trust – Trustworthy, September 2014
                                                                                  • Figure 55: Devices owned, by interest in FS products/services – Any interest, September 2014
                                                                                  • Figure 56: Devices owned, by interest in FS products/services – Any interest, September 2014
                                                                                • Financial sentiment
                                                                                  • Figure 57: Financial sentiment, by gender, April 2013-June 2014
                                                                                  • Figure 58: Financial sentiment, by age, April 2013-June 2014
                                                                                  • Figure 59: Financial sentiment, by household income, April 2013-June 2014
                                                                                  • Figure 60: Financial sentiment, by gender and age, April 2013-June 2014
                                                                                  • Figure 61: Financial sentiment of the future, by gender, April 2013-June 2014
                                                                                  • Figure 62: Financial sentiment of the future, by age, April 2013-June 2014
                                                                                  • Figure 63: Financial sentiment of the future, by household income, April 2013-June 2014
                                                                                  • Figure 64: Financial sentiment of the future, by gender and age, April 2013-June 2014
                                                                                • Financial attitudes
                                                                                  • Figure 65: Personal finance attitudes, by gender, April 2013-June 2014
                                                                                  • Figure 66: Personal finance attitudes, by age, April 2013-June 2014
                                                                                  • Figure 67: Personal finance attitudes, by household income, April 2013-June 2014
                                                                                  • Figure 68: Personal finance attitudes, by presence of children in household, April 2013-June 2014
                                                                                  • Figure 69: Personal finance attitudes, by gender and age, April 2013-June 2014
                                                                                  • Figure 70: Consumer privacy attitude, by gender, April 2013-June 2014
                                                                                  • Figure 71: Consumer privacy attitude, by age, April 2013-June 2014
                                                                                  • Figure 72: Consumer privacy attitude, by household income, April 2013-June 2014
                                                                                  • Figure 73: Consumer privacy attitude, by presence of children in household, April 2013-June 2014
                                                                                  • Figure 74: Consumer privacy attitude, by gender and age, April 2013-June 2014
                                                                                  • Figure 75: Personal finance attitudes, April 2011-June 2014
                                                                                  • Figure 76: Consumer privacy attitude, April 2011-June 2014
                                                                                • Financial goals
                                                                                  • Figure 77: Financial goals within the next year, by gender, September 2014
                                                                                  • Figure 78: Financial goals within the next year, by generations, September 2014
                                                                                  • Figure 79: Financial goals within the next year, by gender and parents with children in household, September 2014
                                                                                  • Figure 80: Financial goals within the next year, by parent status by generations, September 2014
                                                                                  • Figure 81: Financial goals within the next year, by employment status and generations, September 2014
                                                                                  • Figure 82: Financial goals within the next year, by primary financial goal, September 2014
                                                                                  • Figure 83: Financial goals within the next year, by primary financial goal, September 2014
                                                                                • Frequency of web activities
                                                                                  • Figure 84: Frequency of web activities, September 2014
                                                                                  • Figure 85: Frequency of web activities, by gender, September 2014
                                                                                  • Figure 86: Frequency of web activities, by generations, September 2014
                                                                                  • Figure 87: Frequency of web activities, by gender and parents with children in household, September 2014
                                                                                  • Figure 88: Frequency of web activities, by parent status by generations, September 2014
                                                                                  • Figure 89: Frequency of web activities, by employment status and generations, September 2014
                                                                                • Frequency of social media activities
                                                                                  • Figure 90: Frequency of social media activities, by gender, September 2014
                                                                                  • Figure 91: Frequency of social media activities, by generations, September 2014
                                                                                  • Figure 92: Frequency of social media activities, by gender and parents with children in household, September 2014
                                                                                  • Figure 93: Frequency of social media activities, by parent status by generations, September 2014
                                                                                  • Figure 94: Frequency of social media activities, by employment status and generations, September 2014
                                                                                • Educational sources
                                                                                  • Figure 95: Learning methods for investments/finance, by gender, September 2014
                                                                                  • Figure 96: Learning methods for investments/finance, by generations, September 2014
                                                                                  • Figure 97: Learning methods for investments/finance, by gender and parent with children in household, September 2014
                                                                                  • Figure 98: Learning methods for investments/finance, by parent status by generations, September 2014
                                                                                  • Figure 99: Learning methods for investments/finance, by employment status and generations, September 2014
                                                                                • Trust with FS
                                                                                  • Figure 100: Level of trust, September 2014
                                                                                  • Figure 101: Level of trust, by gender, September 2014
                                                                                  • Figure 102: Level of trust, by household income, September 2014
                                                                                  • Figure 103: Level of trust, by race/Hispanic origin, September 2014
                                                                                  • Figure 104: Level of trust, by generations, September 2014
                                                                                • Attitudes toward FS
                                                                                  • Figure 105: Attitudes toward FS, September 2014
                                                                                  • Figure 106: Attitudes toward FS – Any agree, by gender, September 2014
                                                                                  • Figure 107: Attitudes toward FS – Any agree, by race/Hispanic origin, September 2014
                                                                                  • Figure 108: Attitudes toward FS – Any agree, by generations, September 2014
                                                                                  • Figure 109: Attitudes toward FS – Any agree, by gender and parents with children in household, September 2014
                                                                                  • Figure 110: Attitudes toward FS – Any agree, by parent status by generations, September 2014
                                                                                  • Figure 111: Attitudes toward FS – Any agree, by employment status and generations, September 2014
                                                                                • Interaction with FS
                                                                                  • Figure 112: Interacting with FS marketing, September 2014
                                                                                  • Figure 113: Interacting with FS marketing, by gender, September 2014
                                                                                  • Figure 114: Interacting with FS marketing, by race/Hispanic origin, September 2014
                                                                                  • Figure 115: Interacting with FS marketing, by generations, September 2014
                                                                                  • Figure 116: Interacting with FS marketing, by gender and parents with children in household, September 2014
                                                                                  • Figure 117: Interacting with FS marketing, by parent status by generations, September 2014
                                                                                  • Figure 118: Interacting with FS marketing, by employment status and generations, September 2014
                                                                                • Interest in FS products/services
                                                                                  • Figure 119: Interest in FS products/services, September 2014
                                                                                  • Figure 120: Interest in FS products/services – Any interest, by gender, September 2014
                                                                                  • Figure 121: Interest in FS products/services – Any interest, by generations, September 2014
                                                                                  • Figure 122: Interest in FS products/services – Any interest, by gender and parents with children in household, September 2014
                                                                                  • Figure 123: Interest in FS products/services – Any interest, by parent status by generations, September 2014
                                                                                  • Figure 124: Interest in FS products/services – Any interest, by employment status and generations, September 2014
                                                                                  • Figure 125: Interest in FS products/services – Any not interest, by generations, September 2014
                                                                                  • Figure 126: Interacting with FS marketing, by interest in FS products/services – Any interest, September 2014
                                                                                  • Figure 127: Interacting with FS marketing, by interest in FS products/services – Any interest, September 2014

                                                                              Companies Covered

                                                                              To learn more about the companies covered in this report please contact us.

                                                                              Lifestage Marketing - US - November 2014

                                                                              US $3,995.00 (Excl.Tax)