Table of Contents
Scope and Themes
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- What you need to know
- Data sources
- Consumer survey data
- Comperemedia
- Abbreviations and terms
- Abbreviations
- Terms
- Companies mentioned in this report
Executive Summary
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- The market
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- Figure 1: U.S. population, by generation, 2012
- Figure 2: U.S. population projections, 2020 and 2050
- Debt reduction is the major concern for consumers
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- Figure 3: Debt reduction goals for next 2 - 3 years, October 2012
- Baby Boomers are especially struggling
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- Figure 4: Percentage of households with heads aged 55+ with debt, by age of household head, 1992-2007
- Student debt—the next bubble?
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- Figure 5: Total student debt balances, Q3 2008-Q3 2012
- Figure 6: Average amount of student debt per household, selected years, 1989-2010
- Retirement planning is a concern for everyone
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- Figure 7: Percentage who want to increase the proportion of income saved for retirement, October 2012
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- Figure 8: Worker confidence in having enough to live comfortably in retirement, 2002-12
- Millennials are slower to live adult lifestyles
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- Figure 9: Percentage of Millennials living at least temporarily with parents
- There is opportunity among the Millennials
- Gen X is perhaps the most challenged
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- Figure 10: Change in median household net worth, by age, 2005-10
- Youngest customers are most interested in learning about finances
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- Figure 11: Interest in events hosted by financial institution, by generation, October 2012
- Opportunities exist for the insurance industry
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- Figure 12: Preference for an insurance agent, by generation, October 2012
- Financial services companies have slipped down in Fortune 500
Issues in the Market
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- The pressure is on the Millennials
- Everyone is rethinking retirement
- Communication preferences are changing
Insights and Opportunities
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- Key points
- Retirement concerns loom large
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- Figure 13: Those who cite saving for retirement as an important goal for the next 12 months, November 2012
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- Figure 14: Percentage of workers saving for retirement, by age, 2002 and 2012
- Figure 15: Total amount in retirement savings, by age, 2012
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- Figure 16: Expectations as to amount needed to retire comfortably, by age, 2012
- Younger investors too conservative to ensure a comfortable retirement
- More Millennials moving home
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- Figure 17: Percentage of Millennials living at least temporarily with parents, 2012
- The Millennial segment is large—and some are affluent
- Millennials are turning to entrepreneurship
- Millennials are using alternative financial products
- Gen X is perhaps the most challenged
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- Figure 18: Change in median household net worth, by age, 2005-10
- Youngest customers are most interested in learning about finances
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- Figure 19: Interest in events hosted by financial institution, by generation, October 2012
- Many young males would prefer to work with insurance agents
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- Figure 20: Preference for receiving overall financial advice from an insurance agent, by generation, October 2012
- Retirement postponed for Boomers
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- Figure 21: Number of people aged 65+ who remain in the workforce, in thousands, January 2002-January 2012
- Different channels for different generations
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- Figure 22: Banking channel preferences among consumers aged 18-34, 2008, 2010 and 2012
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- Figure 23: Banking channel preferences among consumers aged 35-54, 2008, 2010 and 2012
- Figure 24: Banking channel preferences among consumers aged 55+, 2008, 2010 and 2012
Trend Applications
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- Trend: Attention Economy
- Industry application
- Trend: Influentials
- Industry application
- 2015 Trend: Brand Intervention
- Industry application
Market Size
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- Key points
- More Millennials than Baby Boomers
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- Figure 25: Population numbers, by generation, 2011
- Oldest segment projected to explode in size
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- Figure 26: U.S. population estimates, by age, 2020-50
Market Drivers
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- Key points
- People are getting married later
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- Figure 27: Median age of marriage in U.S., 1980-2011
- Unemployment is still a factor
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- Figure 28: U-3 unemployment rate, by age, October 2011-October 2012
- Education loan debt
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- Figure 29: Total student debt balances, Q3 2008-Q3 2012
- Figure 30: Average amount of student debt per household, selected years, 1989-2010
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- Figure 31: Rate of delinquency of student loans, Q3 2008-Q3 2012
- Figure 32: Student debt as percentage of household debt, Q3 2008-Q3 2012
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- Figure 33: Percentage of households with outstanding student loan debt, by age of head of household, selected years 1998-2010
- Figure 34: Ratio of student loan debt to income, by age of head of household, selected years, 1998-2012
- Non-educational debt
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- Figure 35: Percentage of households with heads aged 55+ with debt, by age of HH head, 1992-2007
- Figure 36: Average total debt for families with debt with household head aged 55+, by age of household head, 1992-2007
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- Figure 37: Average credit card debt, by age, 2008 vs. 2012
- Retirement confidence still relatively low
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- Figure 38: Worker confidence in having enough to live comfortably in retirement, 2002-12
- Figure 39: Retiree confidence in having enough to live comfortably in retirement, 2002-12
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- Figure 40: Percentage of respondents who believe they will not be able to retire completely, by generation, February 2012
Leading Companies
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- Key points
- Financial services companies have slipped in Fortune 500
