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Live Webinar: Winning Affluent Millennials

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Affluent Millennials are on the brink of a massive generational transfer of personal wealth and, as one of the largest generations in history, this powerful demographic will command major changes within the finance industry. How can you help your Financial Services clients prepare for it?

Tune into this webinar where Emily Friedman, senior research consultant at LinkedIn, will present results from a global study conducted by LinkedIn and Ipsos of about 9200 Millennial and GenX Internet users to answer this question.

Published in: Marketing
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  • The info is WRONG on Slide 6: Why are Affluent Millennials relevant? "Spend $2 TRILLION annually" was the whole affluent population not the millennials - according to the data source listed on the same slide.
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Live Webinar: Winning Affluent Millennials

  1. 1. Winning Affluent Millennials How this power persona is reshaping the industry
  2. 2. Questions? Send them via the Q&A Feature Feedback? Survey will be available at the end of the Webinar Before we get started… Recorded? Of course!
  3. 3. Emily Friedman Senior Global Research Consultant LinkedIn Insights
  4. 4. Research Study Methodology G L O B AL S U RV E Y 20 minute online survey, fielded by LinkedIn and Ipsos in April 2015. Survey measured usage, engagement, attitudes and opinions on financial services. G L O B AL S AM P L E 9200 respondents in 10 countries: US, CA, UK, FR, AU, NL, IN, SG, HK and BR. Quota sampling/ weighting applied to represent internet users in each market. C R I T E R I A Respondents were Millennial (18-34) and Gen X (35-49) Internet users. In the US, Affluent is defined as $100K+ net investible assets, excluding real estate. U S R E S U LT S This report covers results from 1507 total respondents in the US, including: 1004 total Millennials (incl. 121 Affluent) and 503 total Gen X (incl. 150 affluent).
  5. 5. 5 Understand the differences between Millennials and Gen X with regard to brand affinity, purchase process and information-gathering. Comprehend the role that social media plays and the influence that content and context has on the decision journey for retail financial products. Examine the subset of Affluent Millennials to understand their unique mindset, behaviors and expectations. Research Objectives
  6. 6. Why are Affluent Millennials relevant? AF F L U E N T M I L L E N N I AL S I N T H E U S 15.5 MILLION Spend $2 TRILLION annually $59 TRILLION intergenerational wealth transfer - *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
  7. 7. 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. 7 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
  8. 8. 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. 8 Despite high expectations of a future financial crisis, Affluent Millennials are unparalleled in confidence *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 % Millennials GenXersAffluent Millennials Affluent GenXers
  9. 9. 9 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%
  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 *Excluding mortgage 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
  11. 11. Over 1/3 of Affluent Millennials save most of their paycheck 11 Compared to Affluent Gen Xers, 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 advisors 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. More than half of Affluent Millennials with multiple checking accounts hold all of these at the same financial institution. 14 Once they are customers, Affluent Millennials are highly loyal to their financial institutions AMONG THOSE WITH MULTIPLE ACCOUNTS OF EACH TYPE, % WHO HOLD ALL WITH THE SAME INSTITUTION: Affluent Millennials are significantly more likely to say they are very loyal and plan to do more business with financial institutions they work with. C H E C K I N G AFFLUENT MILLENNIALS: 54% AFFLUENT GENXERS: 33% B R O K E R A G E AFFLUENT MILLENNIALS: 37% AFFLUENT GENXERS: 23% S A V I N G S AFFLUENT MILLENNIALS: 39% AFFLUENT GENXERS: 28% R E T I R E M E N T AFFLUENT MILLENNIALS: 42% AFFLUENT GENXERS: 24% 27% 47% 59% 48% 14% 6% Somewhat loyalVery loyal Not loyal AFFLUENT MILLENNIALS AFFLUENT GENXERS
  15. 15. 15 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
  16. 16. 1 in 3 Affluent Millennials uses Apple Pay or Google Wallet; more than 3X vs. Affluent Gen X 16 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%
  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. GENX: SOCIAL Company has a page on various social platforms RELATIONSHIP First financial institution you had an account with INFLUENCE Members of your family use the financial institution SOCIAL PRESENCE Company has positive online buzz PURPOSE Company has a community mission you care about
  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 GEN X, AFFLUENT MILLENNIALS ARE MORE LIKELY TO: 3x 3x 2x 2x Think social networks will be the hub of their financial info in the future Visit a financial company’s page on a social network Use social networks to inform finance / Investment decisions Seek content from financial companies on social networks
  20. 20. % of affluent users that use at least 1 social network to obtain this type of info 20 Peer opinions, thought leadership and product reviews are top content for Affluent Millennials on social networks 91% 55% AFFLUENT MILLENNIALS AFFLUENT GENXERS 92% 43% AFFLUENT MILLENNIALS AFFLUENT GENXERS 84% 38% AFFLUENT MILLENNIALS AFFLUENT GENXERS P E E R O P I N I O N S T H O U G H T L E A D E R S H I P P R O D U C T R E V I E W S
  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. Q&A 2 2
  23. 23. business.linkedin.com/marketing-solutions/agency 2 3

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