Table of Contents
Executive Summary
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- Overview
- The market drivers
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- Figure 1: Consumer confidence index, October 2012-September 2014
- Figure 2: Average annual income and average annual expenditures, by age, 2013
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- Figure 3: Very confident in having enough money for retirement, 2004, 2012, 2014
- The consumer
- Primary financial goals
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- Figure 4: Primary financial goals, by Generations, September 2014
- Trust in FS representatives is back
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- Figure 5: Very trustworthy, by generations, September 2014
- Lack of engagement in FS marketing
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- Figure 6: Interacting with FS marketing, by generations, September 2014
- Traditional marketing can be relevant
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- Figure 7: Research Financial Products – CHAID – Tree output, November 2014
- Use of devices
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- Figure 8: Attitudes toward mobile technology, by generations, September 2014
- Interest in specific FS products/services
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- Figure 9: Interest in FS products/services – Any interest, by generations, September 2014
- Recommendations
- What we think
Issues and Insights
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- How can FSI effectively reach consumers from three different generations?
- The issues
- The implications
- Can FSI do more for Gen Xers and Boomers?
- The issues
- The implications
Trend Applications
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- Trend: Make it Mine
- Trend: Returned to the Expert
Market Drivers
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- Key points
- Economy still having an impact
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- Figure 10: Consumer Confidence Index, October 2012 – September 2014
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- Figure 11: Average annual income and average annual expenditures, by age, 2013
- No strong participation of Millennials in labor force
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- Figure 12: U-3 Unemployment Rate, by age, 2012-14
- Figure 13: Labor force Participation Rate, 2014-22
- Debt continues to challenge all generations
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- Figure 14: Total debt distribution, 2012-14
- Retirement confidence increased
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- Figure 15: Very confident in having enough money for retirement, 2004, 2012, 2014
Marketing Strategies
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- Overview of FS Marketing
- Millennials
- E*Trade
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- Figure 16: E*Trade print ad, 2014
- Fidelity
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- Figure 17: Fidelity print ad, 2014
- Gen X
- Community Bank
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- Figure 18: Community Bank direct mail, 2014
- Allstate
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- Figure 19: Allstate social media, 2014
- Baby Boomers
- Ally Bank
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- Figure 20: Ally Bank online ad, 2014
- Wells Fargo
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- Figure 21: Wells Fargo direct mail, 2014
Consumer – Financial Attitudes and Sentiment
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- Key points
- Financial and economic sentiment
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- Figure 22: Financial sentiment of the future, by age, April 2013-June 2014
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- Figure 23: Economic sentiment, by age, April 2013-June 2014
- Consumers’ financial attitudes
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- Figure 24: Personal finance attitudes, by age, April 2013-June 2014
Consumer – Financial Goals
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- Key points
- Overall financial goals
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- Figure 25: Financial goals within the next year, by generations, September 2014
- Primary financial goals
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- Figure 26: Primary financial goals, by generations, September 2014
- Kids impact financial goals
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- Figure 27: Primary financial goals, by gender and presence of children under 18 living in household, September 2014
Trust in the FSI
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- Key points
- Consumers trust FS representatives
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- Figure 28: Level of trust, September 2014
- Millennials and Boomers are trusting of FS people
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- Figure 29: Very trustworthy, by generations, September 2014
- Attitudes toward FS providers
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- Figure 30: Attitudes toward financial advisers – Any agree, by generations, September 2014
Learning About Investments and Finance
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- Key points
- Financial advisers are a key resource for FS information
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- Figure 31: preferred sources of information on investments and finance, 2012-14
- Dads are interested in learning more about investment and finances
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- Figure 32: Preferred sources of information on investments and finance, by gender and parent with children in household, September 2014
Attitudes toward Mobile Technology
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- Key points
- Device ownership
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- Figure 33: Devices owned, by generations, September 2014
- Parents are key consumers for devices
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- Figure 34: Devices owned, by gender and parents with children in household, September 2014
- Continued interest in using mobile technology for FSI contact
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- Figure 35: Attitudes toward mobile technology, by generations, September 2014
Engagement with FS
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- Key points
- Millennials are more engaged with FS marketing compared to Gen X and Boomers
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- Figure 36: Interacting with FS marketing, by generations, September 2014
