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Live Webinar: Winning Affluent Millennials

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Learn how this power persona is reshaping the finance industry.

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Live Webinar: Winning Affluent Millennials

  1. 1. Winning Millennials HOW THIS POWER PERSONA IS RESHAPING THE INDUSTRY Menaka Thillaiampalam Head of North America Marketing LinkedIn Marketing Solutions: Financial Services @menakathill Emily Friedman Senior Global Research Consultant LinkedIn Insights Marc Karasu Vice President of Marketing Betterment Donna Sabino Senior Vice President Ipsos @IpsosConnect Guillermo Morrone Vice President, Head of Global Consumer Content Strategy MasterCard @guillermoluis Sachin Rekhi Affluent Millennial & Entrepreneur @sachinrekhi @LinkedInMktg #LinkedInAffluentMillennials
  2. 2. 2 Why Are Affluent Millennials Relevant? - *A Golden Age Of Philanthropy Still Beckons: National Wealth Transfer and Potential for Philanthropy Technical Report; Center of Wealth and Philanthropy ; Boston College; May 2014 - *Affluent Population Expands in Size, Spending Power & Marketplace Importance AFFLUENT MILLENNIALS IN THE UNITED STATES 15.5 MILLION Spend $2 TRILLION annually $59 TRILLION in generational transfer of personal wealth
  3. 3. 3 Research Study Methodology UNITED STATES RESULTS This study and webinar covers results from 1,507 total respondents in the United States, including: 1,004 total Millennials (incl. 121 Affluent) and 503 total Gen X (incl. 150 Affluent). GLOBAL SURVEY 20 minute online survey, fielded by LinkedIn and Ipsos in April 2015. Survey measured usage, engagement, attitudes and opinions on financial services. GLOBAL SAMPLE 9,200 respondents in 10 countries: United States, Canada, United Kingdom, France, Netherlands, Australia, India, Singapore, Hong Kong and Brazil. Quota sampling/weighting applied to represent Internet users in each market. CRITERIA Respondents were Millennial (18-34) and Gen X (35-49) Internet users. In the United States, Affluent is defined as $100K+ net investible assets, excluding real estate.
  4. 4. A M B I T I O U S , P R O G R E S S I V E & C O N F I D E N T How This New Power Persona Is Reshaping The Finance Industry
  5. 5. While these views are still a minority across all groups, Affluent Millennials are especially likely to envision a cashless, sharing-based economy where banks are no longer their primary institutions. 5 Affluent Millennials have a uniquely progressive view of future financial conditions TOP 3 POINTS OF VARIATION IN FUTURE PREDICTIONS: Cashless society-currency no longer used for transactions 19% 32% 21% 23% Banks will no longer be primary financial institutions 19% 27% 18% 18% A sharing-based economy 10% 24% 8% 9% Millennials GenXersAffluent Millennials Affluent GenXers
  6. 6. While more than half of both affluent groups anticipate another financial crisis, Affluent Millennials are significantly more likely to be confident in future economic growth and believe the American Dream* is definitely possible. 6 Despite high expectations of a future financial crisis, Affluent Millennials are unparalleled in confidence Millennials GenXersAffluent Millennials Affluent GenXers *The American Dream is typically defined as the ideal that every individual should have an equal opportunity to achieve success and prosperity through hard work, determination and initiative. 36% 59% 44% 51% I anticipate another financial crisis to occur I am confident in my country's future economic growth I believe the American Dream* is “definitely possible” 24% 47% 18% 29% 25% 44% 23% 28%
  7. 7. % Agree: The sacrifices I make now will pay off in the future 7 Affluent Millennials will sacrifice now for the future MILLENNIALS GE N XE R S To t a l : 5 7 % To t a l : 4 8 % A f f l u e n t : 7 2 % A f f l u e n t : 5 7 %
  8. 8. 8 Affluent Millennials Affluent GenXers START A CHARITABLE FOUNDATION START A BUSINESS BUY A SECOND HOME Affluent Millennials set ambitious goals for their lives 3X 3X 19% 30% 27% 6% 11% 18%
  9. 9. I N D E P E N D E N T, Y E T S E E K I N G G U I D A N C E : For Affluent Millennials, Their Financial Future Starts Now
  10. 10. Two-thirds of Affluent Millennials have at least one loan* compared to half of Affluent Gen X 10 Affluent Millennials are more likely to carry debt HAVE AT LEAST ONE… 50% 18% 42% 8% 67% 43% 43% 35% 52% 16% 29% 4% 44% 18% 23% 5% Credit card with a balance Personal loan Student loan Business loan Millennials GenXersAffluent Millennials Affluent GenXers 7X 2X *Excluding mortgage
  11. 11. Over 1/3 of Affluent Millennials save most of their paycheck 11 Compared to Affluent GenXers, Affluent Millennials are twice as likely to save the majority of their paycheck each month % OF PAYCHECK SAVED PER MONTH Affluent Millennials Affluent GenXers 50% +25% + 66% 35%31% 12%
