Table of Contents
- Scope and Themes
- What you need to know
- Scope of this report
- Abbreviations and terms
- Abbreviations
- Terms
- Executive Summary
- Key highlights
- Mobility and education
- Factors impacting the choice of financial institution
- Number of banking relationships
- Young consumers and banking products/services
- Major trends being driven by younger consumers
- Young Adults and Where They Keep Their Money
- Introduction
- What younger consumers look like
- Figure 1: U.S. total population, by age, 2001-11
- Figure 2: Percentage of age cohorts with undergraduate degree, 2005
- Where they bank now
- Figure 3: Type of banking institution for primary banking relationship,
by gender and age, December 2006
- Figure 4: Type of banking institution for primary banking relationship,
by income, December 2006
- Figure 5: Type of banking institution for primary banking relationship,
by race/ethnicity, December 2006
- Figure 6: Primary banking institution used in last 12 months, by age,
June 2006
- Figure 7: Investment/mutual fund firm used in last 12 months, by age,
June 2006
- Investment, savings and loan accounts--where they are held
- Figure 8: Types of investments/savings accounts owned, by age, Spring
2006
- Figure 9: Type of loans held, by age, Spring 2006
- Figure 10: Type of institution where loan accounts are held (for those
who have a loan of this type), by age, Spring 2006
- Loyalty and the Younger Consumer
- Mobility trends
- Figure 11: Total mobility, by age, 2004-05
- Figure 12: General mobility of persons 25 years and over, by age and
educational attainment, 2004-05
- Figure 13: Number of times respondents have changed banking
institutions, by gender and age, December 2006
- Figure 14: Frequency Canadian respondents have changed banks in last
five years, by age, December 2006
- Figure 15: Number of times respondents have changed banking
institutions, by education, December 2006
- Figure 16: Number of times respondents have changed banking
institutions, by current employment status, December 2006
- Figure 17: Number of times respondents have changed banking
institutions, by race/ethnicity, December 2006
- Figure 18: Number of times respondents have changed banking
institutions, by current type of primary banking institution, December 2006
- Location, location, location (even more important than fees)
- Figure 19: Primary influence as to choice of bank, by gender and age,
December 2006
- Figure 20: Primary influence as to choice of bank, by income, December
2006
- Figure 21: Primary influence as to choice of bank, by race/ethnicity,
December 2006
- Figure 22: Primary influence as to choice of bank, by current
work/educational status, December 2006
- Figure 23: Primary influence as to choice of bank, by education,
December 2006
- Figure 24: Primary influence as to choice of bank, by current type of
primary banking institution, December 2006
- Enticing young consumers to switch
- Figure 25: Reasons respondents would switch banks, by gender and age,
December 2006
- Figure 26: Reasons respondents would switch banks, by income, December
2006
- Figure 27: Reasons respondents would switch banks, by race/ethnicity,
December 2006
- Figure 28: Reasons respondents would switch banks, by
education/employment status, December 2006
- Figure 29: Reasons respondents would switch banks, by current type of
primary banking institution, December 2006
- Figure 30: Importance of banking services--18-24 year old respondents,
December 2006
- Figure 31: Importance of banking services--25-34 year old respondents,
December 2006
- Figure 32: Perceptions as to whether financial services companies are
doing enough to ensure the safety of personal information, by gender and
age, August 2006
- Figure 33: Likelihood of switching to a different institution for better
security, by gender and age, August 2006
- Two- (and three-) timing
- Figure 34: Number of banking relationships, by gender and age, December
2006
- Figure 35: Number of banking relationships, by income, December 2006
- Figure 36: Number of banking relationships, by type of financial
institution, December 2006
- Young adults are visiting branches frequently
- Figure 37: Frequency of personal interaction with banks by customers
with online banking access, by age, April 2006
- Focus on online banking as a differentiator
- Figure 38: Percentage of respondents who are online, have visited an
online banking site, and frequency of usage, by age, Spring 2006
- Figure 39: Internet banking services used by those with bank or
brokerage accounts, by age, April 2006
- Figure 40: Respondents who use online banking services, how used, by
age, April 2006
- Figure 41: Respondents with bank or brokerage accounts who do not use
online banking services, reasons why not, by age, april 2006
- Figure 42: Respondents with bank or brokerage accounts who do not use
online banking services, likelihood of using Internet banking in the next
year, by age and income, April 2006
- Figure 43: Features that online banking users like or would prefer to
have, by age, April 2006
- Figure 44: Type of institution used for online banking, by age, April
2006
- Young Consumer-centrism
- Is generational segmentation informative?
