Financial foxes of today: Millennials surprise when it comes to money
Is the younger generation starting their careers with low salaries, unable to manage their money, and constantly short on cash? The latest Yahoo study proves the opposite.
From fixed-term deposit accounts and building society savings contracts to pension funds - millennials' interest in money-related topics is growing. The authors of the study believe this is an opportunity that online advertisers should seize. However, the study results relate to millennials from the USA.
Their first job, their first home, their first child - millennials are now thinking about their finances. What is the ideal investment in times of low interest rates? Does a building society savings contract make sense? How do I provide for my old age? The new study by Yahoo shows: The vast majority of millennials who want to find out more about financial topics (93 percent) get their information online. And two thirds of Generation Y (67%) would like to learn more about saving. These are ideal conditions for financial companies to reach this target group via online marketing. Those who know their needs and take them seriously have a clear advantage.
A marketing must: video advertising
Text or image? For millennials, there is no question: brand managers who have Generation Y in mind should convey their content in moving images. Almost one in two 18 to 34-year-olds (48%) already use videos from the internet to find out about money topics. Livestreams are also popular: according to the survey, 37% of respondents would watch financial events in real time. Companies should therefore invest in high-quality video content that Generation Y can share on their social networks.
Mobile trend continues - also for financial topics
Not without my smartphone: For the majority of millennials (82%), this also applies to online research into fixed-term deposit accounts, building society savings contracts or pension funds. Financial companies should keep this in mind - and optimize their content for mobile devices. Interactive formats that are easy to read and intuitive to use are ideal. If you want to play it safe in online marketing, rely on cross-device marketing - and develop a cross-device strategy that works just as well on a tablet or smartphone as it does on a laptop.
About the study
For the Yahoo study, 1172 people between the ages of 18 and 34 were interviewed in the USA in December 2016 and January 2017 using an online survey (18-24 years: n = 456; 25-29 years: n = 284; 30-34 years: n = 432).
Photo: Jeshoots/Pixabay
