Sorry for interrupting, this website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Learn more
Accept & Close

Marketing Financial Services to Millennials - US - August 2013

“In some ways the Millennial market is the biggest challenge for marketers in financial services. For one thing, they don’t respond as well to traditional financial marketing strategies, so marketers need to work hard to develop campaigns that are fun and engaging. They are also the most fickle customers, so keeping them engaged in order to retain them as customers can be just as important.”

– Susan Menke, Senior Financial Services Analyst

Some questions answered in this report include:

  • What are the financial priorities of Millennials?
  • What do they think about financial advertising and which type of advertising is most likely to lead to a response?
  • What are Millennial attitudes toward finances in general and how optimistic are they about the future?
  • How is the living situation of Millennials impacting their ability to save and invest?

What you get

What's included

Why buy from us?

Succeed

Our reports will provide you with market data, consumer research and competitive intelligence to succeed in your market.

Instant Access

Buy now and you'll have instant access to the information you need to make the right decisions.

Opportunities

Find out what's next in the markets that matter to you: where opportunities lie and what challenges you will face.

Trusted

A business Superbrand, Mintel is a source you can trust. We have been defining and refining the Market Intelligence mix since 1972.

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

                    • The socioeconomic profile of Millennials
                      • Figure 1: Household income, by younger than 25s and 25-34s, 2000-11
                    • Current economic environment
                      • Marketing strategies
                        • The Millennial consumer
                          • Interactions with financial services companies
                            • Figure 2: Types of financial products owned, Millennials vs. all respondents, June 2013
                            • Figure 3: Types of financial products owned, Millennials by age, June 2013
                            • Figure 4: Marketing channels noticed for financial services products, Millennials vs. all respondents, June 2013
                          • Millennials and financial advice
                            • Millennials and their financial futures
                              • Figure 5: Attitudes toward materialism, trust in institutions, charity, Millennials and overall, June 2013
                              • Figure 6: Household situation, Millennials by age, June 2013
                              • Figure 7: Household situation, Millennials, by gender and age, June 2013
                            • What we think
                            • Issues and Insights

                                • How to best reach Millennials
                                  • Issues
                                    • Insights
                                      • Millennials do not have serious money to invest
                                        • Issues
                                          • Insights
                                            • What are the newest trends in finance that could interest a Millennial?
                                              • Issues
                                                • Insights
                                                  • What is the underlying truth about Millennials and their views about the financial sector?
                                                    • Issues
                                                      • Insights
                                                      • Trend Applications

                                                          • Inspire trend: Boomerang Generation
                                                            • What’s it about?
                                                              • What we've seen
                                                                • Market application
                                                                  • Inspire trend: Moral Brands
                                                                    • What's it about?
                                                                      • What we've seen
                                                                        • Market application
                                                                          • Mintel Futures: Humans
                                                                            • What we've seen
                                                                              • Market application
                                                                              • Socioeconomic Profile of Millennials

                                                                                • Key points
                                                                                  • Millennials represent one fourth of the U.S. population
                                                                                    • Figure 8: U.S. Population, by generation, 2011
                                                                                  • Millennials are well-educated
                                                                                    • Figure 9: Educational attainment, by generation, 2011
                                                                                    • Figure 10: Educational attainment, Millennials, by gender, 2011
                                                                                    • Figure 11: Marital status, by generation, 2012
                                                                                    • Figure 12: Millennials living at home, by demographics, 2012
                                                                                  • Millennials are mostly renters
                                                                                    • Figure 13: Household composition, vehicles owned, and home ownership, all households and Millennials, 2007 and 2011
                                                                                  • Lower or stagnant incomes, educational costs problematic
                                                                                    • Households <25 years of age, 2007-11
                                                                                      • Households 25-34 years of age, 2007-11
                                                                                        • Figure 14: Income and expenditures, by total households and Millennials, 2007 and 2011
                                                                                      • Millennials especially hard hit by the bursting of the housing bubble
                                                                                        • Figure 15: Assets and liabilities, by total households and Millennials, 2007 and 2011
                                                                                      • Their incomes are stagnating
                                                                                        • Figure 16: Household income, by <25s and 25-34s, 2000-11
                                                                                      • Having so much debt is taking its toll on older Millennials
                                                                                        • Figure 17: Attitudes toward debt, Millennials, by age, April 2013
                                                                                    • Current Economic Environment

