Table of Contents
Scope and Themes
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- What you need to know
- Consumer survey data
- Sampling
- Online surveys
- Greenfield Online
- Experian Simmons National Consumer Studies
- Advertising clips
- Abbreviations and terms
- Abbreviations
- Companies mentioned in this report:
Executive Summary
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- Industry overview
- Market size and forecast
- Competitive context
- Marketing channels
- Market drivers
- Advertising and promotion
- The Gen X consumer
- Cluster analysis
- Custom consumer groups
Insights and Opportunities
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- What are the unique challenges facing Gen Xers?
- What effect will the financial crisis have for Gen Xers’ future relationship with the financial system?
- What financial products and services are of greatest interest to Gen Xers?
- What are the best ways to reach this market?
- What are the important differences that exist within the Gen X market, demographically and attitudinally?
Inspire Insights
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- Trend: Life after credit
- Trend: Rebuilding trust
- Trend: Disintermediation
Market Size and Forecast
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- Key points
- Who are Gen X?
- Gen Xers are caught unprepared for financial crisis
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- Figure 1: Financial products owned and value of holding for Gen X and baby boomer households, 2007
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- Figure 2: Financial products currently owned: Gen Xers indexed to total, March 2009
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- Figure 3: Median debt levels and ratio of debt payments to family income for households by age in 2007 dollars
- Gen Xers aspire to greater ownership of financial products
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- Figure 4: Financial products to be purchased in the near future: Gen Xers indexed to total, March 2009
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- Figure 5: Agreement with statement “it is important to be well-insured when it comes to life insurance”, by age, 2008
Competitive Context
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- Key points
- Financial services companies are beginning to reach out to Gen Xers
- However, financial services firms are still more focused on Boomers than Gen X
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- Figure 6: Direct mail, email, print campaigns mentioning “baby boom/baby boomer” versus those mentioning “Generation X/Gen X”, January 2007 to February 2009
Marketing Channels
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- Key points
- The internet is displacing traditional media as an information source for Gen X and Gen Y
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- Figure 7: How the internet impacts getting product information and shopping, by generation, 2008
- Figure 8: How internet has impacted use of other media, by generation, 2008
- Financial services companies are shifting their advertising more to online media
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- Figure 9: Advertising expenditures for financial services companies, 2008
- Gen Xers have strong opinions about what they want in a website
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- Figure 10: Website attitudes, by generation, 2008
- Newspapers face dismal prospects
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- Figure 11: Newspaper readership, by generation, 2006 versus 2009
- Marketers can still reach Gen X and Gen Y via TV
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- Figure 12: Average number of hours spent per month watching TV/using internet, by age, Q3 2008
- Direct mail can get through even to Gen Xers
Market Drivers
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- Key points
- Gen Xers are more diverse than previous generations
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- Figure 13: US population estimates, December 2007
- Gen Xers are catching up to Baby Boomers in terms of size
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- Figure 14: Forecast of population for generation x and baby boomers, 2010 to 2030
- Gen X may soon be pushed aside by Gen Y, the next generational bulge
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- Figure 15: US population estimates, by generation, November 2008
Advertising and Promotion
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- Key points
- Freedom to spend and buy what you want now
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- Figure 16: MasterCard “Priceless” TV ad, 2008
- Introducing an element of chaos
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- Figure 17: Nationwide “Life comes at you fast” TV ad, 2008
- Tech-savvy ads
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- Figure 18: E*Trade TV ad, 2008
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- Figure 19: Chase credit card TV ad, 2008
- Starting to invest
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- Figure 20: Schwab “Talk to Chuck” TV ad, 2008
- Breaking the rules
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- Figure 21: Bank of America TV ad, 2008
The Consumer
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- Key points
- Gen Xers have a lot on their plate
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- Figure 22: Primary financial concerns: Gen X indexed to total population, March 2009
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- Figure 23: Attitudes towards generational marketing, by age group, March 2009
- Gen Xers actually may be lagging their younger Gen Y counterparts in savings
