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Financial Services for Young Adults 2003Published by: Datamonitor Published: Oct. 17, 2003 - 43 Pages Table of ContentsTABLE OF CONTENTS CHAPTER 1 INTRODUCTION 8 CHAPTER 2 MARKET CONTEXT 9 A demographic profile 9 Two key groups 10 Students 12 Newly employed 14 CHAPTER 3 LIVING ARRANGEMENTS 16 Introduction 16 A snapshot of living arrangements 17 Young adults living at home 18 Size and development 18 Key issues 19 Cohabitation among young adults 21 Size and development 21 CHAPTER 4 FINANCIAL ATTITUDES AND TRENDS 24 FS provider selection 24 Saving habits 26 Retirement planning 27 Borrowing habits 29 CHAPTER 5 ACTION POINTS 32 Young adults as a consumer group 34 CHAPTER 6 APPENDIX 36 Supplementary data 36 Research methodology 40 Future readings 40 Datamonitor Reports 40 Do you need further information? 42 Datamonitor financial services consulting 42 FS writing team 43 AbstractIntroductionYoung adults are passing through a significant transition phase, which forces them to accept responsibility for their own lives and financial situation for perhaps the first time in their lives. These consumers consequently have a wealth of needs as well as much less developed brand preferences, making them an ideal target for FS companies looking to ‘buy’ the consumers of the future. Scope * 1997 to 2007 data on the size and development of 18-24 year olds including the sub-groups students and the newly employed, across 7 European countries * Key data and analysis of the number of young adults living with parents and cohabiting with partners in 1997, 2002 and 2007, by country * Survey-based analysis of young adults’ financial attitudes covering FS provider selection, saving and borrowing habits and retirement planning * Implications for FS companies and specific action points detailing how to maximize the opportunities and improve marketing to this consumer group Report Highlights In 2002 there were 36.4 million individuals aged between 18 and 24 years. As this group is set to remain the most sizeable of all the consumer groups in the 0-24 age bracket going into 2007, and set to experience continued growth in total gross income, the young adult market remains a significant target for FS providers for the next five years. With 24.9 million young adults living with their parents in 2002, this is by far their most important living arrangement. However, this overriding trend is as much a result of constraint - due to finances - as it is personal preference. There is therefore a substantial demand for providing the financial means for young adults to leave home. 72.1% of 18-29 year olds are at least somewhat concerned that they will not have enough money to retire, but more than half have not yet started to save. This provides significant scope for FS companies to exploit fears over insufficient pension funds and to acquire the large number of young adults who have not yet set up pension planning schemes. Reasons to Purchase * Get inside the heads of young adults, understand their attitudes and thinking to ensure effective and tailored targeting * Use the analysis of young adults’ attitudes to long-term planning to help your company fill the gap in the market for retirement planning * Use Datamonitor’s specific action points to identify key considerations and help refine and improve your marketing to young adults Get Full Details About This Report >> |
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