                                                                                      • Key points
                                                                                        • Unemployment rate still too high
                                                                                          • Figure 18: Unemployment and underemployment rates, January 2007-July 2013
                                                                                          • Figure 19: Unemployment rate, by education, March-July 2013
                                                                                          • Figure 20: Household debt, by housing and non-housing, Q1 2004-Q1 2013
                                                                                          • Figure 21: Student loan debt, Q1 2004-Q1 2013
                                                                                        • Renting is not cheap
                                                                                          • Figure 22: Median asking rent, 1995-Q2 2013
                                                                                          • Figure 23: Median asking home sales price, 1995-Q2 2013
                                                                                          • Figure 24: Median sales price of existing homes, in thousands, 2000-12
                                                                                          • Figure 25: Homeownership rates, by age, 1995-2010
                                                                                      • Leading Companies

                                                                                        • Key points
                                                                                          • Credit card companies performing well over past two years
                                                                                            • Figure 26: Leading commercial banks, 2010 and 2012
                                                                                          • Revenue growth good for P&C insurers
                                                                                            • Figure 27: Leading property and casualty insurance companies, 2010 and 2012
                                                                                          • Prudential and MetLife made strong advances since 2010
                                                                                            • Figure 28: Life and health insurance companies, 2010 and 2012
                                                                                        • Innovations and Innovators

                                                                                          • Key points
                                                                                            • Prudential Insurance
                                                                                              • Figure 29: Prudential “helping American businesses grow” banner ad, 2013
                                                                                            • Prudential’s virtual life insurance
                                                                                              • GEICO’s career fair on Facebook
                                                                                                • You’re Only Human by The Gecko
                                                                                                  • Figure 30: GEICO you’re only human book cover, 2013
                                                                                                • GEICO’s Lily, an interactive voice assistant on mobile app
                                                                                                  • Progressive’s partnership with Universal’s Despicable Me 2
                                                                                                    • Progressive’s Flo elected to Madison Avenue Advertising Walk of Fame
                                                                                                      • Figure 31: Progressive’s “Flo” brand icon, 2013
                                                                                                    • Allstate’s Give It Up For Good campaign
                                                                                                      • Figure 32: Allstate “Give it up for good” banner ad, 2013
                                                                                                    • American Express partners with League of Legends online game
                                                                                                      • Figure 33: American Express prepaid debit card, 2013
                                                                                                  • Marketing Strategies

                                                                                                    • Key points
                                                                                                      • Overview of the brand landscape
                                                                                                          • Figure 34: Fidelity online ad, 2013
                                                                                                          • Figure 35: PNC Bank online ad, 2013
                                                                                                          • Figure 36: Regions Bank online ad, 2013
                                                                                                          • Figure 37: Citi Simplicity Card online ad, 2013
                                                                                                          • Figure 38: American Family online ad, 2012
                                                                                                          • Figure 39: Prudential online ad, 2013
                                                                                                          • Figure 40: Progressive corporate branding print ad, year
                                                                                                          • Figure 41: Progressive online ad, 2013
                                                                                                          • Figure 42: GEICO Gecko 3-D online ad for WIRED, 2013
                                                                                                        • TV Commercials
                                                                                                          • Prudential’s Living Longer Stickers
                                                                                                            • Figure 43: Prudential Stickers TV commercial, 2013
                                                                                                          • Allstate’s Good Life Anthem
                                                                                                            • Figure 44: Allstate’s Good Life Anthem TV Commercial, 2013
                                                                                                          • E*TRADE’s Baby Commercial
                                                                                                            • Figure 45: E*TRADE Baby TV Commercial, 2013
                                                                                                        • Millennials and the Economy

                                                                                                          • Key points
                                                                                                            • Millennials are the most optimistic
                                                                                                              • Figure 46: Attitudes about present financial situation vs. year previous, by age, November 2012
                                                                                                              • Figure 47: Optimism that financial situation will improve in next 12 months, by age, November 2012
                                                                                                            • Attitudes about money
                                                                                                              • Figure 48: Attitudes toward personal finance (any agree), November 2012
                                                                                                          • Interactions with Financial Services Companies

