Millennials and Financial Services - UK - May 2015
“Millennials are conservative when it comes to their personal finances. They understand the importance of prioritising saving and paying off debt over spending, and the financial crisis has pushed these young adults to think and worry more about their financial future. Companies need to keep this in mind when aiming to capture their attention. In order to win the longer-term loyalty of this consumer group, financial providers should step up their creativity and consider greater digitalisation. But they also need to avoid falling into the trap of thinking that Millennial = digital. Mintel’s consumer research consistently shows that most Millennials are still firmly attached to the idea of at least having the option of speaking to their financial services partners face-to-face.”
– Chryso Kolakkides, Senior Financial Services Analyst
This report looks at the following areas:
- Tech-savvy Millennials still appreciate the value of branches
- Millennials need help when making financial choices
Perhaps the greatest distinguishing characteristic of today’s British Millennials is their tech-savviness. Having grown up with technology, Millennials are completely comfortable in the digital realm, which ultimately defines their behaviour and expectations in the financial services space.
Millennials pose an interesting challenge for financial services companies. Many came of financial age during the recession and have seen their families struggle with their finances, or have experienced economic hardship first-hand. As a result, they are typically more cautious with their money. Millennials show an aversion to unsecured debt such as credit cards or personal loans and a strong desire to save, revealing a degree of conservatism in terms of their personal finances. At the same time, though, student loans and the rising cost of housing means that many Millennials have to manage levels of debt that would have seemed extreme to their parents. The combination of these factors means that they are highly aware of the need to take control of their own financial future from an early age, and that many feel they will be worse off compared to previous generations.
This report looks at the socioeconomic profile of British Millennials (born between 1980 and 1999). It examines their life goals and how their reasons for saving or investing reflect these goals. The report also investigates how they like to bank, and the way in which they research financial services products, as well as their financial concerns and interest in the market. Finally, it discusses how this generation views various non-traditional players in the financial services space such as global technology companies and social networks.
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