Daily News: September 15, 2014

Financial Servicers Fail to Connect with Millennials

Financial services providers such as life insurers, banks and asset managers are failing to connect with millennials at a time when young people need the industry more than ever, according to new research by BNY Mellon and a team of undergraduates from Saïd Business School, University of Oxford.

The study, entitled “The Generation Game: Savings for the New Millennial”, looks at the saving priorities, attitudes to retirement planning and expectations around different types of financial institutions of millennials (those individuals born after 1980) across seven key markets – Australia, Brazil, China, Japan, the Netherlands, the UK and the U.S.

Key findings include:

  • 59% of millennials believe they haven’t seen products targeted at people like them. Millennials want products that demonstrate clearly that they are being rewarded for tying up their money.
  • Asked how their contact with financial services providers could be improved, less than 1% of millennials want financial services providers to connect with them through social media.

To view the full BNY Mellon and University of Oxford release, click here.