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Teens, College Students and Finance - US - May 2014

“For financial institutions to be successful, they need to build their future customer base from among young people. However, the number of teenagers and college students is projected to shrink, and many of them aren’t interested in financial topics, anyway. Reaching them will require meeting them where they are, meaning that institutions need to adopt new methods of communications if they want to grow.”
– Robyn Kaiserman, Financial Services Analyst

This report answers the following questions:

  • Why focus on young people?
  • How can institutions most effectively reach this group?
  • How can financial institutions adapt to changing student demographics?

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Table of contents

  1. Scope and Themes

    • What you need to know
      • Consumer survey data
        • Direct marketing creative
          • Abbreviations
          • Executive Summary

              • The market
                • Figure 1: Current and projected population of people aged 5-17 and aged 18-24, 2010, 2015, 2020, 2025
              • College enrollment
                • Figure 2: Percentage of 18-24 year olds enrolled in degree-granting institutions, by level of institution, 1990 - 2012
              • Market drivers
                • Unemployment
                  • Figure 3: Unemployment rate for total population and those aged 16-24, Jan. 1, 1992-April 1, 2014
                • The consumer
                  • Figure 4: Types of financial accounts and products owned, by age, checking account, savings account, credit card – In my own name, February 2014
                  • Figure 5: Types of financial accounts and products owned, by gender – In my own name, February 2014
                  • Figure 6: Channels used for checking account activities, by gender and age, February 2014
                  • Figure 7: Attitudes toward finances and financial education, February 2014
                  • Figure 8: Attitudes toward saving and spending, by race/Hispanic origin, February 2014
                • What we think
                • Issues and Implications

                    • Why focus on young people?
                      • Issues:
                        • Implications:
                          • How can institutions most effectively reach this group?
                            • Issues:
                              • Implications:
                                • How can financial institutions adapt to changing student demographics?
                                  • Issues:
                                    • Implications:
                                    • Trend Application

                                        • Inspire Trend: Experience is All
                                          • Inspire Trend: Edutainment
                                            • Mintel Futures: Generation Next
                                            • Market Drivers

                                              • Key points
                                                • Population growth by age
                                                  • Figure 9: Current and projected population by age, 2010, 2015, 2020, 2025
                                                • Civilian labor force
                                                  • Figure 10: Civilian labor force by age, overall (16+) and ages 16-24, 1992, 2002, 2012 and 2022 (proj.)
                                                  • Figure 11: Employed persons 16 to 24 years old by industry, July 2013
                                                • College enrollment
                                                  • Figure 12: Percentage of 18-24 year olds enrolled in degree-granting institutions, by level of institution, 1990 - 2012
                                                  • Figure 13: College enrollment in public and private college, by race/Hispanic origin, 2002-12
                                                  • Figure 14: Racial/ethnic composition of college enrollment, 2003, 2012
                                                  • Figure 15: Percentage of high school graduates aged 18-24 enrolled in college, by race/Hispanic origin, 2003-12
                                                  • Figure 16: Percentage of high school graduates aged 18-24 enrolled in college, by gender, 2003-2012
                                                • College graduation rates
                                                  • Figure 17: Percentage of four-year college students graduation in five years, 2003-2012
                                                • Young adults and labor force participation
                                                  • Figure 18: Labor force participation rate, overall and ages 16-24, 1992, 2002, 2012 and 2022 (proj.)
                                                • Unemployment
                                                  • Figure 19: Unemployment rate for total population and those aged 16-24, Jan. 1, 1992 – April 1, 2014
                                                  • Figure 20: Unemployment rate – high school graduates not enrolled in college, 16-24 years old, Jan. 1, 1992 – April 1, 2014 (not seasonally adjusted)
                                                  • Figure 21: Unemployment rate – enrolled in college full time 16-24 years old, Jan. 1, 1992 – April 1, 2014 (not seasonally adjusted)
                                                  • Figure 22: Unemployment rate – enrolled in high school 16-24 years old, Jan. 1, 1992 – April 1, 2014 (not seasonally adjusted)
                                                • Legislation
                                                  • The Card Act
                                                    • Financial literacy legislation
                                                    • Demographics of Teens and College Students

