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1
Winning Millennials:
How This New Power Persona is Reshaping The Finance Industry
Australia │ June 2015
2
Methodology
AUSTRALIA
RESULTS
This report covers results from
802 total respondents in
Australia, including:
501 total Millennials (incl. 101
Affluent) and 301 total Gen X
(incl. 104 Affluents).
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 Australia, Affluent is
defined as AU$100K+ net
investible assets, excluding
real estate.
3
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.
R E S E A R C H O B J E C T I V E S
4
Key Findings Summary
AFFLUENT MILLENNIALS ARE…
ETERNAL OPTIMISTS
 Progressive view of
future finance industry,
confident about own
financial future – make
decisions now for
future success.
 Demonstrate strong
trust and loyalty with
their current financial
services providers.
ENGAGED DECISION-
MAKERS
 Prefer to act as
“validators” when
making financial
decisions: do research
on their own, validate
with advisor.
 Value the ability to
manage their own
finances using
technology, particularly
on mobile.
OPEN MINDED
 Despite being loyal
customers, most
Affluent Millennials
would switch financial
companies if presented
with better solutions.
 Affluent Millennials are
especially open to
financial offerings from
non-financial brands.
SOCIAL-CENTRIC
 Social networks are a
must-have and central
to Affluent Millennials’
financial decisions.
 Especially likely to visit
financial company ‘s
page and seek relevant
content from financial
companies on social.
HUNGRY FOR
EDUCATIONAL INFO
 Top content includes
thought leadership,
educational content,
expert commentary.
 Significantly more likely
to acquire educational
content relevant to their
financial needs through
social networks.
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
While these views are still a minority across all groups, Affluent Millennials are especially likely to envision a future with
automatic debt pay-down through earnings and banks no longer being their primary financial institutions.
6
Affluent Millennials have a uniquely progressive view of future financial
conditions
TOP 3 POINTS OF VARIATION IN FUTURE PREDICTIONS:
Automatic debt pay-down through
earnings
17%
26%
16% 15%
Banks will no longer be primary
financial institutions
18%
25%
23%
21%
Social network accounts as the hub
of your financial information
15% 16%
9%
11%
Millennials GenXersAffluent Millennials Affluent GenXers
Affluent Millennials are less likely to anticipate another financial crisis, perhaps in turn driving their higher confidence in
Australia’s future economic growth and resulting opportunities for personal financial success.
7
Affluent Millennials have especially high confidence in economic growth
28%
36% 35%
47%
I anticipate another
financial crisis to occur
Millennials GenXersAffluent Millennials Affluent GenXers
I am confident in my country's
future economic growth
I believe the Australian
Dream* is “definitely possible”
20%
39%
13%
18%
14%
23%
12%
18%
*The Australian Dream or Great Australian Dream is a belief that in Australia, home-ownership can lead to a better life and is an expression of success and security .
% Agree: My future success depends on the decisions I make now
8
Affluent Millennials believe their current decisions will drive future success
MILLENNIALS GE N XE R S
To t a l : 4 6 % To t a l : 3 5 %
A f f l u e n t : 5 4 % A f f l u e n t : 4 8 %
9
11%
5%
12%
11%
Affluent Millennials
Affluent GenXers
Short-term goal
Long-term goal
Short-term goal
Long-term goal
START A BUSINESSBUY A FIRST HOME
Affluent Millennials set ambitious goals for their lives
16%
2%
12%
11%
Affluent Millennials
Affluent GenXers
Short-term goal
Long-term goal
Short-term
Long-term goal
NET 28%
NET 13%
NET 26%
NET 11%
10
Affluent Millennials far outpace Affluent GenXers in international education
Millennials GenXersAffluent Millennials Affluent GenXers
PAST
[ HAVE ALREADY DONE THIS ]
FUTURE
[ PLAN TO DO THIS IN NEXT FEW YEARS ]
18%
13%
38%
31%
5%
5%
6%
5%
7%
11%
16%
18%
4%
6%
10%
14%
Travel abroad
for further
EDUCATION
Travel abroad
for a
GAP YEAR
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
Sources of affluence are shifting across generations
12
Compared to Affluent Gen X, Affluent Millennials are
especially likely to have gained assets from:
2.5x
SUPERANNUATION
2.7x
WAGES (FAMILY BUSINESS)
3.4x
INHERITANCE / TRUST FUND
Affluent Millennials are more than twice as likely as Affluent Gen X to have at least one non-mortgage loan* (50%, 21%).
