American consumers are becoming more diverse in terms of age, communication habits, and lifestyle. Understanding their needs and effectively communicating to them are increasingly more challenging to marketers. This report will look at the differences between three key generations – Millennials, Gen Xers, and Boomers – their communication habits and preferences. Their financial goals, trust in FS representatives, and ownership of electronic devices will guide a deeper dive into understanding each generation and will determine the ways to best get their attention and impact their purchasing decisions. Lastly, key interest in new FS products and services will be reviewed.

This report builds on the analysis presented in Mintel’s Lifestage Marketing in Financial Services – US, January 2013 report.

For the purposes of this report, Mintel commissioned exclusive consumer research through GMI to explore consumer consumption of/attitudes and behaviors toward marketing financial services. Mintel was responsible for the survey design, data analysis, and reporting. Fieldwork was conducted in September 2014 among a sample of 2,000 adults aged 18+ with access to the internet.

Mintel selects survey respondents by gender, age, household income, and region so that they are proportionally representative of the US adult population using the internet. Mintel also slightly over-samples, relative to the population, respondents that are Hispanic or Black to ensure an adequate representation of these groups in our survey results and to allow for more precise parameter estimates from our reported findings. Please note that Mintel surveys are conducted online and in English only. Hispanics who are not online and/or do not speak English are not included in the survey results.

The Experian Marketing Services, Simmons NCS/NHCS was carried out during January 2013 to March 2014 and the results are based on the sample of approximately 22,000 adults aged 18+, with results weighted to represent the US adult population.

Additional data from Experian Marketing Services, Simmons NCS/NHCS are included for January 2012-March 2013, Simmons NCS/NHCS for January 2011-March 2012, and Simmons NCS/NHCS February 2010-March 2011.

While race and Hispanic origin are separate demographic characteristics, Mintel often compares them to each other. Please note that the responses for race (White, Black, Asian, Native American, or other race) will overlap those that also are Hispanic, because Hispanics can be of any race.

All estimated mail volume data and consumer direct mail marketing creatives are provided by Mintel Comperemedia.

Mintel Comperemedia is a searchable competitive database tracking direct mail, print, and online advertising in the US and Canada, as well as email in the US. Comperemedia tracks information across eight sectors: Banking, Credit Card, Investments, Insurance, Mortgage and Loan, Telecom, Travel and Leisure, and Automotive.

For more information, please contact Account Services Management at 1-312-450-6353 or www.mintel.com.

The following is a list of abbreviations used in this report.

Generations discussed within this report are defined as:

* Also known as Generation Y or Echo Boomers.