                                                      • Key points
                                                        • Racial diversity of young population
                                                          • Figure 23: Projections for population aged 15-24, by race/Hispanic origin, 2011 - 2015
                                                        • Income of young households
                                                          • Figure 24: Household income, householders aged 15-24, 2008-12
                                                        • College enrollment by the numbers
                                                          • Figure 25: Projected enrollment of ages 14-24 in all post-secondary degree-granting institutions, 2012-16
                                                          • Figure 26: Projected enrollment in degree-granting institutions by race/Hispanic origin, 2012-2016
                                                          • Figure 27: Total fall enrollment in degree-granting post-secondary institutions, by state, 2008, 2010, 2012
                                                      • Innovations and Innovators

                                                        • Key points
                                                          • The traditional education model is being challenged
                                                            • Enstitute
                                                              • Open-source textbooks
                                                                • MOOCs
                                                                  • Google’s Oppia
                                                                    • Financial literacy
                                                                      • PwC’s Earn Your Future Financial Literacy Lessons
                                                                        • Academic initiatives
                                                                          • Games and gamification for financial learning
                                                                          • Marketing Strategies

                                                                            • Key points
                                                                              • Brand analysis: Bank of America
                                                                                • Figure 28: Brand analysis of Bank of America, 2014
                                                                              • BankAmericard Visa for Students
                                                                                • Figure 29: Bank of America - American Student Dental Association Visa card acquisition email ad, April 2014
                                                                              • MyAccess Checking
                                                                                • TV presence
                                                                                  • Figure 30: Bank of America/Khan Academy Better Money Habits: Understanding Credit video, November 2013
                                                                                • Social media
                                                                                  • Brand analysis: Discover
                                                                                    • Figure 31: Brand analysis of Discover, 2014
                                                                                  • Discover it Card
                                                                                    • Figure 32: Discover it Card affinity direct mail acquisition ad, 2014
                                                                                  • Discover it for Students
                                                                                    • Figure 33: Discover it Card for Students email ad, 2014
                                                                                  • TV presence
                                                                                    • Figure 34: Discover it card television advertising, 2014
                                                                                  • Social media
                                                                                    • Brand analysis: Citi
                                                                                      • Figure 35: Brand analysis of Citi, 2014
                                                                                    • Citi Dividend Card for College Students
                                                                                      • Citi ThankYou Preferred Card for College Students
                                                                                        • Figure 36: Citi Thank You Preferred Card television ad, 2014
                                                                                      • Social media
                                                                                        • Brand analysis: American Express
                                                                                          • Figure 37: Brand analysis of American Express, 2014
                                                                                        • American Express Campus Edition prepaid cards
                                                                                          • Social media
                                                                                            • Figure 38: American Express Sync campaign instructional video, 2014
                                                                                            • Figure 39: American Express Venture Accelerator by OPEN Forum, 2014
                                                                                          • Brand analysis: Upromise
                                                                                            • Figure 40: Brand analysis of Upromise, 2014
                                                                                          • Upromise World MasterCard
                                                                                            • Social media
                                                                                              • Figure 41: Upromise email ad, 2014
                                                                                          • Teens and Young Adults – Financial Accounts and Products Owned