13
Affluent Millennials are more likely to carry debt
HAVE AT LEAST ONE…
21%
24%
7%
32%
27%
19%
8%
6%
1%
Personal loan Student loan Business loan
Millennials Affluent Millennials Affluent GenXers
*Excluding mortgage
19X
Nearly 1 in 3 Affluent Millennials
save the majority of their pay
14
Affluent Millennials are more likely to save most of their monthly paycheck
% OF PAYCHECK SAVED PER MONTH
Affluent Millennials Affluent GenXers
50%
+
30%
18%
Only 1 in 10 Emerging Affluent* Millennials has a brokerage account, highlighting the importance for financial institutions to
build relationships early while Millennials grow their wealth.
15
Affluent Millennials are on par with Affluent Gen X when it comes to
brokerage account ownership, but there is significant room for opportunity
*Emerging Affluent = $25K-$100K in investible assets
Affluent Millennials Affluent GenXers
23%
22%
HAVE AT LEAST ONE
BROKERAGE
ACCOUNT
40%
30%
HAVE MORE THAN ONE
SUPERANNUATION
ACCOUNT
vs. 24% of all GenX
vs. 23% of all Millennials
ACCOUNT OWNERSHIP:
42%
48%
Affluent Millennials seek greater involvement and control in financial decisions
50%
43%
40%
AFFLUENT
MILLENNIALS
AFFLUENT
GENX
MILLENNIALS
GENX
51%
16
V A L I D A T O R
Conduct their own research and
investment decision
S O L O I S T
Perform their own research, make decisions, and
execute trades
38%
40%
AFFLUENT
MILLENNIALS
AFFLUENT
GENX
MILLENNIALS
GENX
MILLENNIALS
GENX
8%
26%
33%
51%
60%
24%
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.
17
Affluent Millennials are more than three times as likely to consider
financial advisors a current “must-have,” compared to Affluent GenX
AFFLUENT
MILLENNIALS
AFFLUENT
GENXERS
Must-have Nice to have Unimportant
Must-have Nice to have Unimportant
A FINANCIAL ADVISOR IS A…
The majority would be willing to take their business elsewhere if presented with better solutions, but Affluent Millennials are
more likely to stay loyal to financial institutions once they’re customers.
18
Affluent Millennials are loyal to financial companies they work with
20%
30%
61%
60%
20%
11%
Somewhat loyal:
would take business elsewhere
for better products or services
Very loyal:
plan to do business with them
in the next few years
Not loyal:
actively seeking to switch
business to other companies
AFFLUENT MILLENNIALS
AFFLUENT GENXERS
90%
76%
19
Affluent Millennials Affluent GenXers
Affluent Millennials’ loyalty as
customers isn't surprising when we
see that they are more likely to trust
financial institutions they work with.
