Money matters of Millennials: Where Millennials find financial advice
Money matters of Millennials: Where Millennials find financial advice is setting new trends for how financial groups and banks should build connections, and redefining financial advising as we know it for the future. This article will highlight the latest trends in how Millennials are finding financial advice to build a better future and what this means for financial institutions and banks in building lasting relationships with this generation and future generations in need of financial guidance.
Money Matters For Millennials More Than It Possibly Has For Other Generations In More Ways Than One
Whether it’s “adulting” now or funding their financial future, it’s arguable that despite popular belief Millennials are the generation that has had to be the most mindful of their current economy out of all the age demographics. In fact, 65% of Millennials report economic issues always being top-of-mind and with many experiencing difficulties juggling 1 or more financial challenges such as college-debt, paying rent, affording insurance or even simply filing taxes it should come to no surprise. It should also come to no surprise that with Millennials and Generation Z being so tech-savvy and leading the way in setting new digital trends that the very same effect would find its way into other avenues such as new ways of gaining finance tips and financial advice to fund their future.
Speaking of digital trends it should come as no surprise as that besides advice from their parents that the chief new source of financial advice for Millennials who are always on the go comes from mobile and online apps. What is a surprise though is that despite 60% of Millennials reporting using apps as their primary way of planning and making their financial investments thanks to their Do It Yourself (DIY) nature of accomplishing their goals roughly only 1/3 can use finance apps such as Mint as proficiently as they’d like.
The next emerging source of finance advice for tech-savvy Millennials and Generation Z that not just banks and financial groups are investing their money and time into but other industries as well is messaging bots and AI. Quite a few large financial organizations and banks now have robo-advisers on-demand to help not just Millennials but all customers conveniently make financial decisions remotely without having to visit a physical location. Bots such as Plum are one of those now available in the market to help with financial savings. While there are many advantages and possibilities this new technology brings to the table in shaping the future of the financial industry it also leads to some disadvantages that Millennials also are now discovering for themselves.
Financial Groups Need To Find Channels To Connect Where It Counts
While mobile-banking and digital financial planning make finance information very accessible for current generations the ease of use and lack of need for experience may dampen the financial fires of Millennials, Generation Z, and future generations due to the lack of knowing fundamental financial knowledge that only interacting in-person with financial advisers, consultants and banking experts can provide. As trends go Millennials often seek out mentors in the workforce and in life and even if they rely on their parents or older mentors to fill in some of the blanks for their financial concerns and questions (of which 60% of Millennials report relying on for such advice) they can’t answer their questions with the absolute confidence and authority of these experts. There is still a need and place for financial institutions to have an immediate connection with these consumers and a need for their message to be heard.
That leads us to our third and final trending source of financial advice for Millennials: on-demand and cravable digital content. One glowing example of this trend being put into practice is “The Payoff” a listicle website similar in format to the ever popular BuzzFeed. By combining the practical and fundamental information that these consumers need to hear with real, authentic and relatable personas and formats they want to get their information from The Payoff is able to cover most of the financial topics ever-present on the minds of Millennials so that they can make financial decisions, plan for their future with more confidence or even be more readily open and eager to making time to have financial discussions in-person with finance advisers, consultants and planners.
In summary, Millennials are more mindful about the economy and their future than many give them credit for. They’re just as mindful of their sources of financial information whether it’s through on-demand mobile apps or messaging bots or even in the long-form with articles that make the content much more relatable and easier to understand. The need and desire to make better financial decisions is there and they are more open now than ever to actual financial groups and banks sharing their message, “making Millennials’ money matter” and building financial relationships that last for generations.
Just like Millennials’ financial goals all of this can be accomplished by having the understanding and experience of this generation’s needs and putting it in a format that is easily accessible and relatable or as we like to put it: simple & personal. Just as you want to help these consumers accomplish their financial goals we at VRTC, Inc. can help you accomplish these goals as well and can help you to plan and spark these financial conversations with your consumers. With the right insights and planning anyone can still become a millionaire in today’s economy and with the right insight and planning you can still make a difference in the financial future of your consumers. Is there anything you would like to add to the conversation? If so, leave a comment and share your experience. If you enjoyed the article, share it! For further insights, discussion, or inquiries for help in sparking your own product conversations fill out our contact form or simply #AskVRTC.