                                                                                            • Key points
                                                                                              • Types of financial accounts in own name
                                                                                                • Figure 42: Types of financial accounts and products owned – in own name, by gender, February 2014
                                                                                                • Figure 43: Types of financial accounts and products owned – in own name, by age, February 2014
                                                                                                • Figure 44: Types of financial accounts and products owned – in own name, by household income, February 2014
                                                                                                • Figure 45: Types of financial accounts and products owned – in own name, by race/Hispanic origin, February 2014
                                                                                                • Figure 46: Types of financial accounts and products owned – in own name, by educational status, February 2014
                                                                                                • Figure 47: Types of financial accounts and products owned – in own name, by educational goal, February 2014
                                                                                              • Joint account with parents
                                                                                                • Figure 48: Types of financial accounts and products owned – joint account with parents, by gender, February 2014
                                                                                                • Figure 49: Types of financial accounts and products owned – joint account with parents, by age, February 2014
                                                                                                • Figure 50: Types of financial accounts and products owned – joint account with parents, by household income, February 2014
                                                                                                • Figure 51: Types of financial accounts and products owned – joint account with parents, by race/Hispanic origin, February 2014
                                                                                                • Figure 52: Types of financial accounts and products owned – joint account with parents, by educational status, February 2014
                                                                                            • Teens and Young Adults – Banking Channels Used

                                                                                              • Key points
                                                                                                • Four in 10 visit branches, a similar number use computers
                                                                                                  • Figure 53: Channels used for checking account activities, by gender, February 2014
                                                                                                  • Figure 54: Channels used for checking account activities, by gender and age, February 2014
                                                                                                  • Figure 55: Channels used for checking account activities, by educational goal, February 2014
                                                                                                • Savings accounts
                                                                                                  • Figure 56: Channels used for savings account activities, by gender, February 2014
                                                                                                  • Figure 57: Channels used for savings account activities, by gender and age, February 2014
                                                                                                  • Figure 58: Channels used for savings account activities, by educational status, February 2014
                                                                                                • Investment accounts
                                                                                                  • Figure 59: Channels used for investment account activities, February 2014
                                                                                                • Credit cards
                                                                                                  • Figure 60: Channels used for credit card account activities, by age, February 2014
                                                                                                • Secured credit cards
                                                                                                  • Figure 61: Channels used for secured vs unsecured credit card account activities, February 2014
                                                                                              • Teens and Young Adults – Attitudes toward Finances and Financial Education

                                                                                                • Key points
                                                                                                  • Videos are the way to reach young adults
                                                                                                    • Figure 62: Attitudes toward finances and financial education, by gender, February 2014
                                                                                                    • Figure 63: Attitudes toward finances and financial education, by age, February 2014
                                                                                                    • Figure 64: Attitudes toward finances and financial education, by race/Hispanic origin, February 2014
                                                                                                    • Figure 65: Attitudes toward finances and financial education, by educational status, February 2014
                                                                                                • Teens and Young Adults – Primary Types of Expenditures

                                                                                                  • Key points
                                                                                                    • Automobiles are the budget breaker for young adults
                                                                                                      • Figure 66: Primary expenditure categories, by gender, February 2014
                                                                                                      • Figure 67: Primary expenditure categories, by age, February 2014
                                                                                                      • Figure 68: Primary expenditure categories, by race/Hispanic origin, February 2014
                                                                                                      • Figure 69: Primary expenditure categories, by educational status, February 2014
                                                                                                  • Teens and Young Adults – Sources of Income and Financial Assistance

                                                                                                    • Key points
                                                                                                      • Half or more of teens get an allowance
                                                                                                        • Figure 70: Primary sources of funds, by gender and age, February 2014
                                                                                                        • Figure 71: Primary sources of funds, by educational status, February 2014
                                                                                                    • Teens and Young Adults – Attitudes toward Saving and Spending

                                                                                                      • Key points
                                                                                                        • Usage of mobile apps and online tools is low
                                                                                                          • Figure 72: Attitudes toward saving and spending, by age and gender, February 2014
                                                                                                          • Figure 73: Attitudes toward saving and spending, by race/Hispanic origin, February 2014
                                                                                                          • Figure 74: Attitudes toward saving and spending, by educational status, February 2014
                                                                                                          • Figure 75: Attitudes toward saving and spending, by educational goal, February 2014
                                                                                                      • Teens and Young Adults – Payment Methods for Everyday Expenses

