- • Vested releases results of ‘Millennials and Money: Why These Whiners are Ignoring Your Marketing Campaigns’
- • Landmark study also finds Millennials don’t trust banks, love perks, don’t care about data privacy
Perhaps the most noteworthy finding of the detail-rich study is the wide gap in trust between Millennial men and Millennial women when it comes to President Trump’s ability to set a financially responsible policy agenda. While 55 percent of male respondents said they trust Trump financially, just 33 percent of women said they do. The survey was conducted just after Trump’s first 100 days in office had passed.
More broadly, Millennials do not think or act homogeneously on many financial matters, the data shows. For example:
- Millennials between 18 and 22 years of age say the Great Recession did not impact them, while those at the other end of the age bracket very greatly felt, and continue to feel, negative impact.
- Female Millennials are significantly less likely to take a credit card than their male counterparts.
- Having a high income, being male, and living in a city are predictive of high levels of interest in cloud banking, or banks without physical branches.
The study produced other findings that are useful to executives and marketers at global financial institutions and financial technology firms, as well as the investors that target the financial services sector:
- Millennials love points and perks. The vast majority of Millennials, 88 percent, would adopt more financial products if those products offer more incentive programs.
- Millennials’ trust in banks in dramatically low. They trust governments and press, two notoriously untrusted institutions, more than they trust banks.
- Conversely, 92 percent of Millennials place significant trust in big technology firms.
- Millennials care about data safety but not about data privacy.
- Bitcoin is still niche. Only 17 percent of Millennials use the digital currency, and this use is fairly consistent among all sub-sections of the sample.
- Social media influences the financial decisions of men and the affluent more than those of women and Millennials who earn less.
“It would be a mistake for financial marketers to treat Millennials as a homogeneous group. Quite often they are divided dramatically by age or sex,” explained Dan Simon, co-founder and CEO of Vested. “Our goal was to learn how these people truly think and act, and to add facts and statistics to the craft of financial marketing. We look forward to seeing how this data changes over time.”
The study can be accessed in full at: http://fullyvested.com/millennial-study.
Methodology: The survey was conducted between May 1 and May 15. It achieved 401 responses that reached across all ethnicities, income levels, education levels, and locations, and it has a margin of error of +/-5%.
Named the world’s fastest growing public relations agency, Vested is an integrated communications firm focused on the future of finance. Vested’s approach merges deep financial expertise with creativity to deliver award-winning, integrated campaign for our global clienteles.