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Consumer Lifestyle
Published: 22 Apr 2015

Strategies for Millennial Finance

Extra
Millennials feel they should be financially independent by the age of 25

Millennials may be saving for retirement already, but many remain daunted by money management and wary of financial advice, according to a new report from US finance company Principal Finance Group.

The report surveyed more than 800 US workers aged 23 to 35. We highlight key insights for brands:

  • Put Them In Charge: Most millennials (83%) feel they should be financially independent by the age of 25, while more than a third favour a lower limit of 21. Consider designing tools that help this demographic take control of their financial affairs.
  • Help Them Save: Badly scarred by the recession, nearly two-thirds of respondents over the age of 25 have already started saving for retirement. Demand is rising for money-management apps that offer fast, simple solutions – see Millennials & Banking for more.

  • Simplify the Scary Stuff: Some 37% of millennials find the stock market daunting, while 29% consider student loan debt an intimidating issue. Mobile-first tools such as Robinhood aim to simplify the stock market for digital natives.

  • Earn Their Trust: Just 34% believe financial professionals work in the best interest of their clients – and only 25% of those surveyed have approached a financial professional for advice and guidance. Read Financial Advice for Millennials for a tailored approach that will win the trust of this wary demographic.

  • Don't Call, Email: More than 40% of those surveyed would rather interact with financial companies over email – far ahead of phone calls, online chat, social media or in person.

For more coverage of banking for digital natives see Bite-Size Banking.

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