% WHO TRUST THEIR CURRENT
FINANCIAL INSTITUTIONS
*Trust = 50% or higher
46%
52%
29%
31%“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
20
Millennials
GenXers
Affluent Millennials
Affluent GenXers
% WHO WOULD TRY FINANCIAL OFFERINGS
FROM NON-FINANCIAL BRANDS
Affluent Millennials are open to financial offerings from non-financial brands
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
22
When choosing financial institutions, social presence and relationship
history are uniquely important to Affluent Millennials
O N L I N E
R E P U TAT I O N
Company has
positive online buzz
S O C I A L
P R E S E N C E
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
M I S S I O N
Company has a
social mission and
contributes to social
causes
S E RV I C E
Company provides
online live chat for
customer service
questions
TOP 5 FACTORS OF UNIQUE IMPORTANCE TO AFFLUENT MILLENNIALS
5X AS LIKELY2X AS LIKELY
23
One in three Affluent Millennials considers social networks a “must-have”
20%
18%
33%
30%
39%
42%
49%
48%
41%
41%
18%
22%MILLENNIALS
GENXERS
AFFLUENT
MILLENNIALS
AFFLUENT
GENXERS
Must-have Nice to have Unimportant
Must-have Nice to have Unimportant
24
Social networks are central to Affluent Millennials’ financial decisions
COMPARED TO AFFLUENT GEN X,
AFFLUENT MILLENNIALS ARE MORE LIKELY TO:
Use social networks
to inform finance /
Investment decisions
2x
Visit a financial
company’s page on
a social network
3.4x Seek content from
financial companies
on social networks
2x
% of affluent users that use at least 1 social network to obtain this type of info
Thought leadership, educational content, and product reviews are top
content for Affluent Millennials on social networks
T H O U G H T L E A D E R S H I P
71%
27%
Affluent Millennials Affluent GenXers
E D U C AT I O N A L C O N T E N T
A B O U T P E R S O N A L L O A N S
56%
11%
E X P E R T O P I N I O N S O R
C O M M E N TA RY
50%
14%
25
2.5X
5X 3.5X
26
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
T H A N K Y O U

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Winning Affluent Millennials

  • 1. 1 Winning Millennials: How This New Power Persona is Reshaping The Finance Industry Australia │ June 2015
  • 2. 2 Methodology AUSTRALIA RESULTS This report covers results from 802 total respondents in Australia, including: 501 total Millennials (incl. 101 Affluent) and 301 total Gen X (incl. 104 Affluents). 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 Australia, Affluent is defined as AU$100K+ net investible assets, excluding real estate.
  • 3. 3 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. R E S E A R C H O B J E C T I V E S
  • 4. 4 Key Findings Summary AFFLUENT MILLENNIALS ARE… ETERNAL OPTIMISTS  Progressive view of future finance industry, confident about own financial future – make decisions now for future success.  Demonstrate strong trust and loyalty with their current financial services providers. ENGAGED DECISION- MAKERS  Prefer to act as “validators” when making financial decisions: do research on their own, validate with advisor.  Value the ability to manage their own finances using technology, particularly on mobile. OPEN MINDED  Despite being loyal customers, most Affluent Millennials would switch financial companies if presented with better solutions.  Affluent Millennials are especially open to financial offerings from non-financial brands. SOCIAL-CENTRIC  Social networks are a must-have and central to Affluent Millennials’ financial decisions.  Especially likely to visit financial company ‘s page and seek relevant content from financial companies on social. HUNGRY FOR EDUCATIONAL INFO  Top content includes thought leadership, educational content, expert commentary.  Significantly more likely to acquire educational content relevant to their financial needs through social networks.
  • 5. 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
  • 6. While these views are still a minority across all groups, Affluent Millennials are especially likely to envision a future with automatic debt pay-down through earnings and banks no longer being their primary financial institutions. 6 Affluent Millennials have a uniquely progressive view of future financial conditions TOP 3 POINTS OF VARIATION IN FUTURE PREDICTIONS: Automatic debt pay-down through earnings 17% 26% 16% 15% Banks will no longer be primary financial institutions 18% 25% 23% 21% Social network accounts as the hub of your financial information 15% 16% 9% 11% Millennials GenXersAffluent Millennials Affluent GenXers
  • 7. Affluent Millennials are less likely to anticipate another financial crisis, perhaps in turn driving their higher confidence in Australia’s future economic growth and resulting opportunities for personal financial success. 7 Affluent Millennials have especially high confidence in economic growth 28% 36% 35% 47% I anticipate another financial crisis to occur Millennials GenXersAffluent Millennials Affluent GenXers I am confident in my country's future economic growth I believe the Australian Dream* is “definitely possible” 20% 39% 13% 18% 14% 23% 12% 18% *The Australian Dream or Great Australian Dream is a belief that in Australia, home-ownership can lead to a better life and is an expression of success and security .
