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1
Winning Millennials:
How This New Power Persona is Reshaping The Finance Industry
Australia │ June 2015
2
Methodology
AUSTRALIA
RESULTS
This report covers results from
802 total respondents in
Australia, including:
501 total M...
3
Understand the differences
between Millennials and Gen X with
regard to brand affinity, purchase
process and information...
4
Key Findings Summary
AFFLUENT MILLENNIALS ARE…
ETERNAL OPTIMISTS
 Progressive view of
future finance industry,
confiden...
A M B I T I O U S , P R O G R E S S I V E
& C O N F I D E N T:
How This New Power Persona Is Reshaping
The Finance Industry
While these views are still a minority across all groups, Affluent Millennials are especially likely to envision a future ...
Affluent Millennials are less likely to anticipate another financial crisis, perhaps in turn driving their higher confiden...
% Agree: My future success depends on the decisions I make now
8
Affluent Millennials believe their current decisions will...
9
11%
5%
12%
11%
Affluent Millennials
Affluent GenXers
Short-term goal
Long-term goal
Short-term goal
Long-term goal
START...
10
Affluent Millennials far outpace Affluent GenXers in international education
Millennials GenXersAffluent Millennials Af...
I N D E P E N D E N T, Y E T
S E E K I N G G U I D A N C E :
For Affluent Millennials, Their Financial Future Starts Now
Sources of affluence are shifting across generations
12
Compared to Affluent Gen X, Affluent Millennials are
especially li...
Affluent Millennials are more than twice as likely as Affluent Gen X to have at least one non-mortgage loan* (50%, 21%).
1...
Nearly 1 in 3 Affluent Millennials
save the majority of their pay
14
Affluent Millennials are more likely to save most of ...
Only 1 in 10 Emerging Affluent* Millennials has a brokerage account, highlighting the importance for financial institution...
42%
48%
Affluent Millennials seek greater involvement and control in financial decisions
50%
43%
40%
AFFLUENT
MILLENNIALS
...
8%
26%
33%
51%
60%
24%
Despite their tendency to do their own research and seek information on financial decisions, Afflue...
The majority would be willing to take their business elsewhere if presented with better solutions, but Affluent Millennial...
90%
76%
19
Affluent Millennials Affluent GenXers
Affluent Millennials’ loyalty as
customers isn't surprising when we
see t...
46%
52%
29%
31%“Millennials are different. They have
grown up empowered and expect to
have a more self-directed life. So t...
H I G H E X P E C TAT I O N S &
B I G D E M A N D S :
Affluent Millennials Want A Deeper Connection
With Financial Service...
22
When choosing financial institutions, social presence and relationship
history are uniquely important to Affluent Mille...
23
One in three Affluent Millennials considers social networks a “must-have”
20%
18%
33%
30%
39%
42%
49%
48%
41%
41%
18%
2...
24
Social networks are central to Affluent Millennials’ financial decisions
COMPARED TO AFFLUENT GEN X,
AFFLUENT MILLENNIA...
% of affluent users that use at least 1 social network to obtain this type of info
Thought leadership, educational content...
26
Affluent Millennials are especially active on LinkedIn
COMPARED TO THE GENERAL POPULATION ON LINKEDIN,
AFFLUENT MILLENN...
T H A N K Y O U
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Winning Affluent Millennials

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How this new power persona is reshaping the finance industry

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Winning Affluent Millennials

  1. 1. 1 Winning Millennials: How This New Power Persona is Reshaping The Finance Industry Australia │ June 2015
  2. 2. 2 Methodology AUSTRALIA RESULTS This report covers results from 802 total respondents in Australia, including: 501 total Millennials (incl. 101 Affluent) and 301 total Gen X (incl. 104 Affluents). GLOBAL SURVEY 20 minute online survey, fielded by LinkedIn and Ipsos in April 2015. Survey measured usage, engagement, attitudes and opinions on financial services. GLOBAL SAMPLE 9,200 respondents in 10 countries: United States, Canada, United Kingdom, France, Netherlands, Australia, India, Singapore, Hong Kong and Brazil. Quota sampling/weighting applied to represent Internet users in each market. CRITERIA Respondents were Millennial (18-34) and Gen X (35-49) Internet users. In Australia, Affluent is defined as AU$100K+ net investible assets, excluding real estate.
