Table of Contents
Scope and Themes
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- What you need to know
- Scope of this report
- Abbreviations and terms
- Abbreviations
- Terms
Executive Summary
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- Key highlights
- Mobility and education
- Factors impacting the choice of financial institution
- Number of banking relationships
- Young consumers and banking products/services
- Major trends being driven by younger consumers
Young Adults and Where They Keep Their Money
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- Introduction
- What younger consumers look like
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- Figure 1: U.S. total population, by age, 2001-11
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- Figure 2: Percentage of age cohorts with undergraduate degree, 2005
- Where they bank now
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- Figure 3: Type of banking institution for primary banking relationship, by gender and age, December 2006
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- Figure 4: Type of banking institution for primary banking relationship, by income, December 2006
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- Figure 5: Type of banking institution for primary banking relationship, by race/ethnicity, December 2006
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- Figure 6: Primary banking institution used in last 12 months, by age, June 2006
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- Figure 7: Investment/mutual fund firm used in last 12 months, by age, June 2006
- Investment, savings and loan accounts—where they are held
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- Figure 8: Types of investments/savings accounts owned, by age, Spring 2006
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- Figure 9: Type of loans held, by age, Spring 2006
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- Figure 10: Type of institution where loan accounts are held (for those who have a loan of this type), by age, Spring 2006
Loyalty and the Younger Consumer
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- Mobility trends
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- Figure 11: Total mobility, by age, 2004-05
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- Figure 12: General mobility of persons 25 years and over, by age and educational attainment, 2004-05
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- Figure 13: Number of times respondents have changed banking institutions, by gender and age, December 2006
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- Figure 14: Frequency Canadian respondents have changed banks in last five years, by age, December 2006
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- Figure 15: Number of times respondents have changed banking institutions, by education, December 2006
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- Figure 16: Number of times respondents have changed banking institutions, by current employment status, December 2006
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- Figure 17: Number of times respondents have changed banking institutions, by race/ethnicity, December 2006
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- Figure 18: Number of times respondents have changed banking institutions, by current type of primary banking institution, December 2006
- Location, location, location (even more important than fees)
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- Figure 19: Primary influence as to choice of bank, by gender and age, December 2006
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- Figure 20: Primary influence as to choice of bank, by income, December 2006
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- Figure 21: Primary influence as to choice of bank, by race/ethnicity, December 2006
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- Figure 22: Primary influence as to choice of bank, by current work/educational status, December 2006
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- Figure 23: Primary influence as to choice of bank, by education, December 2006
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- Figure 24: Primary influence as to choice of bank, by current type of primary banking institution, December 2006
- Enticing young consumers to switch
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- Figure 25: Reasons respondents would switch banks, by gender and age, December 2006
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- Figure 26: Reasons respondents would switch banks, by income, December 2006
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- Figure 27: Reasons respondents would switch banks, by race/ethnicity, December 2006
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- Figure 28: Reasons respondents would switch banks, by education/employment status, December 2006
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- Figure 29: Reasons respondents would switch banks, by current type of primary banking institution, December 2006
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- Figure 30: Importance of banking services—18-24 year old respondents, December 2006
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- Figure 31: Importance of banking services—25-34 year old respondents, December 2006
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- Figure 32: Perceptions as to whether financial services companies are doing enough to ensure the safety of personal information, by gender and age, August 2006
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- Figure 33: Likelihood of switching to a different institution for better security, by gender and age, August 2006
- Two- (and three-) timing
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- Figure 34: Number of banking relationships, by gender and age, December 2006
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- Figure 35: Number of banking relationships, by income, December 2006
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- Figure 36: Number of banking relationships, by type of financial institution, December 2006
- Young adults are visiting branches frequently
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- Figure 37: Frequency of personal interaction with banks by customers with online banking access, by age, April 2006
- Focus on online banking as a differentiator
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- Figure 38: Percentage of respondents who are online, have visited an online banking site, and frequency of usage, by age, Spring 2006
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- Figure 39: Internet banking services used by those with bank or brokerage accounts, by age, April 2006
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- Figure 40: Respondents who use online banking services, how used, by age, April 2006
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- Figure 41: Respondents with bank or brokerage accounts who do not use online banking services, reasons why not, by age, april 2006
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- Figure 42: Respondents with bank or brokerage accounts who do not use online banking services, likelihood of using Internet banking in the next year, by age and income, April 2006
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- Figure 43: Features that online banking users like or would prefer to have, by age, April 2006
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- Figure 44: Type of institution used for online banking, by age, April 2006
Young Consumer-centrism
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- Is generational segmentation informative?