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- Figure 24: Financial attitudes of Gen X and Gen Y, 2008
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- Figure 25: Types of debt for Gen X and Gen Y, 2008
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- Figure 26: Most important goal in next 10 years, Gen X and Gen Y, 2008
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- Figure 27: Gen X and Gen Y perceptions of being behind schedule for key life milestones, 2008
- Debt may put retirement for Gen Xers in jeopardy
- Gen Xers face lower living standards
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- Figure 28: Perceptions of whether achieved the American dream, by generation, 2008 and 2009
- Gen Xers admit lack of financial discipline
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- Figure 29: Financial attitudes, by generation, 2008
- Gen Xers are the most vulnerable group when it comes to job loss
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- Figure 30: Perceived impact of job loss, by generation, 2009
- Gen Xers are making financial adjustments in response to the economic crisis
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- Figure 31: Steps taken as a result of the economic crisis, by generation, 2009
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- Figure 32: Steps respondents plan to take, or have taken as a result of economic crisis, by generation, 2009
- Gen Xers express greater optimism about their own financial outlook
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- Figure 33: Economic outlook: Gen X indexed to total, 2008
- Gen Xers are stressed about finances
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- Figure 34: Financial attitudes: Gen X indexed to total population, March 2009
- Gen Xers are paying down debt
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- Figure 35: Changes in financial behavior as a result of economic crisis, by age group, May 2009
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- Figure 36: How would spend stimulus check: Gen X indexed to total population, March 2009
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- Figure 37: How stimulus check was spent in 2008: Gen X indexed to total population, March 2009
- Financial institutions need to win back trust
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- Figure 38: Level of trust in U.S. financial system, by generation, 2009
- Bank stability is important but still not as important as convenient location
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- Figure 39: Reasons for bank choice: Gen X indexed to total population, March 2009
- Gen Xers switch banks to get better online services
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- Figure 40: Incidence of switching primary banks in the past 12 months, by age, March 2009
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- Figure 41: Reasons for switching primary bank in the past 12 months: Gen X indexed to total population, March 2009
- Only a minority of Gen Xers consult with a financial professional
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- Figure 42: Major sources of financial advice for Gen X and Gen Y, 2008
Cluster Analysis
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- Key points
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- Figure 43: Gen X finance clusters, March 2009
- Casuals
- Who they are
- Opportunity
- Responsibles
- Who they are
- Opportunity
- The Timids
- Who they are
- Opportunity
- Cluster characteristics
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- Figure 44: Attitudes towards household financial characteristics and goals, by Gen X finance clusters, March 2009
- Figure 45: Primary household financial concerns, by Gen X finance clusters, March 2009
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- Figure 46: Reasons for choosing primary bank, by Gen X finance clusters, March 2009
- Figure 47: Have you switched primary banks in the last 12 months?, by Gen X finance clusters, March 2009
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- Figure 48: Type of financial products owned, by Gen X finance clusters, March 2009
- Figure 49: Type of products respondent plans to buy in the near future, by Gen X finance clusters, March 2009
- Cluster demographics
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- Figure 50: Gen X finance clusters, by gender, March 2009
- Figure 51: Gen X finance clusters, by age group, March 2009
- Figure 52: Gen X finance clusters, by income group, March 2009
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- Figure 53: Gen X finance clusters, by race, March 2009
- Figure 54: Gen X finance clusters, by Hispanic origin, March 2009
- Cluster methodology
Custom Consumer Groups
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- Key points
- Priorities differ for different demographic subgroups within Gen X
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- Figure 55: Financial priorities of Gen X, by household income, March 2009
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- Figure 56: Financial priorities of Gen X, by race and Hispanic origin, March 2009
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- Figure 57: Financial priorities of Gen X, by gender, March 2009
- Financial attitudes also differ by demographic group
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- Figure 58: Financial attitudes of Gen X, by household income, March 2009
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- Figure 59: Financial attitudes of Gen X, by race and Hispanic origin status, March 2009
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- Figure 60: Financial attitudes of Gen X, by gender, March 2009
Appendix: Trade Associations
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