  3. 3. 3 Understand the differences between Millennials and Gen X with regard to brand affinity, purchase process and information-gathering. Comprehend the role that social media plays and the influence that content and context has on the decision journey for retail financial products. Examine the subset of Affluent Millennials to understand their unique mindset, behaviors and expectations. R E S E A R C H O B J E C T I V E S
  4. 4. 4 Key Findings Summary AFFLUENT MILLENNIALS ARE… ETERNAL OPTIMISTS  Progressive view of future finance industry, confident about own financial future – make decisions now for future success.  Demonstrate strong trust and loyalty with their current financial services providers. ENGAGED DECISION- MAKERS  Prefer to act as “validators” when making financial decisions: do research on their own, validate with advisor.  Value the ability to manage their own finances using technology, particularly on mobile. OPEN MINDED  Despite being loyal customers, most Affluent Millennials would switch financial companies if presented with better solutions.  Affluent Millennials are especially open to financial offerings from non-financial brands. SOCIAL-CENTRIC  Social networks are a must-have and central to Affluent Millennials’ financial decisions.  Especially likely to visit financial company ‘s page and seek relevant content from financial companies on social. HUNGRY FOR EDUCATIONAL INFO  Top content includes thought leadership, educational content, expert commentary.  Significantly more likely to acquire educational content relevant to their financial needs through social networks.
  5. 5. A M B I T I O U S , P R O G R E S S I V E & C O N F I D E N T: How This New Power Persona Is Reshaping The Finance Industry
  6. 6. While these views are still a minority across all groups, Affluent Millennials are especially likely to envision a future with automatic debt pay-down through earnings and banks no longer being their primary financial institutions. 6 Affluent Millennials have a uniquely progressive view of future financial conditions TOP 3 POINTS OF VARIATION IN FUTURE PREDICTIONS: Automatic debt pay-down through earnings 17% 26% 16% 15% Banks will no longer be primary financial institutions 18% 25% 23% 21% Social network accounts as the hub of your financial information 15% 16% 9% 11% Millennials GenXersAffluent Millennials Affluent GenXers
  7. 7. Affluent Millennials are less likely to anticipate another financial crisis, perhaps in turn driving their higher confidence in Australia’s future economic growth and resulting opportunities for personal financial success. 7 Affluent Millennials have especially high confidence in economic growth 28% 36% 35% 47% I anticipate another financial crisis to occur Millennials GenXersAffluent Millennials Affluent GenXers I am confident in my country's future economic growth I believe the Australian Dream* is “definitely possible” 20% 39% 13% 18% 14% 23% 12% 18% *The Australian Dream or Great Australian Dream is a belief that in Australia, home-ownership can lead to a better life and is an expression of success and security .
  8. 8. % Agree: My future success depends on the decisions I make now 8 Affluent Millennials believe their current decisions will drive future success MILLENNIALS GE N XE R S To t a l : 4 6 % To t a l : 3 5 % A f f l u e n t : 5 4 % A f f l u e n t : 4 8 %
  9. 9. 9 11% 5% 12% 11% Affluent Millennials Affluent GenXers Short-term goal Long-term goal Short-term goal Long-term goal START A BUSINESSBUY A FIRST HOME Affluent Millennials set ambitious goals for their lives 16% 2% 12% 11% Affluent Millennials Affluent GenXers Short-term goal Long-term goal Short-term Long-term goal NET 28% NET 13% NET 26% NET 11%
  10. 10. 10 Affluent Millennials far outpace Affluent GenXers in international education Millennials GenXersAffluent Millennials Affluent GenXers PAST [ HAVE ALREADY DONE THIS ] FUTURE [ PLAN TO DO THIS IN NEXT FEW YEARS ] 18% 13% 38% 31% 5% 5% 6% 5% 7% 11% 16% 18% 4% 6% 10% 14% Travel abroad for further EDUCATION Travel abroad for a GAP YEAR
  11. 11. I N D E P E N D E N T, Y E T S E E K I N G G U I D A N C E : For Affluent Millennials, Their Financial Future Starts Now
  12. 12. Sources of affluence are shifting across generations 12 Compared to Affluent Gen X, Affluent Millennials are especially likely to have gained assets from: 2.5x SUPERANNUATION 2.7x WAGES (FAMILY BUSINESS) 3.4x INHERITANCE / TRUST FUND
  13. 13. Affluent Millennials are more than twice as likely as Affluent Gen X to have at least one non-mortgage loan* (50%, 21%). 13 Affluent Millennials are more likely to carry debt HAVE AT LEAST ONE… 21% 24% 7% 32% 27% 19% 8% 6% 1% Personal loan Student loan Business loan Millennials Affluent Millennials Affluent GenXers *Excluding mortgage 19X
  14. 14. Nearly 1 in 3 Affluent Millennials save the majority of their pay 14 Affluent Millennials are more likely to save most of their monthly paycheck % OF PAYCHECK SAVED PER MONTH Affluent Millennials Affluent GenXers 50% + 30% 18%