  • 8. % Agree: My future success depends on the decisions I make now 8 Affluent Millennials believe their current decisions will drive future success MILLENNIALS GE N XE R S To t a l : 4 6 % To t a l : 3 5 % A f f l u e n t : 5 4 % A f f l u e n t : 4 8 %
  • 9. 9 11% 5% 12% 11% Affluent Millennials Affluent GenXers Short-term goal Long-term goal Short-term goal Long-term goal START A BUSINESSBUY A FIRST HOME Affluent Millennials set ambitious goals for their lives 16% 2% 12% 11% Affluent Millennials Affluent GenXers Short-term goal Long-term goal Short-term Long-term goal NET 28% NET 13% NET 26% NET 11%
  • 10. 10 Affluent Millennials far outpace Affluent GenXers in international education Millennials GenXersAffluent Millennials Affluent GenXers PAST [ HAVE ALREADY DONE THIS ] FUTURE [ PLAN TO DO THIS IN NEXT FEW YEARS ] 18% 13% 38% 31% 5% 5% 6% 5% 7% 11% 16% 18% 4% 6% 10% 14% Travel abroad for further EDUCATION Travel abroad for a GAP YEAR
  • 11. 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
  • 12. Sources of affluence are shifting across generations 12 Compared to Affluent Gen X, Affluent Millennials are especially likely to have gained assets from: 2.5x SUPERANNUATION 2.7x WAGES (FAMILY BUSINESS) 3.4x INHERITANCE / TRUST FUND
  • 13. Affluent Millennials are more than twice as likely as Affluent Gen X to have at least one non-mortgage loan* (50%, 21%). 13 Affluent Millennials are more likely to carry debt HAVE AT LEAST ONE… 21% 24% 7% 32% 27% 19% 8% 6% 1% Personal loan Student loan Business loan Millennials Affluent Millennials Affluent GenXers *Excluding mortgage 19X
  • 14. Nearly 1 in 3 Affluent Millennials save the majority of their pay 14 Affluent Millennials are more likely to save most of their monthly paycheck % OF PAYCHECK SAVED PER MONTH Affluent Millennials Affluent GenXers 50% + 30% 18%
  • 15. Only 1 in 10 Emerging Affluent* Millennials has a brokerage account, highlighting the importance for financial institutions to build relationships early while Millennials grow their wealth. 15 Affluent Millennials are on par with Affluent Gen X when it comes to brokerage account ownership, but there is significant room for opportunity *Emerging Affluent = $25K-$100K in investible assets Affluent Millennials Affluent GenXers 23% 22% HAVE AT LEAST ONE BROKERAGE ACCOUNT 40% 30% HAVE MORE THAN ONE SUPERANNUATION ACCOUNT vs. 24% of all GenX vs. 23% of all Millennials ACCOUNT OWNERSHIP:
  • 16. 42% 48% Affluent Millennials seek greater involvement and control in financial decisions 50% 43% 40% AFFLUENT MILLENNIALS AFFLUENT GENX MILLENNIALS GENX 51% 16 V A L I D A T O R Conduct their own research and investment decision S O L O I S T Perform their own research, make decisions, and execute trades 38% 40% AFFLUENT MILLENNIALS AFFLUENT GENX MILLENNIALS GENX MILLENNIALS GENX
  • 17. 8% 26% 33% 51% 60% 24% 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. 17 Affluent Millennials are more than three times as likely to consider financial advisors a current “must-have,” compared to Affluent GenX AFFLUENT MILLENNIALS AFFLUENT GENXERS Must-have Nice to have Unimportant Must-have Nice to have Unimportant A FINANCIAL ADVISOR IS A…
  • 18. The majority would be willing to take their business elsewhere if presented with better solutions, but Affluent Millennials are more likely to stay loyal to financial institutions once they’re customers. 18 Affluent Millennials are loyal to financial companies they work with 20% 30% 61% 60% 20% 11% Somewhat loyal: would take business elsewhere for better products or services Very loyal: plan to do business with them in the next few years Not loyal: actively seeking to switch business to other companies AFFLUENT MILLENNIALS AFFLUENT GENXERS
  • 19. 90% 76% 19 Affluent Millennials Affluent GenXers Affluent Millennials’ loyalty as customers isn't surprising when we see that they are more likely to trust financial institutions they work with. % WHO TRUST THEIR CURRENT FINANCIAL INSTITUTIONS *Trust = 50% or higher
  • 20. 46% 52% 29% 31%“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 20 Millennials GenXers Affluent Millennials Affluent GenXers % WHO WOULD TRY FINANCIAL OFFERINGS FROM NON-FINANCIAL BRANDS Affluent Millennials are open to financial offerings from non-financial brands