                                                                                                        • Key points
                                                                                                          • Rent/mortgage
                                                                                                            • Figure 76: Payment method used to pay rent/mortgage, by age, February 2014
                                                                                                            • Figure 77: Payment method used to pay rent/mortgage, by educational status, February 2014
                                                                                                          • Auto expenses
                                                                                                            • Figure 78: Payment method used to pay for auto related expenditures, by age, February 2014
                                                                                                            • Figure 79: Payment method used to pay for auto related expenditures, by educational status, February 2014
                                                                                                          • Personal care
                                                                                                            • Figure 80: Payment method used to pay for personal care, by age, February 2014
                                                                                                            • Figure 81: Payment method used to pay for personal care, by educational status, February 2014
                                                                                                          • Entertainment
                                                                                                            • Figure 82: Payment method used to pay for entertainment, by age, February 2014
                                                                                                            • Figure 83: Payment method used to pay for entertainment, by educational status, February 2014
                                                                                                          • Dining out
                                                                                                            • Figure 84: Payment method used for dining out, by age, February 2014
                                                                                                            • Figure 85: Payment method used for dining out, by educational status, February 2014
                                                                                                          • Groceries
                                                                                                            • Figure 86: Payment method used for groceries, by gender, February 2014
                                                                                                            • Figure 87: Payment method used for groceries, by college student status, February 2014
                                                                                                        • College Students – Financial Brands Used

                                                                                                          • Key points
                                                                                                            • Primary bank
                                                                                                              • Figure 88: Primary bank used in last 12 months, college students by gender, November 2012 – December 2013
                                                                                                              • Figure 89: Primary bank used in last 12 months, college students by age, November 2012 – December 2013
                                                                                                              • Figure 90: Primary bank used in last 12 months, college students by race/Hispanic origin, November 2012 – December 2013
                                                                                                              • Figure 91: Primary bank used in last 12 months, college students by region, November 2012 – December 2013
                                                                                                            • Credit card issuer
                                                                                                              • Figure 92: Credit card issuer used in last 12 months, college students by gender, November 2012 – December 2013
                                                                                                              • Figure 93: Credit card issuer used in last 12 months, college students by age, November 2012 – December 2013
                                                                                                              • Figure 94: Credit card issuer used in last 12 months, college students by race/Hispanic origin, November 2012 – December 2013
                                                                                                            • Type of credit and prepaid card owned
                                                                                                              • Figure 95: Type of credit card owned, college students by age and gender, November 2012 – December 2013
                                                                                                            • Prepaid cards
                                                                                                              • Figure 96: Brand of prepaid card used, college students by age, November 2012 – December 2013
                                                                                                            • Credit monitoring services
                                                                                                              • Figure 97: Use of credit monitoring service, college students by age, November 2012 – December 2013
                                                                                                          • College Students – Attitudes toward Finance and Investments

                                                                                                            • Key points
                                                                                                              • Older male students least likely to trust banks
                                                                                                                • Figure 98: Attitudes about finances, college students by age and gender, November 2012 – December 2013
                                                                                                                • Figure 99: Attitudes about finances, college students by race/Hispanic origin, November 2012 – December 2013
                                                                                                            • Appendix – Other Useful Consumer Tables