  15. 15. Only 1 in 10 Emerging Affluent* Millennials has a brokerage account, highlighting the importance for financial institutions to build relationships early while Millennials grow their wealth. 15 Affluent Millennials are on par with Affluent Gen X when it comes to brokerage account ownership, but there is significant room for opportunity *Emerging Affluent = $25K-$100K in investible assets Affluent Millennials Affluent GenXers 23% 22% HAVE AT LEAST ONE BROKERAGE ACCOUNT 40% 30% HAVE MORE THAN ONE SUPERANNUATION ACCOUNT vs. 24% of all GenX vs. 23% of all Millennials ACCOUNT OWNERSHIP:
  16. 16. 42% 48% Affluent Millennials seek greater involvement and control in financial decisions 50% 43% 40% AFFLUENT MILLENNIALS AFFLUENT GENX MILLENNIALS GENX 51% 16 V A L I D A T O R Conduct their own research and investment decision S O L O I S T Perform their own research, make decisions, and execute trades 38% 40% AFFLUENT MILLENNIALS AFFLUENT GENX MILLENNIALS GENX MILLENNIALS GENX
  17. 17. 8% 26% 33% 51% 60% 24% Despite their tendency to do their own research and seek information on financial decisions, Affluent Millennials are particularly likely to see value in having a financial advisor for their current assets. 17 Affluent Millennials are more than three times as likely to consider financial advisors a current “must-have,” compared to Affluent GenX AFFLUENT MILLENNIALS AFFLUENT GENXERS Must-have Nice to have Unimportant Must-have Nice to have Unimportant A FINANCIAL ADVISOR IS A…
  18. 18. The majority would be willing to take their business elsewhere if presented with better solutions, but Affluent Millennials are more likely to stay loyal to financial institutions once they’re customers. 18 Affluent Millennials are loyal to financial companies they work with 20% 30% 61% 60% 20% 11% Somewhat loyal: would take business elsewhere for better products or services Very loyal: plan to do business with them in the next few years Not loyal: actively seeking to switch business to other companies AFFLUENT MILLENNIALS AFFLUENT GENXERS
  19. 19. 90% 76% 19 Affluent Millennials Affluent GenXers Affluent Millennials’ loyalty as customers isn't surprising when we see that they are more likely to trust financial institutions they work with. % WHO TRUST THEIR CURRENT FINANCIAL INSTITUTIONS *Trust = 50% or higher
  20. 20. 46% 52% 29% 31%“Millennials are different. They have grown up empowered and expect to have a more self-directed life. So they are looking for solutions, not products.” - Mohamed El-Erian, Chief Economic Adviser, Allianz 20 Millennials GenXers Affluent Millennials Affluent GenXers % WHO WOULD TRY FINANCIAL OFFERINGS FROM NON-FINANCIAL BRANDS Affluent Millennials are open to financial offerings from non-financial brands
  21. 21. H I G H E X P E C TAT I O N S & B I G D E M A N D S : Affluent Millennials Want A Deeper Connection With Financial Services Providers
  22. 22. 22 When choosing financial institutions, social presence and relationship history are uniquely important to Affluent Millennials O N L I N E R E P U TAT I O N Company has positive online buzz S O C I A L P R E S E N C E Company has a page on various social platforms I N F L U E N C E Members of your family use the financial institution M I S S I O N Company has a social mission and contributes to social causes S E RV I C E Company provides online live chat for customer service questions TOP 5 FACTORS OF UNIQUE IMPORTANCE TO AFFLUENT MILLENNIALS 5X AS LIKELY2X AS LIKELY
  23. 23. 23 One in three Affluent Millennials considers social networks a “must-have” 20% 18% 33% 30% 39% 42% 49% 48% 41% 41% 18% 22%MILLENNIALS GENXERS AFFLUENT MILLENNIALS AFFLUENT GENXERS Must-have Nice to have Unimportant Must-have Nice to have Unimportant
  24. 24. 24 Social networks are central to Affluent Millennials’ financial decisions COMPARED TO AFFLUENT GEN X, AFFLUENT MILLENNIALS ARE MORE LIKELY TO: Use social networks to inform finance / Investment decisions 2x Visit a financial company’s page on a social network 3.4x Seek content from financial companies on social networks 2x
  25. 25. % of affluent users that use at least 1 social network to obtain this type of info Thought leadership, educational content, and product reviews are top content for Affluent Millennials on social networks T H O U G H T L E A D E R S H I P 71% 27% Affluent Millennials Affluent GenXers E D U C AT I O N A L C O N T E N T A B O U T P E R S O N A L L O A N S 56% 11% E X P E R T O P I N I O N S O R C O M M E N TA RY 50% 14% 25 2.5X 5X 3.5X
  26. 26. 26 Affluent Millennials are especially active on LinkedIn COMPARED TO THE GENERAL POPULATION ON LINKEDIN, AFFLUENT MILLENNIALS ON LINKEDIN HAVE: CONNECTIONS COMPANY FOLLOWS GROUP ACTIVITY SHARES FINANCE TOPIC SHARES 2X AS MANY 13X AS MANY LinkedIn global behavioral data, May 2015
  27. 27. T H A N K Y O U

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