- Parents pay more attention to FS advertising
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- Figure 37: Interacting with FS marketing, by gender and parent with children in household, September 2014
Interest in New Products and Services
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- Key points
- FS classes and workshops are in demand
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- Figure 38: Interest in FS products/services – Any interest, 2012-14
- High interest in FS products/services across all generations
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- Figure 39: Interest in FS products/services – Any interest, by generations, September 2014
- Parents are interested in specific financial products and services
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- Figure 40: Interest in FS products/services – Any interest, by gender and parents with children in household, September 2014
Consumer Segmentation
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- CHAID Analysis
- Methodology
- Traditional marketing is still useful
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- Figure 41: Research financial products – CHAID – Tree output, November 2014
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- Figure 42: Research financial products – CHAID – Table output, November 2014
Appendix – Other Useful Consumer Tables
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- Economic sentiment
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- Figure 43: Economic sentiment, by gender, April 2013-June 2014
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- Figure 44: Economic sentiment, by age, April 2013-June 2014
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- Figure 45: Economic sentiment, by household income, April 2013-June 2014
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- Figure 46: Economic sentiment, by gender and age, April 2013-June 2014
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- Figure 47: Devices owned, September 2014
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- Figure 48: Devices owned, by gender, September 2014
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- Figure 49: Devices owned, by parent status by generations, September 2014
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- Figure 50: Devices owned, by employment status and generations, September 2014
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- Figure 51: Devices owned, by level of trust – Trustworthy, September 2014
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- Figure 52: Devices owned, by level of trust – Trustworthy, September 2014
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- Figure 53: Devices owned, by level of trust – Trustworthy, September 2014
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- Figure 54: Devices owned, by level of trust – Trustworthy, September 2014
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- Figure 55: Devices owned, by interest in FS products/services – Any interest, September 2014
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- Figure 56: Devices owned, by interest in FS products/services – Any interest, September 2014
- Financial sentiment
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- Figure 57: Financial sentiment, by gender, April 2013-June 2014
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- Figure 58: Financial sentiment, by age, April 2013-June 2014
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- Figure 59: Financial sentiment, by household income, April 2013-June 2014
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- Figure 60: Financial sentiment, by gender and age, April 2013-June 2014
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- Figure 61: Financial sentiment of the future, by gender, April 2013-June 2014
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- Figure 62: Financial sentiment of the future, by age, April 2013-June 2014
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- Figure 63: Financial sentiment of the future, by household income, April 2013-June 2014
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- Figure 64: Financial sentiment of the future, by gender and age, April 2013-June 2014
- Financial attitudes
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- Figure 65: Personal finance attitudes, by gender, April 2013-June 2014
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- Figure 66: Personal finance attitudes, by age, April 2013-June 2014
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- Figure 67: Personal finance attitudes, by household income, April 2013-June 2014
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- Figure 68: Personal finance attitudes, by presence of children in household, April 2013-June 2014
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- Figure 69: Personal finance attitudes, by gender and age, April 2013-June 2014
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- Figure 70: Consumer privacy attitude, by gender, April 2013-June 2014
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- Figure 71: Consumer privacy attitude, by age, April 2013-June 2014
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- Figure 72: Consumer privacy attitude, by household income, April 2013-June 2014
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- Figure 73: Consumer privacy attitude, by presence of children in household, April 2013-June 2014
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- Figure 74: Consumer privacy attitude, by gender and age, April 2013-June 2014
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- Figure 75: Personal finance attitudes, April 2011-June 2014
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- Figure 76: Consumer privacy attitude, April 2011-June 2014
- Financial goals
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- Figure 77: Financial goals within the next year, by gender, September 2014
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- Figure 78: Financial goals within the next year, by generations, September 2014
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- Figure 79: Financial goals within the next year, by gender and parents with children in household, September 2014
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- Figure 80: Financial goals within the next year, by parent status by generations, September 2014
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- Figure 81: Financial goals within the next year, by employment status and generations, September 2014
