millennials and money - facebook for business · tracking money and spending making deposits/...
TRANSCRIPT
Millennials are redefining financial success
1.5Xmore likely to be
engaged than the general Facebook population
1.6Xmore likely to switch
insurance than affluent Gen Xers/Boomers
1.4Xmore likely to move
than affluent Gen Xers/Boomers
have a financial plan are happy with the waythey are saving/investing
have no one they trustfor financial guidance
53%33%37%
BUT FEW KNOW WHERE THEY ARE HEADED FINANCIALLY
AS THEY TRANSITION THROUGH MILESTONE MOMENTS1
Millennials and MoneyMillennials are growing in economic power—and they are also just growing up. When we stop to observe their financial behaviors and listen to them describe their relationship with money in their own words, a new, financially responsible Millennial emerges. There are over 70 million working-age Millennials (21–34) on Facebook in the US, and 46% are affluent (HHI $75k).1
Millennials in the US Affluent Millennials in the US
Millennials need a new kind of financial partner
MILLENNIALS DREAM OF A BETTER RELATIONSHIP
of Millennials are open to switching banks, credit cards
or brokerage accounts
of Millennials do not feel their bank understands them
trust financial institutions for guidance
45% 8%44%
describe their current bank in unflattering terms36% want their bank to
be a partner/friend60%
They crowdsource financial guidance online2
In an average month, Millennials drive 40% of the financial conversation on Facebook, generating
6.5 millionposts, comments, likes and shares
of money conversations on Facebook happen on mobile76%
THEY DISCUSS A RANGEOF FINANCIAL TOPICS Peer-to-peer payments
5.3
5.9Credit cards
Banking7.3
7.9Loans + mortgages
Investments8.8
And Millennials are banking on mobile
THEY PREFER MORE PERSONAL CHANNELS
Smartphone
49% Branch
36%Computer
9%Phone call
6%
61% 19% 11% 9%
Tracking moneyand spending
Making deposits/payments
Doingresearch
Finding ATMs/branches
Source unless otherwise specified: Facebook data (based on survey of 27,000 people on Facebook ages 18–65 in the US), Jan 6–8, 2016.
1 Facebook data for people ages 21–65 in the US with HHI $30k+, Jan 2016.2. Facebook data for people ages 21–65 in the US, July 15–Dec 15, 2015.3. Nielsen Answers, Jan 2016.
Average engagement per post
4%
Being debt free
Owning a home
Buyingexperiences
Being ableto retire
Buying nice things
46% 21% 16% 13%
Financial success
Because mobile has made banking better
of Millennials say they save money86%
US MILLENNIALS ON FACEBOOK ARE TRYING TO MAKE IT ALL WORK