Banking / Finance

Inside the mind of millennials: what Financial Marketers need to know

Three Profiles of Millennials
As with any generation, Millennials are not a homogenous group. It helps to break them down into the following three subsets, as defined by Bank of America.
Millennials in the 18-22 year old range are mostly single and are currently going to school. This group goes to their parents for financial advice more often then their older counterparts. A large number still receive financial support from their parents. Those who are saving are not likely to have a 401(k) or IRA. They are saving for a house, a vacation, and their own education. Most are going or went to college. One third have student loans that they pay. They get their financial information from their parents and from their coursework at school.
The middle group of Millennials is split between being single and married. Most
are employed. They are more likely to make a budget than either of the other
age groups and are saving to buy a house more than others. They are also saving for vacations, and half have a savings goal. More than half who went to college are paying for their own student loans. Some have delayed starting a family due to these loans. They still use what they learned in school and from their parents for financial guidance, but are also more likely than younger Millennials to turn to a professional advisor or their employer.
Millennials 30 and older are mostly married and employed. They have more money saved than younger Millennials and are more likely to be saving for retirement and their children’s education. Half make a monthly budget and have a savings goal. More than half who went to college still have student loans that they pay themselves and have suffered the ill effects of these loans by having to delay starting a family or taking a job that did not suit them. This group uses a wider variety of financial information. Aside from their parents, they turn to professional advisors, employers and books for financial information.

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