Financial services industry desperately trying to Attract Millennials

Financial services industry desperately trying Attract Millennials

Financial services industry targets Millenials

Buffett’s latest views on corrections and the coronavirus
‘It wasn’t October 1987, but it was an imitation… [and the financial crisis] was much more scary, by far, than anything that happened [on Monday].’
“If you stick around long enough, you’ll see everything in markets,” he said from his Omaha headquarters. “And it may have taken me to 89 years of age to throw this one into the experience, but the markets, if you have to be open second by second, they react to news in a big-time way.
The astute investor now has a front-row seat to witness in real-time that the best time to buy stocks is when the masses are in a state of disarray. Current Stock Market Trends: Embrace Strong Deviations

Millennials, set to inherit A$30 trillion over the next 30-40 years, continue to be the focus for brands everywhere. Ranging in age from 18 to 34, this demographic is responsible for the majority of purchases across a wide range of consumer goods, and have now begun to settle down with careers, homes, and kids of their own.

As Millennials move into their prime spending years, traditional financial institutions have been forced to closely examine (and change) how they do business to reach a generation who, in reality, want as little to do with them as possible. It’s not to say that Millennials don’t care about their financial health; they certainly do. They care a great deal about making money and having enough cash to fund a successful future doing the things that they enjoy. However, they aren’t engaging with financial institutions in the same ways that their parents and grandparents did.

Financial services industry: Yesterday’s approach

Financial providers have tried to attract this generation in a multitude of ways, with varying levels of success.

In Australia, most are using life stage marketing (based on understanding customer life phases to determine when they might be interested in certain products and services) in an attempt to pull in new customers and drive engagement. However, this is an increasingly ineffective strategy for Millennials, who are delaying life’s major milestones like moving out of their home and getting married. Full Story


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