- Figure 45: Attitudes towards money, by age, 2006
- Figure 46: Attitudes towards insurance, by age, 2006
- Figure 47: Attitudes towards investments and advice, by age, 2006
- Approaching universal acceptance of debit cards
- Figure 48: Debit card ownership, by gender and age, August 2006
- Figure 49: Frequency of debit card usage, by age, August 2006
- Figure 50: Preferred method of payment, by gender and age, December 2006
- Figure 51: Attitudes toward rewards and rewards card fees, by age,
August 2006
- Figure 52: Debit card purchase amounts, by age, August 2006
- Credit card ownership and usage
- Figure 53: Percentage of individuals with at least one credit card, by
age, Spring 2006
- Figure 54: Individuals owning any credit card, by age, Spring 2006
- Figure 55: Have any credit card, by age, 2002-06
- Figure 56: Have credit card, Spring 2006
- Figure 57: Type of credit card owned, by age, Spring 2006
- Figure 58: Open rate for direct mail credit card advertising, by age,
October 2006
- Figure 59: Respondents who have a credit card and typically open credit
card offers--what would motivate them to open the envelope, by age, October
2006
- Figure 60: Credit card payment behavior, by gender and age, December 2006
- Figure 61: Amount in non-retirement savings account, by gender and age,
December 2006
- Targeting the teen
- Figure 62: Credit card ownership as a teenager, by gender and age,
December 2006
- Figure 63: Debit card ownership as a teenager, by gender and age,
December 2006
- Figure 64: Teens' mail/phone order purchases, how purchased, by age,
Spring 2006
- Figure 65: Teens' Internet purchases, how purchased, by age, Spring 2006
- Figure 66: Type of bank accounts currently held by teens, by age, Spring
2006
- Figure 67: Parental presence over banking relationship, by age, August
2004
- Student financial aid
- Student power
- Figure 68: Preferred method of payment, by education/employment status,
December 2006
- Figure 69: Credit card payment behavior, by education/employment status,
December 2006
- Figure 70: How education is funded for college students, by gender and
age, December 2006
- Figure 71: How education is funded for college students, by gender and
age, December 2006
- Figure 72: Importance of banking services--respondents aged 18-24 and
full-time college students, December 2006
- Movers and shakers
- Figure 73: Importance of banking services--25-34 year old respondents,
December 2006
- Advertising to Young Consumers
- Targeting 18-25 -- high volume acquisition mailings
- Figure 74: HSBC Platinum Mastercard, September 2006
- Figure 75: HSBC Platinum Mastercard, December 2006
- Figure 76: Chase Flexible Rewards Visa Platinum Card, December 2006
- Figure 77: BP Visa Card from Chase Bank, October 2006
- Figure 78: Visa Platinum Card from Capital One Bank
- Figure 79: Personal Loan from CitiFinancial, January 2007
- Figure 80: Line of Credit from Bank of America, September 2006
- Targeting 26-34 -- high volume acquisition mailings
- Figure 81: Platinum MasterCard from Chase Bank, January 2007
- Figure 82: Mileage Plus Visa Card from Chase Bank, January 2007
- Figure 83: World Wildlife Fund Platinum Visa Card from Chase Bank,
January 2007
- Targeting younger financial consumers--television advertising
- Figure 84: A.G Edwards television advertisement, 2006
- Figure 85: Edward Jones television advertisement, 2006
- Figure 86: fidelity myPlan television advertisement, 2006
- Figure 87: Nationwide television advertisement, 2006
- Figure 88: Saveandinvest.org television advertisement, 2006
- Figure 89: Wachovia television advertisement, 2006
- Young consumers in the next decade
- Gen X and Gen XY expectations
- Figure 90: Age at which respondent started or plans to start saving to
buy a home, by gender and age, December 2006
- Figure 91: Age at which respondent bought or plans to buy a home, by
gender and age, December 2006
- Figure 92: Age at which respondents started saving or expect to start
saving for retirement, by gender and age, December 2006
- Figure 93: Expectations of receiving a lump-sum payment, by gender and
age, December 2006
- People are only going to become more mobile
- Contactless cards
- Figure 94: Respondents who would use contactless technology, by gender
and age, October 2006
- Figure 95: Respondents who would use contactless technology--what they
see as the advantages, by gender and age, October 2006
- Figure 96: Respondents who would not use contactless technology--what
they see as the disadvantages, by gender and age, October 2006
- Major trends being driven by younger consumers
- Cutting out the middleman--social networking
- Pick a cause--green marketing
- Appendix: Trade Associations
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