Table of Contents
Executive Summary
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- The market
- Millennials account for a quarter of the UK population
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- Figure 1: Projected populations at mid-year in the UK, by age, 2009-22 (proj)
- A tough environment for younger Millennials
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- Figure 2: Current working situation, by generation, March 2015
- Relationships and finances prioritised over social lives
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- Figure 3: Millennials’ life goals, March 2015
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- Figure 4: Number of life goals among Millennials, March 2015
- The consumer
- Simple financial products have the highest ownership among Millennials
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- Figure 5: Millennials’ financial product ownership, March 2015
- Holidays and protection from the unexpected are Millennials’ main reasons for saving
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- Figure 6: Millennials’ reasons for saving or investing, March 2015
- Family is Millennials’ number one single source of information on financial products
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- Figure 7: Millennials’ sources of information for financial products, March 2015
- Online is the key channel – but Millennials are not ready to give up the branch yet
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- Figure 8: Channels used by Millennials for their financial activities, March 2015
- Millennials carry a heavy load…
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- Figure 9: Millennials’ financial concerns, March 2015
- …and take a conservative stance on personal finances
- Millennials understand the importance of keeping up with the market…
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- Figure 10: Millennials’ interest in the market, March 2015
- …but also the confusion that comes with it
- Millennials label high street banks and building societies as more old-fashioned, but secure
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- Figure 11: Correspondence Analysis, March 2015
- Global technology companies are considered more forward-thinking
Issues and Insights
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- Tech-savvy Millennials still appreciate the value of branches
- The facts
- The implications
- Millennials need help when making financial choices
- The facts
- The implications
The Market – What You Need to Know
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- Millennial population continues to grow
- Declining unemployment among Millennials, but still high
- Increasingly more Younger Millennials entering the workforce
- Financial health is greater among university graduates
- More than half of all Millennials are renting
- Nearly half of Younger Millennials live with their parents
- Millennial families
- Tech takes lead among Millennials
- Millennials with numerous aspirations
Who Are The Millennials?
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- Millennial population continues to grow
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- Figure 12: Projected populations at mid-year in the UK, by age, 2009-22
- Declining unemployment among Millennials, but still high
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- Figure 13: Number of unemployed in UK, by age, 2013-15
- Tuition fee increases have hit undergraduate enrolments
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- Figure 14: Current working situation, by generation, March 2015
- Older Millennials reaping the reward of career progression
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- Figure 15: Gross annual household income, by generation, March 2015
- Financial health is greater among university graduates
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- Figure 16: Current financial situation, by highest educational attainment, March 2015
- More than half of all Millennials are renting
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- Figure 17: Current housing situation, by generation, March 2015
- Nearly half of Younger Millennials live with their parents
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- Figure 18: Current living situation, by generation, March 2015
- Millennial families
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- Figure 19: Marital status, by generation and presence of children in the household, March 2015
- Tech takes lead among Millennials
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- Figure 20: Millennials’ technology product ownership, March 2015
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- Figure 21: Personal ownership of smartphones, by age, September 2013 and November 2014
Millennials’ Life Goals
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- Health and family are still key priorities
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- Figure 22: Millennials’ life goals, March 2015
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- Figure 23: Number of life goals among Millennials, March 2015
- Younger Millennials concentrate on their education and careers…
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- Figure 24: Selected Millennials’ life goals, by generation, March 2015
- … while Older Millennials rate their health more highly
- Married Millennials look towards home ownership
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- Figure 25: Millennials’ life goals, by presence of children in the household and marital status, March 2015
- Travelling is a high priority across most Millennial demographics
The Consumer – What You Need To Know
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- Simple financial products have the highest ownership among Millennials
- Holidays and protection from the unexpected are Millennials’ main reasons for saving
- Family is Millennials’ number one single source of information on financial products
- Online beats all other channels
- Millennials carry a heavy load
- Millennials understand the importance of keeping up with the market…
- …but also the confusion that comes with it
- Millennials label high street banks and building societies as more old-fashioned, but secure
- Global technology companies are considered more forward-thinking
- Social networks are friendly and accessible, but also untrustworthy
Financial Product Ownership
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- Simple financial products have the highest ownership among Millennials
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- Figure 26: Millennials’ financial product ownership, March 2015
- Older Millennials have higher ownership across all financial products
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- Figure 27: Millennials’ financial product ownership - ‘Already own’, by generation, March 2015
- Even among higher earners, investment ownership is low
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- Figure 28: Millennials’ financial product ownership - ‘already own’, by gross annual household income, March 2015
- More than one third of Millennials own five or more financial products
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- Figure 29: Number of financial product types owned by millennials, March 2015
- Figure 30: Number of products owned by Millennials, by age, March 2015
Reasons for Saving or Investing
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- Holidays and protection from the unexpected are Millennials’ main reasons for saving
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- Figure 31: Millennials’ reasons for saving or investing, March 2015
- Older Millennials take a more forward-looking stance
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- Figure 32: Millennials’ reasons for saving or investing, by generation, March 2015
- Parents and married Millennials most likely to save for their children
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- Figure 33: Millennials’ reasons for saving or investing, by marital status and presence of children in the household, March 2015
- Majority of Millennials save towards a maximum of two goals
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- Figure 34: Number of reasons for saving or investing, March 2015
Information Sources for Financial Products
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- Millennials still rely on their family for advice
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- Figure 35: Millennials’ sources of information for financial products, March 2015
- Nearly three in four Millennials would use online sources for financial information
- Price comparison sites are a key information source for Millennials
- Professional financial advice can be particularly valuable for Millennials
Channel Preferences in Financial Services
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- Online beats all other channels
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- Figure 36: Channels used by Millennials for their financial activities, March 2015
- Mobile apps have the greatest potential among the Younger Millennials…
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- Figure 37: Channels used by Millennials for their financial activities, by generation, March 2015
- …despite security concerns
- Millennials still value personal contact in retail banking…
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- Figure 38: Channels used by Millennials for their financial activities, by generation, March 2015
- …while online dominates the insurance market
Millennials’ Financial Concerns
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- Millennials carry a heavy load
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- Figure 39: Millennials’ financial concerns, March 2015
- Millennials have a negative outlook for their generation’s future…
- …and so take a conservative stance when it comes to debt
Millennials’ Interest in the Financial Services Market
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- Millennials understand the importance of keeping up with the market…
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- Figure 40: Millennials’ interest in the market, March 2015
- …but also the confusion that comes with it
- Making finance more fun for a ‘gamified’ generation
Associations with Non-Traditional Players in Financial Services
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- Non-traditional players entering the financial services space
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- Figure 41: Correspondence Analysis, March 2015
- Millennials label high street banks and building societies as more old-fashioned…
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- Figure 42: Millennials’ associations with various players in financial services, March 2015
- …but secure
- Global technology companies are considered more forward-thinking
- Social networks are friendly and accessible, but also untrustworthy
- Correspondence analysis: methodology
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