Help Potential Financial Planner Switchers Reach their Top Goals
With a 20-year age span from the youngest to the oldest, it is clear that Millennials are not all alike. This series segments adults (18 or older) in the generation into three age groups, just one approach that marketers can take when seeking business from the 73 million Millennial adults.
When presented with a list of 21 potential financial goals, about half of all adult Millennials indicated that they are aiming to have enough money for daily living expenses, to improve their standard of living, and to have enough money for emergency expenses. Notably, these three statistics are driven by the goals of the youngest age segment, of which about 60 percent selected these goals, compared with smaller percentages of the two older Millennial age segments.
Financial planners take note: 29.2% of Potential Financial Planner Switchers are aged 25–34, according to AudienceSCAN data.
Several demographic and attitudinal attributes of Millennials (18–34) differ by age band, per a new report from the Shullman Research Center, with these variances reflected in their financial goals. For example, having enough money for daily living expenses and improving their standard of living are much greater financial goals for younger (18–24) than older (30–34) Millennials, although these are the top 2 goals for both brackets.
Financial planners should try reaching those who want to switch planners through radio (over-the-air, online, mobile or tablet) spots. AudienceSCAN reported 37.5% of Potential Switchers took action after hearing a commercial in the past month.
Millennials in the middle age bracket (25–29), however, say that having enough money for unexpected expenses is their top financial goal. (Separately, research from Gallup indicates that almost half of Americans can’t afford a major purchase right now.)
Potential Financial Planner Switchers can be persuaded through print too. AudienceSCAN revealed 68% of Switchers reacted to newspaper (print, online, mobile or tablet) ads in the past year.
Compared to American adults overall, financial independence and home ownership are greater priorities for Millennials, as are a desire to become rich and to provide for their children’s college expenses.