  12. 12. 12 Affluent Millennials seek greater involvement and control in financial decisions 47% 41% 38% 34% 50% 34% 40% AFFLUENT MILLENNIALS AFFLUENT GENX AFFLUENT MILLENNIALS AFFLUENT GENX MILLENNIALS GENX MILLENNIALS GENX 51% S O L O I S T Perform their own research, make decisions and execute trades V A L I D A T O R Conduct their own research and investment decision
  13. 13. 27% 37% 48% 50% 25% 13% Despite their tendency to do their own research and seek information on financial decisions, Affluent Millennials are particularly likely to see value in having a financial advisor for their current assets. 13 Affluent Millennials consider financial advisors a must-have AFFLUENT MILLENNIALS AFFLUENT GENXERS Must-have Nice to have Unimportant Must-have Nice to have Unimportant A FINANCIAL ADVISOR IS A…
  14. 14. 14 Affluent Millennials are open to financial offerings from traditionally non- financial brands. 57% 69% 47% 47% “Millennials are different. They have grown up empowered and expect to have a more self-directed life. So they are looking for solutions, not products.” - Mohamed El-Erian, Chief Economic Adviser, Allianz Millennials GenXers Affluent Millennials Affluent GenXers % WHO WOULD TRY FINANCIAL OFFERINGS FROM NON-FINANCIAL BRANDS
  15. 15. 1 in 3 Affluent Millennials uses Apple Pay or Google Wallet; more than 3X vs. Affluent GenXers 15 Affluent Millennials have high adoption of NFC mobile payment platforms BRAND BIZ: Which of these companies do you currently use? Base: All Respondents - Millennials (n=1,505), Gen X (n=805), Affluent Millennials (n=165), Affluent Gen X (n=254) indicates significant difference at 95% level of confidence Millennials GenXersAffluent Millennials Affluent GenXers 12% 34% 8% 7% 16% 31% 10% 11% 9% 25% 3% 6%
  16. 16. H I G H E X P E C TAT I O N S & B I G D E M A N D S : Affluent Millennials Want A Deeper Connection With Financial Services Providers
  17. 17. 17 When choosing financial institutions, social presence and relationship history are uniquely important to Affluent Millennials TOP 5 FACTORS OF UNIQUE IMPORTANCE TO AFFLUENT MILLENNIALS 2X AS LIKELY TO BE IMPORTANT TO AFF. MILLENNIALS VS. AFF. GENXERS: S O C I A L P R E S E N C E Company has positive online buzz P U R P O S E Company has a community mission you care about S O C I A L Company has a page on various social platforms I N F L U E N C E Members of your family use the financial institution R E L AT I O N S H I P First financial institution you had an account with
  18. 18. 18 Affluent Millennials consider social networks a must-have 24% 24% 39% 26% 43% 45% 51% 50% 33% 31% 10% 25%MILLENNIALS GENXERS AFFLUENT MILLENNIALS AFFLUENT GENXERS Must-have Nice to have Unimportant Must-have Nice to have Unimportant
  19. 19. 19 Social networks are central to Affluent Millennials’ financial decisions COMPARED TO AFFLUENT GENXERS, AFFLUENT MILLENNIALS ARE MORE LIKELY TO: Use social networks to inform finance / investment decisions 3x Visit a financial company’s page on a social network 3x Seek content from financial companies on social networks 2x Think social networks will be the hub of their financial information in the future 2x
  20. 20. For any type of financial information they consider relevant to their needs, Affluent Millennials are much more likely to acquire this through a social network vs. Affluent GenXers: Affluent Millennials are significantly more likely to seek relevant financial content on social networks 4x Personal investing Retirement 3x Educational information about personal financial planning 2.5x Information about products/services Expert opinions or commentary 2x Educational content Thought leadership content Customer reviews
  21. 21. 21 Affluent Millennials are especially active on LinkedIn COMPARED TO THE GENERAL POPULATION ON LINKEDIN, AFFLUENT MILLENNIALS ON LINKEDIN HAVE: CONNECTIONS COMPANY FOLLOWS GROUP ACTIVITY SHARES FINANCE TOPIC SHARES 2X AS MANY 13X AS MANY LinkedIn global behavioral data, May 2015
  22. 22. 22 Panel Discussion Menaka Thillaiampalam Head of North America Marketing LinkedIn Marketing Solutions: Financial Services @menakathill Emily Friedman Senior Global Research Consultant LinkedIn Insights Marc Karasu Vice President of Marketing Betterment Donna Sabino Senior Vice President Ipsos @IpsosConnect Guillermo Morrone Vice President, Head of Global Consumer Content Strategy MasterCard @guillermoluis Sachin Rekhi Affluent Millennial & Entrepreneur @sachinrekhi @LinkedInMktg #LinkedInAffluentMillennials
  23. 23. 23 QUESTIONS
  24. 24. T H A N K Y O U m a r k e t i n g . l i n k e d i n . c o m

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