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- Figure 41: Revenues of leading financial products companies, 2010-11
- Figure 42: Profits of leading financial products companies, 2010-2011
- Customers like bank facilities more, fees less
- Credit unions are increasing memberships
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- Figure 43: Largest credit unions, by assets, as of March 31, 2012
Innovations and Innovators
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- Key points
- Merrill Edge helps people “face” retirement
- Credit union creates website for high school and college students
- BBVA launches a new mortgage for first time buyers
- BancVue helps financial institutions build their future customer base
Marketing Channels
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- Key points
- Friends and family are important sources of information
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- Figure 44: Preferred sources of financial information, by generation, October 2012
- Communicating via technology is vital to Millennials
- Banks, Millennials and Twitter
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- Figure 45: Change in Twitter usage, by age, November 2010-February 2012
- Branches are becoming social centers
Marketing Strategies
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- Key points
- Talking to Millennials is different
- Millennials
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- Figure 46: Wells Fargo direct mail ad, 2012
- Figure 47: Citibank email ad, 2012
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- Figure 48: New York Life print ad, 2012
- Figure 49: BMO television ad, 2012
- Gen X
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- Figure 50: Wells Fargo direct mail ad, 2012
- Figure 51: Citibank print ad, 2012
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- Figure 52: U.S. Trust online ad, 2012
- Figure 53: Wells Fargo television ad, 2012
- Retirement
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- Figure 54: Citizens bank direct mail ad, 2012
- Figure 55: Wells Fargo print ad, 2012
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- Figure 56: Wells Fargo email ad, 2012
- Figure 57: Blue cross blue shield print ad, 2012
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- Figure 58: Prudential television ad, 2012
The Consumer – Financial Goals
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- Key points
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- Figure 59: Specific financial goals for next two or three years, by generation, October 2012
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- Figure 60: Specific financial goals for next two or three years, by generation and gender, October 2012
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- Figure 61: Specific financial goals for next two or three years, by generation and income, October 2012
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- Figure 62: Specific financial goals for next two or three years, by generation and education, October 2012
Primary Financial Concerns
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- Key points
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- Figure 63: Primary financial concern, by generation, October 2012
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- Figure 64: Primary financial concern, by generation and gender, October 2012
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- Figure 65: Primary financial concern, by generation and education, October 2012
Attitudes Toward Advisers
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- Key points
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- Figure 66: Attitudes toward advisers, by generation, October 2012
- Figure 67: Attitudes toward advisers, by generation and gender, October 2012
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- Figure 68: Attitudes toward advisers, by generation and income, October 2012,
Attitudes Toward Mobile Technology
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- Key points
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- Figure 69: Attitudes toward mobile technology, by generation, October 2012
- Figure 70: Attitudes toward mobile technology, by generation and gender, October 2012
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- Figure 71: Attitudes toward mobile technology, by generation and income, October 2012,
Learning About Investments and Finance
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- Key points
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- Figure 72: Preferred sources of information about investments and finance, by generation, October 2012
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- Figure 73: Preferred sources of information about investments and finance, by generation and gender, October 2012
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- Figure 74: Preferred sources of information about investments and finance, by generation and education, October 2012
Responding to Financial Communications
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- Key points
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- Figure 75: Preferred channels for financial advertisements, by generation, October 2012
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- Figure 76: Preferred channels for financial advertisements, by generation and gender, October 2012
Interest in New Products and Services
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- Key points
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- Figure 77: Interest in products and services, by generation, October 2012
- Figure 78: Interest in products and services, by generation and gender, October 2012
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- Figure 79: Interest in products and services, by generation and education, October 2012
Cluster Analysis
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- Advice Seekers
- Demographics
- Characteristics
- Opportunity
- Young Info-Seekers
- Demographics
- Characteristics
- Opportunity
- Tech-Savvy Independents
- Demographics
- Characteristics
- Opportunity
- Solo Flyers
- Demographics
- Characteristics
- Opportunity
- Cluster Characteristic Tables
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- Figure 80: Target clusters, October 2012
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- Figure 81: Specific financial goals for next two or three years, by target clusters, October 2012
- Figure 82: Primary financial concern, by target clusters, October 2012
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- Figure 83: Attitudes toward advisers, by target clusters, October 2012
- Figure 84: Attitudes toward mobile technology, by target clusters, October 2012
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- Figure 85: Sources of information about investments and finance, by target clusters, October 2012
- Figure 86: Preferred channels for financial advertisements, by target clusters, October 2012
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- Figure 87: Interest in new products and services, by target clusters, October 2012
- Cluster demographic tables
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- Figure 88: Target clusters, by demographic, October 2012
- Cluster methodology
Appendix – Trade Associations
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