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- Figure 45: Attitudes towards money, by age, 2006
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- Figure 46: Attitudes towards insurance, by age, 2006
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- Figure 47: Attitudes towards investments and advice, by age, 2006
- Approaching universal acceptance of debit cards
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- Figure 48: Debit card ownership, by gender and age, August 2006
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- Figure 49: Frequency of debit card usage, by age, August 2006
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- Figure 50: Preferred method of payment, by gender and age, December 2006
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- Figure 51: Attitudes toward rewards and rewards card fees, by age, August 2006
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- Figure 52: Debit card purchase amounts, by age, August 2006
- Credit card ownership and usage
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- Figure 53: Percentage of individuals with at least one credit card, by age, Spring 2006
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- Figure 54: Individuals owning any credit card, by age, Spring 2006
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- Figure 55: Have any credit card, by age, 2002-06
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- Figure 56: Have credit card, Spring 2006
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- Figure 57: Type of credit card owned, by age, Spring 2006
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- Figure 58: Open rate for direct mail credit card advertising, by age, October 2006
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- Figure 59: Respondents who have a credit card and typically open credit card offers—what would motivate them to open the envelope, by age, October 2006
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- Figure 60: Credit card payment behavior, by gender and age, December 2006
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- Figure 61: Amount in non-retirement savings account, by gender and age, December 2006
- Targeting the teen
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- Figure 62: Credit card ownership as a teenager, by gender and age, December 2006
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- Figure 63: Debit card ownership as a teenager, by gender and age, December 2006
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- Figure 64: Teens’ mail/phone order purchases, how purchased, by age, Spring 2006
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- Figure 65: Teens’ Internet purchases, how purchased, by age, Spring 2006
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- Figure 66: Type of bank accounts currently held by teens, by age, Spring 2006
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- Figure 67: Parental presence over banking relationship, by age, August 2004
- Student financial aid
- Student power
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- Figure 68: Preferred method of payment, by education/employment status, December 2006
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- Figure 69: Credit card payment behavior, by education/employment status, December 2006
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- Figure 70: How education is funded for college students, by gender and age, December 2006
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- Figure 71: How education is funded for college students, by gender and age, December 2006
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- Figure 72: Importance of banking services—respondents aged 18-24 and full-time college students, December 2006
- Movers and shakers
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- Figure 73: Importance of banking services—25-34 year old respondents, December 2006
Advertising to Young Consumers
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- Targeting 18-25 – high volume acquisition mailings
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- Figure 74: HSBC Platinum Mastercard, September 2006
- Figure 75: HSBC Platinum Mastercard, December 2006
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- Figure 76: Chase Flexible Rewards Visa Platinum Card, December 2006
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- Figure 77: BP Visa Card from Chase Bank, October 2006
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- Figure 78: Visa Platinum Card from Capital One Bank
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- Figure 79: Personal Loan from CitiFinancial, January 2007
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- Figure 80: Line of Credit from Bank of America, September 2006
- Targeting 26-34 – high volume acquisition mailings
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- Figure 81: Platinum MasterCard from Chase Bank, January 2007
- Figure 82: Mileage Plus Visa Card from Chase Bank, January 2007
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- Figure 83: World Wildlife Fund Platinum Visa Card from Chase Bank, January 2007
- Targeting younger financial consumers—television advertising
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- Figure 84: A.G Edwards television advertisement, 2006
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- Figure 85: Edward Jones television advertisement, 2006
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- Figure 86: fidelity myPlan television advertisement, 2006
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- Figure 87: Nationwide television advertisement, 2006
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- Figure 88: Saveandinvest.org television advertisement, 2006
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- Figure 89: Wachovia television advertisement, 2006
Young consumers in the next decade
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- Gen X and Gen XY expectations
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- Figure 90: Age at which respondent started or plans to start saving to buy a home, by gender and age, December 2006
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- Figure 91: Age at which respondent bought or plans to buy a home, by gender and age, December 2006
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- Figure 92: Age at which respondents started saving or expect to start saving for retirement, by gender and age, December 2006
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- Figure 93: Expectations of receiving a lump-sum payment, by gender and age, December 2006
- People are only going to become more mobile
- Contactless cards
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- Figure 94: Respondents who would use contactless technology, by gender and age, October 2006
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- Figure 95: Respondents who would use contactless technology—what they see as the advantages, by gender and age, October 2006
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- Figure 96: Respondents who would not use contactless technology—what they see as the disadvantages, by gender and age, October 2006
Major trends being driven by younger consumers
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- Cutting out the middleman—social networking
- Pick a cause—green marketing
Appendix: Trade Associations
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