Young consumers have a handle on their finances, but banks can help them face the financial challenges ahead.
Boston, May 29, 2014 – Younger consumers who require new financial products represent a huge opportunity for financial institutions; they're more likely than older consumers to open checking accounts, need car loans, and apply for mortgages and credit cards. Millennials, the newest group of young consumers, are coming of age on the heels of a recession. As signs of recovery emerge, financial institutions have a keen interest in understanding how millennials manage their money, what their unique financial services needs are, and how best to reach them.
Based on a 2013 Aite Group survey of 1,242 U.S. consumers regarding their financial lives, this Impact Note explores how members of this new generation manage theirs and how those behaviors differ from older generations'. The report details the financial products, borrowing and saving habits, financial services relationships, technologies, bills, and fees that characterize millennials' financial lives.
This 24-page Impact Note contains four figures and 20 tables. Clients of Aite Group's Retail Banking service can download this report.