MADISON, Wis.—A new report, “Coming of Age: Young Adults in 2015,” has been released in the form of a slide deck that offers a framework for better penetrating younger demographics.
Authored by Manpreet Nat, a research associate with the Filene Research Institute, and James Marshall of the Cooperative Trust, the report is aimed at taking what credit unions already know—that young adults and Millennials need to be engaged—and delivers into the “how.” The report notes that by three out of every four workers globally will be Millennials.
“From innovative to simple, there are numerous strategies at your disposal to grow young adult membership,” the authors said. “At the core of any effective solution is a sense of understanding. In this presentation we use recent industry data to investigate the attitudes, preferences, and banking habits of millennials.
The slide deck includes a framework of what a credit union can do to keep up with current market trends and concerns related to Millennials.
The authors noted that in their research they found:
- Millennials are significantly more likely to transact with their FI through mobile apps than other age groups.
- 34% of Millennials leave their banking institution because account fees are too high.
- Two-thirds of Millennials expect to self fund their primary source of income in retirement through retirement accounts and other savings.
- 73% of millennials are more likely to be excited about a new offering in financial services from Google, Amazon, Apple, PayPal or Square than a traditional financial institution
The report can be found here.