Abstract
Overview
Financial institutions and payments companies seek to lock in long-term
relationships with 18- 29 year olds from their initial point of independence.
Although a broad demographic, Generation Y is a target consumer population, as
it already demonstrates an avid appetite for financial services and, in the
near future, will generate a significantly increased share of overall US
income. The key to profitability with Gen Y is to accurately characterize
preferences and usage patterns. This Javelin report focuses on the affinity
that Gen Y consumers have for various payment instruments, the attitudes that
set them apart from the population overall, and innovative ways for financial
institutions (FIs) to appeal to the group.
Primary Questions
- What percentage of Generation Y has a credit card, and what features are
most important to the group in selecting one?
- Which methods of payment do Gen Y consumers prefer for various transaction
types?
- What does Gen Y seek in credit and debit card rewards programs, and what
are sources of dissatisfaction with card programs?
- What motivates Gen Y consumers to use alternative payment methods for
online transactions?
- Is Gen Y the digital generation, motivated only by innovations in
technology and the online channel?
- What else matters to Gen Y with respect to payments relationships?
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