                                                                                                            • Key points
                                                                                                              • Digital ownership strong among Millennials
                                                                                                                • Figure 49: Ownership of digital products, by generation, June 2012
                                                                                                              • Older Millennials more likely to own tablets, females smartphones
                                                                                                                • Figure 50: Ownership of digital products, Millennials, by gender and age, June 2013
                                                                                                                • Figure 51: Ownership of digital products, Millennials, by age and gender, June 2013
                                                                                                              • Social media is the key
                                                                                                                • Figure 52: Interest in following financial institutions on Facebook, by generation, June 2013
                                                                                                              • Millennials still on the fence about financial products
                                                                                                                • Figure 53: Types of financial products owned, by generation, June 2013
                                                                                                                • Figure 54: Types of financial products owned, Millennials, by age, June 2013
                                                                                                              • TV, email, social media good marketing channels
                                                                                                                • Figure 55: Marketing channels noticed for financial services advertisements, by generation, June 2013
                                                                                                              • One in three Millennials follow up due to ads seen
                                                                                                                • Figure 56: Communication with financial providers after seeing an ad, by generation, June 2013
                                                                                                              • Millennials the most likely to click on websites to learn more
                                                                                                                • Figure 57: Channels used to seek further information on financial products, by generation, June 2013
                                                                                                              • Millennials drawn to incentives to open accounts
                                                                                                                • Figure 58: Attitudes about bank branches and financial services company communications, by generation, June 2013
                                                                                                              • Communication via email is best
                                                                                                                • Figure 59: Attitudes about communication with primary bank, Millennials, June 2013
                                                                                                              • Communications with banks
                                                                                                                • Figure 60: Attitudes about communication with primary bank, by generation, June 2013
                                                                                                              • Communications with credit unions
                                                                                                                • Figure 61: Attitudes about communication with primary credit union, by generation, June 2013
                                                                                                              • Communications with primary investment company
                                                                                                                • Figure 62: Attitudes about communication with primary investment company, by generation, June 2013
                                                                                                              • Communications with credit card providers
                                                                                                                • Figure 63: Attitudes about communication with primary credit card provider, by generation, June 2013
                                                                                                              • Communications from primary insurance company
                                                                                                                • Figure 64: Attitudes about communication with primary insurance company, by generation, June 2013
                                                                                                              • Many find ads on social media to be annoying
                                                                                                                • Figure 65: Attitudes toward financial services ads, by generation, June 2013
                                                                                                              • Only a very small minority buy products from call centers
                                                                                                                • Figure 66: Incidence of purchase from call center of primary financial providers, by generation, June 2013
                                                                                                            • Millennials and Financial Advice

                                                                                                              • Key points
                                                                                                                • Only half of Millennials are in the market for financial advice
                                                                                                                  • Figure 67: Interest in receiving financial advice, by generation, June 2013
                                                                                                                  • Figure 68: Interest in receiving financial advice, Millennials by gender and age, June 2013
                                                                                                                  • Figure 69: Interest in receiving financial advice, Millennials by age, June 2013
                                                                                                                • Family, friends looked to first for advice, recommendations
                                                                                                                  • Figure 70: Interest in types of financial advisers, by generation, June 2013
                                                                                                                • Interest in financial advice strongest among 26-35s
                                                                                                                  • Figure 71: Interest in types of financial advisers, Millennials, by gender and age, June 2013
                                                                                                                  • Figure 72: Interest in types of financial advisers, Millennials by gender and age, June 2013
                                                                                                                • Face to face best for communications with adviser
                                                                                                                  • Figure 73: Preference for communication method with financial adviser, by generation, June 2013
                                                                                                                  • Figure 74: Preference for communication method with financial adviser, Millennials by gender and age, June 2013
                                                                                                                  • Figure 75: Preference for communication method with financial adviser, Millennials by age and gender, June 2013
                                                                                                                • Researching financial products is important to Millennials
                                                                                                                  • Figure 76: Attitudes about financial communications and advertising, by generation, June 2013
                                                                                                                  • Figure 77: Attitudes about financial communication and advertising, Millennials by gender and age, June 2013
                                                                                                                  • Figure 78: Attitudes about financial communication and advertising, Millennials by age and gender, June 2013
                                                                                                              • Millennials and Their Finances

