Millennials: A Lost Generation For Financial Services?
CEB’s semiannual Consumer Financial Monitor survey draws from the results of over 18,000 consumers across 24 key global markets. The survey measures and compares sentiment and engagement of consumers by region, age, and income level. Download our latest reports to gain insight into the consumer trends in impacting financial services in the US and around the world.
Millennials Pessimistic about their Finances
Globally feelings about personal finances improved slightly for the millennial segment, however in the US sentiment dropped 9% in the last six months, continuing a trend of unhappiness that began in 2012. This has negatively impacted US millennials trust in banks and their buying behaviors, suggesting that providers need to rethink their service approach or risk an entire generation of disengaged customers.
Proactive Financial Management Improving in Emerging Markets
Across all age ranges, our data shows a decline in North American consumers’ undertaking of activities such as financial planning, using advisors and purchasing financial products, while proactive financial management improved in Latin America and the Middle East and South Africa.
What This Means For You
Financial institutions should focus on service as a route to reengagement with their younger customers. Members can access our new research on how to create a multichannel strategy that delivers a low-effort customer experience. Best-in-class mobile and web solutions, as well as simplified, transparent products can all support this aim, and are regularly profiled and shared with our member network through our best-practice case studies.