Look who’s talking money now. Gen We is growing up and growing into bank accounts, credit cards and student loans. They’re approaching finances with eyes wide open, taking a decidedly sophisticated approach to money. And cautious, like their Millennial brethren. The percentage of Americans under 35 with credit card debt is at its lowest level since 1989, says the Fed. How is a financial brand to break through? Tap into their OSD. They’ve got obsessive smartphone disorder bad.
3 ways financial marketers can engage with Gen We. Molded by the Great Recession, young consumers have a distinct attitude toward money. They’re more involved in household economics, lean in for teachable moments and are emotionally engaged in money management.
Millennials and credit cards: a complicated relationship. Millennials are using credit cards more responsibly than older generations, says the Fed. They avoid charging small purchases and revolving debt.
Tech shame or celebrate? Marketing to the smartphone gen. Why you gotta’ be so screen? Brands try to disrupt the smartphone obsessed with varying degrees of success.
QUICK study
Millennials prefer to apply for mortgages in person. When they’re shopping around for mortgages, more than half of young adults prefer in-person interviews over researching info on the internet, according to a SunTrust Bank survey of potential Millennial homebuyers. And once they have that meeting, they’re often pleasantly surprised at how achievable their goal is.
They save, save, save. Frugal Millennials sock away 15 percent or more of their annual earnings, according to a Sallie Mae survey. And they’re not just bolstering their own retirement. 65 percent of Millennials with kids under age 18 are saving for their kids’ education, compared with just 50 percent of Gen Xers.
Don’t swipe the small stuff. Are you more emotionally invested in cash purchases than debit? You’re not alone. But because it’s painful, the cash purchase is also more rewarding—even more delicious, according to a study published recently in the Journal of Consumer Research.
SHARPEN the saw
You can depend on social media to change. Often. What’s an industrious but insanely taxed marketer to do? Read our free whitepaper on the nine social media trends impacting your online performance for starters. It’s a quick read but rich with key insights to evolve your social strategies for optimum brand engagement. Download now.
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