                                                                                                              • Teens and young adults – ownership of financial products
                                                                                                                • Figure 100: Types of financial accounts and products owned – in own name, by college student status, February 2014
                                                                                                                • Figure 101: Types of financial accounts and products owned – joint account with parents, by educational goal, February 2014
                                                                                                                • Figure 102: Types of financial accounts and products owned – joint account with parents, by college student status, February 2014
                                                                                                              • Teens and young adults – banking channels used
                                                                                                                • Figure 103: Channels used for checking account activities, by household income, February 2014
                                                                                                                • Figure 104: Channels used for checking account activities, by race/Hispanic origin, February 2014
                                                                                                                • Figure 105: Channels used for checking account activities, by college student status, February 2014
                                                                                                                • Figure 106: Channels used for savings account activities, by race/Hispanic origin, February 2014
                                                                                                                • Figure 107: Channels used for savings activities, by educational goal, February 2014
                                                                                                                • Figure 108: Channels used for savings account activities, by college student status, February 2014
                                                                                                                • Figure 109: Channels used for credit card account activities, by gender, February 2014
                                                                                                                • Figure 110: Channels used for credit card account actiities, by educational goal, February 2014
                                                                                                                • Figure 111: Channels used for credit card account activities, by college student status, February 2014
                                                                                                                • Figure 112: Channels used for credit card account activities, by educational goal, February 2014
                                                                                                                • Figure 113: Channels used for credit card account activities, by household income, February 2014
                                                                                                                • Figure 114: Channels used for credit card account activities, by college student status, February 2014
                                                                                                              • Teens and young adults - attitudes toward finances and financial education
                                                                                                                • Figure 115: Attitudes toward finances and financial education, by household income, February 2014
                                                                                                                • Figure 116: Attitudes toward finances and financial education, by educational goal, February 2014
                                                                                                                • Figure 117: Attitudes toward finances and financial education, by college student status, February 2014
                                                                                                              • Teens and young adults – primary expenditure categories
                                                                                                                • Figure 118: Primary expenditure categories, by household income, February 2014
                                                                                                                • Figure 119: Primary expenditure categories, by employment, February 2014
                                                                                                                • Figure 120: Primary expenditure categories, by educational goal, February 2014
                                                                                                                • Figure 121: Primary expenditure categories, by college student status, February 2014
                                                                                                                • Figure 122: Primary sources of funds, by household income, February 2014
                                                                                                                • Figure 123: Primary sources of funds, by race/Hispanic origin, February 2014
                                                                                                                • Figure 124: Primary sources of funds, by employment, February 2014
                                                                                                                • Figure 125: Primary sources of funds, by college student status, February 2014
                                                                                                                • Figure 126: Primary sources of funds, by educational goal, February 2014
                                                                                                              • Teens and young adults – attitudes toward saving and spending
                                                                                                                • Figure 127: Attitudes toward saving and spending, by gender, February 2014
                                                                                                                • Figure 128: Attitudes toward saving and spending, ages 16-22, February 2014
                                                                                                                • Figure 129: Attitudes toward saving and spending, by household income, February 2014
                                                                                                                • Figure 130: Attitudes toward saving and spending, by college student status, February 2014
                                                                                                              • Teens and young adults – payment methods for everyday expenses
                                                                                                                • Figure 131: Payment method used to pay rent/mortgage, by gender, February 2014
                                                                                                                • Figure 132: Payment method used to pay rent/mortgage, by household income, February 2014
                                                                                                                • Figure 133: Payment method used to pay rent/mortgage, by race/Hispanic origin, February 2014
                                                                                                                • Figure 134: Payment method used to pay rent/mortgage, by educational goal, February 2014
                                                                                                                • Figure 135: Payment method used to pay rent/mortgage, by college student status, February 2014
                                                                                                                • Figure 136: Payment method used to pay for auto related expenditures, by gender, February 2014
                                                                                                                • Figure 137: Payment method used to pay for auto related expenditures, by household income, February 2014
                                                                                                                • Figure 138: Payment method used to pay for auto related expenditures, by race/Hispanic origin, February 2014
                                                                                                                • Figure 139: Payment method used to pay for auto related expenditures, by educational goals, February 2014
                                                                                                                • Figure 140: Payment method used to pay for auto related expenditures, by college student status, February 2014
                                                                                                                • Figure 141: Payment method used to pay for personal care, by gender, February 2014
                                                                                                                • Figure 142: Payment method used to pay for personal care, by household income, February 2014
                                                                                                                • Figure 143: Payment method used to pay for personal care, by race/Hispanic origin, February 2014
                                                                                                                • Figure 144: Payment method used to pay for personal care, by educational goal, February 2014
                                                                                                                • Figure 145: Payment method used to pay for personal care, by college student status, February 2014
                                                                                                                • Figure 146: Payment method used to pay for entertainment, by gender, February 2014
                                                                                                                • Figure 147: Payment method used to pay for entertainment, by household income, February 2014
                                                                                                                • Figure 148: Payment method used to pay for entertainment, by race/Hispanic origin, February 2014
                                                                                                                • Figure 149: Payment method used to pay for entertainment, by educational goal, February 2014
                                                                                                                • Figure 150: Payment method used to pay for entertainment, by college student status, February 2014
                                                                                                                • Figure 151: Payment method used for dining out, by gender, February 2014
                                                                                                                • Figure 152: Payment method used for dining out, by household income, February 2014
                                                                                                                • Figure 153: Payment method used for dining out, by race/Hispanic origin, February 2014
                                                                                                                • Figure 154: Payment method used for dining out, by educational goal, February 2014
                                                                                                                • Figure 155: Payment method used for dining out, by college student status, February 2014
                                                                                                                • Figure 156: Payment method used for ordering in food, by gender, February 2014
                                                                                                                • Figure 157: Payment method used for public transportation, by gender, February 2014
                                                                                                                • Figure 158: Payment method used for public transportation, by household income, February 2014
                                                                                                                • Figure 159: Payment method used for public transportation, by educational status, February 2014
                                                                                                                • Figure 160: Payment method used for public transportation, by race/Hispanic origin, February 2014
                                                                                                                • Figure 161: Payment method used for public transportation, by college student status, February 2014
                                                                                                                • Figure 162: Payment method used for groceries, by household income, February 2014
                                                                                                                • Figure 163: Payment method used for groceries, by race/Hispanic origin, February 2014
                                                                                                                • Figure 164: Payment method used for groceries, by employment, February 2014
                                                                                                                • Figure 165: Payment method used for mobile phone, by gender, February 2014
                                                                                                                • Figure 166: Payment method used for tuition, by gender, February 2014
                                                                                                                • Figure 167: Payment method used for tuition, by household income, February 2014
                                                                                                                • Figure 168: Payment method used for tuition, by race/Hispanic origin, February 2014
                                                                                                                • Figure 169: Payment method used for tuition, by college student status, February 2014
                                                                                                                • Figure 170: Payment method used for housing, by gender, February 2014
                                                                                                                • Figure 171: Payment method used for housing, by household income, February 2014
                                                                                                                • Figure 172: Payment method used for housing, by race/Hispanic origin, February 2014
                                                                                                                • Figure 173: Payment method used for housing, by employment, February 2014
                                                                                                                • Figure 174: Payment method used for housing, by educational status, February 2014
                                                                                                                • Figure 175: Payment method used for housing, by college student status, February 2014
                                                                                                                • Figure 176: Payment method used for on-campus meal plan, by gender, February 2014
                                                                                                                • Figure 177: Payment method used for on-campus meal plan, by age, February 2014
                                                                                                                • Figure 178: Payment method used for on-campus meal plan, by household income, February 2014
                                                                                                                • Figure 179: Payment method used for on-campus meal plan, by race/Hispanic origin, February 2014
                                                                                                                • Figure 180: Payment method used for on-campus meal plan, by educational status, February 2014
                                                                                                                • Figure 181: Payment method used for on-campus meal plan, by college student status, February 2014
                                                                                                                • Figure 182: Payment method used for books, by gender, February 2014
                                                                                                                • Figure 183: Payment method used for books, by household income, February 2014
                                                                                                                • Figure 184: Payment method used for books, by race/Hispanic origin, February 2014
                                                                                                                • Figure 185: Payment method used for books, by employment, February 2014
                                                                                                                • Figure 186: Payment method used for books, by college student status, February 2014
                                                                                                            • Appendix – Trade Associations

                                                                                                              Companies Covered

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

                                                                                                              Teens, College Students and Finance - US - May 2014

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