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Millennials and Money: The Unfiltered Journey

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 our white paper and the infographic below to explore our key discoveries and learn how marketers can leverage them to lead the future of financial services.

 

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.

 

Download the infographic as a PDF here.

To see the full study, download the white paper here.

 

Source: Facebook data (based on survey of 27,000 people on Facebook ages 18–65 in the US), Jan 6–8, 2016.