US Life Stages in Financial Services Market Report 2022
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The US Lifestages in Financial Services Market Report 2022 identifies consumers’ attitudes and behaviours towards financial institutions by lifestage, how to turn life stage into a product, and the impact of COVID-19 and inflation on consumers’ financial goals. This report covers the US financial services market size, market forecast, market segmentation and trends in the financial market in the US.
US financial lifestages & financial priorities often align according to our US financial services market research. Financial needs and goals of seniors, Millennials, and Gen Z might be vastly different from each other.
The size and complexity of the US financial services industry is one of many challenges and necessitates the specified lens of lifestage analysis to scrutinise how consumers’ needs and goals evolve at various points.
Currently, record inflation is significantly impacting consumers’ purchasing power, with younger consumers on tighter budgets more likely to be impacted. Moreover, our US financial services market research shows that surges in housing costs driven by lack of supply further enhance financial pressure on consumers in the hectic lifestage of young adulthood.
Our US financial services industry report predicts that recent inflation will dampen the US financial services industry growth. It will also have a substantial impact on consumers’ spending power, with the affordability of goods and services influencing financial outlooks for everyone. However, these effects are more likely to directly impact younger and lower-income consumers, who felt the greater brunt of the economic consequences of the pandemic and feel more stressed about balancing their financial responsibilities.
As the volatility of the economy subsides, consumers will be able to readjust to a more stable economic environment and plan more confidently rather than reflexively maintaining the conservative behaviours driven by inflation concerns.
Many consumers feel the need to learn more about investing to achieve future financial security and are concerned about retirement – financial brands can improve their position of advocacy with resources to assist them in long-term planning.
According to our US financial services market research an aging workforce will continue to prolong financial planning as consumers adjust to the increased age of Social Security eligibility. Moreover, the descending birth rate will cause a lower percentage of the population to the age into adulthood, making young Gen Zers a prized consumer group to institutions in the US financial services industry.
Attitudes towards banking preferences are shifting and will create ample opportunity for challenger brands to increase their US financial services market size through digital experiences that meet the expectations of young consumers. High-earners are embracing diversified accounts with various financial institutions, giving niche competitors the opportunity to gain a foothold in the US financial services industry.
Read on to discover more details or take a look at all of our US Financial Services Market Research.
Brands: Bank of America (Merrill), Delta, Fidelity, Vanguard, Edward Jones, and more.
This report, written by Patrick Rahlfs, a leading analyst in the US financial services industry, delivers in-depth commentary and analysis to highlight current trends in the financial market in the US, and adds expert context to the numbers.
Financial goals constantly evolve as consumers face complex personal decisions and the need to weigh financial implications of major life pursuits. The youngest group of consumers are learning about personal finance through numerous digital channels, yet their priorities remain diverse as they focus on education and career. Financial concerns proliferate and debt accumulates as consumers get married, start families and face the front ends of large commitments like mortgages. However, with experience, middle-aged consumers gain confidence through the completion of financial goals and begin to prioritize a broader concept of financial success through investment and planning. Finally, the oldest segment of consumers view finances as the direct means to the end of enjoying a happy, healthy life. While the intricacies of this journey are unique for each individual, an understanding of the inflection points along the continuum provide insight into opportunity areas for financial brands to provide the maximum support.
Mintel provides a range of market information, frequently through the category level, including market size and forecasting, complete with market drivers that illustrate the forces that shape a category or market.
Mintel’s proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.
Mintel provides overviews of the top brands and manufacturers, and uses consumer research to explore attitudes and reactions to brands, as well as insight into what will resonate with consumers.
Market reports provide appendices of data to support the research and insight produced. Our databooks* are easily manipulated and downloadable to support your research needs and covers factors from consumer attitudes to market forecasts.
*databooks not available with UK B2B Industry reports.
Please Note: This is a sample report. All of the figures, graphs, and tables have been redacted. Our reports are available to download in PDF and PPT formats.