Industry Insights
Millennials + Money: The Unfiltered Journey
Explore Millennials’ unique and surprising relationship with money,
and learn what it means for marketers in financial services and beyond.
CONTENTS
Millennials have been called many things. “Financially responsible” is typically not one of them. But as Millennials grow in financial power—and grow up in general—we wanted to understand how their relationship with money and financial institutions is evolving.
Through Facebook audience data, conversation analysis and surveys, we took a fresh look at working-age Millennials (ages 21–34) on Facebook in the US.
What we found was that the vast majority are saving money and many have made paying down debt a priority. We also found that half of Millennials have no one they trust for financial guidance and that the Millennial generation is ready for a new type of financial partner.
Check out the infographic below to explore our key discoveries and learn how marketers can leverage them to lead the future of financial services.
Infographic: Millennials and money
Source unless otherwise specified: Facebook data (based on survey of 27,000 people on Facebook ages 18–65 in the US), Jan 6–8, 2016.
What it means for marketers
Meet Millennials where they are
Connect with Millennials by offering solutions that respect their near-term goals (like paying down debt), have low barriers to entry and help them manage multiple financial priorities.
Make financial planning a gateway
Empower Millennials by raising their financial literacy and helping them develop a plan for the future. Offer them a holistic perspective that increases their sense of control, expands their financial toolkit and makes you an invaluable partner.
Bank on mobile
Millennials use mobile to talk about money, track money and move money. Put mobile at the center of your multichannel ecosystem. Whether you focus on enhancing your app or m-site, blending your mobile and in-branch experiences or rewarding Millennials for their loyalty, make sure you’re giving Millennials a reason to stay close on mobile—and do it visually.
