Millennials represent one quarter of the population in the US, even more than Baby Boomers. Consisting of “older Millennials” and “younger Millennials,” they are two groups with very different sets of financial needs. Younger Millennials are just starting out and have very little money or knowledge of how to manage what they have. Older Millennials are likely to be more established, perhaps married with children and with either a newly-purchased home or the desire to purchase one. The challenge for financial institutions is to find a way to reach all of them with messages that resonate with each group. This report examines the types of financial accounts Millennials have, as well as the types of institutions in which they have them. It also looks at the how Millennials view money and finances, as well as how they feel about financial advice and advisers.

This report builds on the analysis presented in Mintel’s Marketing Financial Services to Millennials – US, August 2013 and Marketing to Millennials – US, February 2015.

For the purposes of this report, Mintel has used the following definitions:

Millennials are defined as the generation born between 1977 and 1994. In 2015, Millennials are aged 21-38. Consumer research was fielded in 2014, when Millennials were between the ages of 20-37.

In reference to the consumer survey findings, Millennials are defined as:

• Younger Millennials are defined as between the ages of 20 and 26.

• Older Millennials are defined as between the ages of 27 and 37.

In reference to US Census data, Mintel has used the available age groups that best reflect the Millennial generation during the 2013 and 2014 data collection periods.

• Millennials are considered those between the ages of 20 and 34.

• Younger Millennials are defined as between the ages of 20 and 24.

• Older Millennials are defined as between the ages of 25 and 34.

For the purposes of this report, Mintel commissioned exclusive consumer research through GMI to explore consumer consumption, and attitudes and behaviors of Millennials towards finances and financial services. Mintel was responsible for the survey design, data analysis and reporting. Fieldwork was conducted in March 2015 among a sample of 708 adults aged 20-37 with access to the internet.

Mintel selects survey respondents so that they are proportionally balanced to the entire US adult population based on the key demographics of gender, age, household income, and region. Mintel also slightly oversamples, relative to the population, respondents that are Hispanic or Black to ensure an adequate representation of these groups in our survey results. Please note that our surveys are conducted online and in English only. Hispanics who are not online and/or do not speak English are not included in our survey results.

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 U.S. and Canada, as well as email in the U.S. 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 are discussed within this report, and they are defined as:

* also known as Generation Y or Echo Boomers