=25% of US
Millennials are now
the LARGEST generation,
surpassing Baby Boomers.
200Bannual buying power
of US discretionary spend
They’re cash hoarders and
Source: The Intelligence Group, September 2012
Delotte 2014 Millennial Survey
They (on average) spend 2 hours a day on
their smartphone, which equates to 765.9M hours
per week of captivation on their mini-screens.
Raised in the digital age,
more than anything
Millennials are tech-dependent
Chalk it up to...
the Great Recession,
hefty student loans
or stricter regulations
surrounding credit card
The numbers speak
In 2014, less than 50% of all 19 year olds had
established credit, compared with 80% in 2006.
19 20 21 22 23 24
Age of Consumer ■ 2006 ■ 2010 ■ 2014
And their credit scores lag behind
their Gen X and Boomer counterparts.
*VantageScore 3.0 was used for this study. The score range is 300-850.
**Includes credit cards, mortgage, auto loans and personal loans/student loans.
***Calculated using Experian’s Income Insight.
(Age 19-34) 625 $52,120 $26,485 $34,430 $3,403 43%
(Age 35-49) 650 $125,000 $26,670 $50,400 $6,752 41%
709 $87,438 $19,217 $46,340 $5,603 25%
Average 667 $88.313 $23,089 $46,790 $5,340 34%
is also down ...
46% of Gen X’ers had bankcards
when they were 18-34, compared
to today’s millennials at 27%.
And when they do have a card,
balances are lower compared to
But as they come of age – graduating, buying homes,
starting families and moving up the career ladder –
millennials’ financial needs
7% Buy first home (208)
6% Sell or change home (129)
16% Change to a better job (194)
7% Change to a different job (180)
7% Graduate from school (263)
6% Enroll/return to college (223)
5% Buy/lease new car/truck (117)
11% Buy used car/truck (145)
7% Get married (214)
Events expected to experience in next 12 months*
Comparisons made vs. all adults. *Among events with at least 5% frequency.
to their specific needs and make important
financial decisions based on social feedback
They expect a
one where products are recommended
based on past behaviors and excellent
values are presented routinely.
expect lenders to:
Make the offer relevant.
Give honest feedback.
Provide online financial education
and management tools.
They want to conduct
their affairs on a
at a bank branch.
Approximately 40% of
all consumers who use finance apps
or visit mobile finance websites are…
you guessed it …Millennials.
Source: EMS Financial Outlook Study
71%would rather go
to the dentist than listen
to what banks are saying.
A third of
are ready to
in the next
Source: Millennial Disruption Survey
prefer new finance
They’d prefer financial
services from the likes
of Google, Amazon,
Source: Millennial Disruption Survey
believe within 5 years
the way we access
our money will be
crowd is a great
place to start.
appreciate financial security
and will likely be good candidates for
multiple products within a company.
(Fall 2013 Simmons Connect study)
AVERAGE INDIVIDUAL INCOME
Banks are the repository
of customers’ financial
money in, money out;
and tuition and
Access to these vast
data sets can be used to
Precision-targeting tools give you
the information needed to create
a complete financial picture of
Serve up the
Insights will help you gain a
greater share of wallet with this
influential and growing group.
With fewer trade lines,
their missteps are amplified.
A skipped payment
or high-credit utilization
hurt exponentially more.
Risk-based pricing strategies,
using tools like
can identify unique credit offers
to “right size” the thin-file
candidate and assign the
appropriate credit limits.
Prescreen individuals before
they apply to match Millennials
with the products that best meet
their credit profile.
enables lenders to target ...
the Right Consumer
at Right Time with
the Right Offer.
a consumer-friendly option,
can be added to your decisioning toolkit.
The consumer consent-based
credit inquiry allows lenders to match a
consumer with the best option
before the application process,
and it takes just seconds.
The conversion of approved
prequalification inquiries is 52%,
representing a significant upsell
opportunity for lenders.
So while Millennials may
have had a slow credit start,
no one can deny they are
coming of age.
The question is –
who will be
To learn more about Experian’s Millennial Insights, visit