Table of Contents
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
Back to top