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- Figure 82: Financial goals within the next year, by primary financial goal, September 2014
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- Figure 83: Financial goals within the next year, by primary financial goal, September 2014
- Frequency of web activities
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- Figure 84: Frequency of web activities, September 2014
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- Figure 85: Frequency of web activities, by gender, September 2014
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- Figure 86: Frequency of web activities, by generations, September 2014
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- Figure 87: Frequency of web activities, by gender and parents with children in household, September 2014
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- Figure 88: Frequency of web activities, by parent status by generations, September 2014
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- Figure 89: Frequency of web activities, by employment status and generations, September 2014
- Frequency of social media activities
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- Figure 90: Frequency of social media activities, by gender, September 2014
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- Figure 91: Frequency of social media activities, by generations, September 2014
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- Figure 92: Frequency of social media activities, by gender and parents with children in household, September 2014
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- Figure 93: Frequency of social media activities, by parent status by generations, September 2014
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- Figure 94: Frequency of social media activities, by employment status and generations, September 2014
- Educational sources
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- Figure 95: Learning methods for investments/finance, by gender, September 2014
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- Figure 96: Learning methods for investments/finance, by generations, September 2014
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- Figure 97: Learning methods for investments/finance, by gender and parent with children in household, September 2014
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- Figure 98: Learning methods for investments/finance, by parent status by generations, September 2014
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- Figure 99: Learning methods for investments/finance, by employment status and generations, September 2014
- Trust with FS
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- Figure 100: Level of trust, September 2014
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- Figure 101: Level of trust, by gender, September 2014
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- Figure 102: Level of trust, by household income, September 2014
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- Figure 103: Level of trust, by race/Hispanic origin, September 2014
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- Figure 104: Level of trust, by generations, September 2014
- Attitudes toward FS
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- Figure 105: Attitudes toward FS, September 2014
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- Figure 106: Attitudes toward FS – Any agree, by gender, September 2014
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- Figure 107: Attitudes toward FS – Any agree, by race/Hispanic origin, September 2014
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- Figure 108: Attitudes toward FS – Any agree, by generations, September 2014
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- Figure 109: Attitudes toward FS – Any agree, by gender and parents with children in household, September 2014
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- Figure 110: Attitudes toward FS – Any agree, by parent status by generations, September 2014
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- Figure 111: Attitudes toward FS – Any agree, by employment status and generations, September 2014
- Interaction with FS
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- Figure 112: Interacting with FS marketing, September 2014
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- Figure 113: Interacting with FS marketing, by gender, September 2014
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- Figure 114: Interacting with FS marketing, by race/Hispanic origin, September 2014
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- Figure 115: Interacting with FS marketing, by generations, September 2014
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- Figure 116: Interacting with FS marketing, by gender and parents with children in household, September 2014
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- Figure 117: Interacting with FS marketing, by parent status by generations, September 2014
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- Figure 118: Interacting with FS marketing, by employment status and generations, September 2014
- Interest in FS products/services
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- Figure 119: Interest in FS products/services, September 2014
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- Figure 120: Interest in FS products/services – Any interest, by gender, September 2014
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- Figure 121: Interest in FS products/services – Any interest, by generations, September 2014
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- Figure 122: Interest in FS products/services – Any interest, by gender and parents with children in household, September 2014
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- Figure 123: Interest in FS products/services – Any interest, by parent status by generations, September 2014
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- Figure 124: Interest in FS products/services – Any interest, by employment status and generations, September 2014
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- Figure 125: Interest in FS products/services – Any not interest, by generations, September 2014
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- Figure 126: Interacting with FS marketing, by interest in FS products/services – Any interest, September 2014
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- Figure 127: Interacting with FS marketing, by interest in FS products/services – Any interest, September 2014
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