In recent months, numerous industry experts have voiced the opinion that stock market returns will continue to fall, not only over the short term but consistently over the coming decades. This has significant implications for millennials, many of whom are already struggling to save adequately for retirement in the face of more immediate financial concerns […]
Socially Responsible Investing (SRI) is a steadily growing market, and a huge contributor to this rise stems from millennial demand. SRI is a broad term that has three main approaches: ethical investing; environmental, social and governance (ESG) investing; and impact investing. Sources indicate that millennials place a higher premium on socially conscious products than when […]
The rise of the Millennials may be the consumer marketing story of this decade. This exceptionally large, diverse, digitally savvy and deeply skeptical generation has confounded marketers in many industries, and financial services is no exception. Among Generation Y, the reputation of large financial services firms was deeply damaged by the Financial Crisis, which has […]
The Huffington Post recently published a blog post highlighting Bank of America’s marketing shift that led the firm to create a llama-themed lens on Snapchat. The reason (or blame, depending on your point of view) for this outcome can primarily be placed at the feet of Millennials. BofA has had to alter its media mix, […]
Are you successfully engaging the 83 million members of the Millennial generation? Many financial marketers, product managers and strategists struggle to connect with this demographic and serve them effectively. Without knowledge and understanding of Millennial attitudes, behaviors, and preferences, it can be difficult, if not impossible, to reach them. Our new study, Millennials Revisited: Financial Services […]
While large investment firms struggle to attract millennial clients, start-up apps are learning to engage the large demographic by offering simple ways to invest and save on a micro level. According to a recent Harris Poll study, more than 40% of millennials claim that they don’t invest in the stock market because they don’t feel they have enough money. Apps like Acorns, Stash and Digit are positioning themselves as small-change solutions to an otherwise growing problem. These free-to-download apps offer users innovative ways to kick-start their saving and investing journeys.
Everyone’s talking about RobinHood, the new trading app that offers commission free trading to retail investors. In their approach, co-founders Vladimir Tenev and Baiju Bhatt are betting on a best case scenario where the service will reach a critical mass of customers and daily trade volume that allow it to operate and profit through payments […]
As we covered in a previous post, Bank of America and Khan Academy’s educational partnership recently launched BetterMoneyHabits.com, a free tool for those in search of the financial basics. The site’s content is both helpful and informative, and the most important information is already summarized for users through the site’s printable Key Takeaways and interactive quizzes. For basic financial guidance, Better Money Habits is an effective tool.
Recently, television advertisements from Bank of America have been promoting BetterMoneyHabits.com, one result of the bank’s year-old partnership with Khan Academy, a non-profit education site. With the goal of providing free financial education for both clients and non-clients, and with over five million site visits since the start of 2014, the website seems to be making headway towards the hopes and expectations of the educational partnership.
A recent survey by Experian Marketing Services found that 43% of Millennial respondents prefer to access the Internet via their smartphone over any other method. This mobile lifestyle has clear implications for the financial services industry, including the Defined Contribution plan business.