How Gen Y is Impacting Financial Services Today
As the final installment in our series of infographics with research firm Javelin, today we’re releasing insight into the influential millennial customer segment set to disrupt the financial industry.
The primary focus of this Gen Y infographic is to address the misconception that many financial institutions are currently making: that Gen Y customers have yet to make an impact. In fact, many companies in the banking industry have a huge opportunity to directly engage with this growing audience. The reality is that the first wave of Gen Y is here and already establishing financial habits.
Here are a few key findings from our infographic:
- Gen Y may be more tech savvy than generations past, but they’re open to advice when it comes to financial matters.
- Separated into two segments, the younger (ages 18-24) and older (ages 25-34) Gen Y operate in different ways, and it’s important to know both groups’ financial characteristics. For example, young Gen Y has a mobile-first mindset, while older Gen Y use mobile, online, and in-person communication channels.
- Altogether, Gen Y represents 30 percent of the nation’s 249 million adults, and will control nearly half of the nation’s personal income by 2025 (hint: that’s less than 10 years from now!).
- Gen Y is using SMS as their preferred communication channel for financial services.
- Older Gen Y is setting the pace on mobile person-to-person payments, making nearly one payment a month without ever reaching for a checkbook.
To learn more about the financial service preferences of Gen Y, see our infographic, included below: