Capturing the Elusive Millennial Market in Financial Services
Millennials have been the subject of a recent spike in the effort to more comprehensively understand and forecast the economic landscape in the United States. Studies and reports abound, centering on topics such as student debt, retirement uncertainty, stagnant wages, work-life balance, career trajectory and skillset – and the common refrain seems to be that millennials are more than just a little misunderstood.
However, while millennials are wary of credit cards and the financial services industry, individuals that do have credit cards view them as a strategic tool to help build credit and increase financial flexibility. Further, 86% of study participants noted that saving was an important part of building financial stability however, millennials are 1.6 times more likely than Gen Xers/boomers to have no investments at all. Among the reasons cited for millennial underinvestment, the majority of participants (54%) feel that they just don’t have the money, while others don’t know enough about investing (24%) and 12% generally distrust financial institutions.
By Michael Barrio | August 31, 2016