                                                                                                                • Key points
                                                                                                                  • Thoughts about the future are not positive
                                                                                                                    • Figure 79: Attitudes toward financial future and financial institutions, by gender and age of Millennials, June 2013
                                                                                                                    • Figure 80: Attitudes toward financial future and financial institutions, by age by gender of Millennials, June 2013
                                                                                                                  • Debt and savings are key themes
                                                                                                                    • Figure 81: Attitudes toward household financial situation, by generation, June 2013
                                                                                                                    • Figure 82: Attitudes toward financial situation, Millennials by gender and age, June 2013
                                                                                                                    • Figure 83: Attitudes toward household financial situation, Millennials by age and gender, June 2013
                                                                                                                  • Austerity has become a lifestyle
                                                                                                                    • Figure 84: Attitudes toward materialism, trust in institutions, charity, by Millennials, June 2013
                                                                                                                    • Figure 85: Attitudes toward materialism, trust in institutions, charity, by generations, June 2013
                                                                                                                    • Figure 86: Attitudes toward materialism, trust in institutions, charity, Millennials by gender and age, June 2013
                                                                                                                    • Figure 87: Attitudes toward materialism, trust in institutions, charity, Millennials by gender and age, June 2013
                                                                                                                • Millennials and their Living Situation

                                                                                                                  • Key points
                                                                                                                    • Their living situations are diverse
                                                                                                                      • Figure 88: Living situation of Millennials, June 2013
                                                                                                                      • Figure 89: Living situation of Millennials, June 2013
                                                                                                                      • Figure 90: Living situation, Millennials, by gender and age, June 2013
                                                                                                                      • Figure 91: Living situation, Millennials by age and gender, June 2013
                                                                                                                    • Millennials struggle for the right employment opportunities
                                                                                                                      • Figure 92: Employment situation/childrearing, Millennials by gender, age, June 2013
                                                                                                                      • Figure 93: Employment situation/childrearing, Millennials by age and gender, June 2013
                                                                                                                      • Figure 94: Ability to find full-time work, Millennials by gender, age, June 2013
                                                                                                                      • Figure 95: Ability to find full-time work, Millennials by gender and age, June 2013
                                                                                                                      • Figure 96: Underemployment situation, by gender and age of Millennials, June 2013
                                                                                                                      • Figure 97: Underemployment situation, Millennials by age and gender, June 2013
                                                                                                                  • Appendix – Trade Associations

                                                                                                                    Companies Covered

                                                                                                                    • Aflac Incorporated
                                                                                                                    • AIG Group (American International Group Inc)
                                                                                                                    • Allstate Corporation (The)
                                                                                                                    • Ally Financial Inc.
                                                                                                                    • American Express Company (The)
                                                                                                                    • American Family Insurance Group
                                                                                                                    • Auto-Owners Insurance Group
                                                                                                                    • Bank of America Corporation
                                                                                                                    • BB&T Corporation
                                                                                                                    • Berkshire Hathaway Inc
                                                                                                                    • Capital One Financial Corporation
                                                                                                                    • Chubb Group of Insurance Companies
                                                                                                                    • Citigroup Inc.
                                                                                                                    • Discover Financial Services Inc.
                                                                                                                    • Erie Insurance Group
                                                                                                                    • Fidelity National Financial Inc.
                                                                                                                    • Fifth Third Bancorp
                                                                                                                    • Goldman Sachs Group, Inc., The
                                                                                                                    • Guardian Life Insurance Company of America
                                                                                                                    • JPMorgan Chase & Co
                                                                                                                    • Liberty Mutual Holding Company Inc.
                                                                                                                    • Lincoln National Life Insurance Company (Lincoln Financial Group)
                                                                                                                    • MassMutual (Massachusetts Mutual Life Insurance Company)
                                                                                                                    • MetLife Investors Insurance
                                                                                                                    • Morgan Stanley
                                                                                                                    • Nationwide Mutual Insurance Company
                                                                                                                    • New York Life Insurance Company
                                                                                                                    • Northwestern Mutual Life Insurance Company (The)
                                                                                                                    • Prudential Financial, Inc
                                                                                                                    • Regions Financial Corporation
                                                                                                                    • State Farm Insurance Companies
                                                                                                                    • SunTrust Banks Inc.
                                                                                                                    • The Hartford Financial Services Group, Inc.
                                                                                                                    • The PNC Financial Services Group
                                                                                                                    • The Progressive Corporation
                                                                                                                    • Thrivent Financial for Lutherans
                                                                                                                    • USAA
                                                                                                                    • Wells Fargo & Company

                                                                                                                    Marketing Financial Services to Millennials - US - August 2013

                                                                                                                    £3,174.67 (Excl.Tax)