Millennials: Banking the Opportunity
Also known as Generation Y, millennials are distinct from the surrounding generations based on their unique formative experiences, which include pronounced technological, economic, and social shifts. In the last two decades, millennials have matured in terms of their size, economic strength, and socio-cultural influence.
Many millennials are well into their careers and are ready to invest and use financial advice. Their current and imminent financial commitments - such as paying off tertiary education, and buying their first house or car - will fuel growth in the banking sector for the foreseeable future.
Understanding their lifestyles, goals, and behavior is key given their status as a fast-rising financial services market. The industry must respond with relevant strategies that leverage the shifts in banking behavior and seize the maturing opportunity.
The report Millennials: Banking the Opportunity, explores the attitudes and behaviors millennials have with regards to their financial services products. It explores the major factors shaping their lifestyles and goals, and what this means for the financial services industry. Products covered in the report range from everyday current accounts to all forms of credit to investments.
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