  • 21. 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
  • 22. 22 When choosing financial institutions, social presence and relationship history are uniquely important to Affluent Millennials O N L I N E R E P U TAT I O N Company has positive online buzz S O C I A L P R E S E N C E 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 M I S S I O N Company has a social mission and contributes to social causes S E RV I C E Company provides online live chat for customer service questions TOP 5 FACTORS OF UNIQUE IMPORTANCE TO AFFLUENT MILLENNIALS 5X AS LIKELY2X AS LIKELY
  • 23. 23 One in three Affluent Millennials considers social networks a “must-have” 20% 18% 33% 30% 39% 42% 49% 48% 41% 41% 18% 22%MILLENNIALS GENXERS AFFLUENT MILLENNIALS AFFLUENT GENXERS Must-have Nice to have Unimportant Must-have Nice to have Unimportant
  • 24. 24 Social networks are central to Affluent Millennials’ financial decisions COMPARED TO AFFLUENT GEN X, AFFLUENT MILLENNIALS ARE MORE LIKELY TO: Use social networks to inform finance / Investment decisions 2x Visit a financial company’s page on a social network 3.4x Seek content from financial companies on social networks 2x
  • 25. % of affluent users that use at least 1 social network to obtain this type of info Thought leadership, educational content, and product reviews are top content for Affluent Millennials on social networks T H O U G H T L E A D E R S H I P 71% 27% Affluent Millennials Affluent GenXers E D U C AT I O N A L C O N T E N T A B O U T P E R S O N A L L O A N S 56% 11% E X P E R T O P I N I O N S O R C O M M E N TA RY 50% 14% 25 2.5X 5X 3.5X
  • 26. 26 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
  • 27. T H A N K Y O U

Editor's Notes

  1. Speaker Notes: Thank you for joining us today to review the Global Affluent Millennial Research Study.
  2. Speaker Notes: About the Study In April of 2015, LinkedIn and Ipsos conducted an online survey of 9,200 Millennials and GenX Internet users across 10 countries. This report focuses on data gathered from a subset of 1,575 individuals from across the United States. The 20-minute online survey measured respondent usage of and engagement in financial service offerings, as well as their attitudes and opinions about the finance industry.   About the Sample Population The study targeted Millennials, which are defined as individuals born from 1981 to 1997, and GenXers, which are those born 1966 through 1980. The study further broke down these generational groups into subgroups to call out affluent members, which refers to those living in households with investable assets in excess of $100,000 (excluding real estate).
  3. Speaker Notes: Study Objectives The study set out to gain greater understanding of Millennials, particularly: The differences between Millennials and GenXers with regard to brand affinity, purchase process and information-gathering. The role that social media plays and the influence that content and context has on the decision journey for retail financial products. The unique mindset, behaviors and expectations of the Affluent Millennial subset.
  4. Speaker Notes: This study is broken up into 3 sections: How Affluent Millennials envision the future of the finance industry How Affluent Millennials are preparing for their future today How financial services providers can build long-term relationships with this audience. Here are the top 5 key findings. Affluent Millennials are.... Eternal optimistic Control freaks Open Minded Social-centric AND Hungry for educational info Now I will pass it to Emily to deep dive into these 5 key findings anchored around the 3 categories.
  5. Speaker Notes: Affluent Millennials believe the future of the financial industry will be very different from how it is today.
  6. Speaker Notes: Here is how Affluent Millennials envision the future of the finance industry. Affluent Millennials are more likely to think that there will be automatic debt paydown through earnings, banks will no longer be their primary financial institutions and social network accounts will be the hub for financial info Survey Question: FUTURE_FS_RELATIONSHIP Thinking about the future, that is, 10 years from now, which of the following do you think we are likely to see?
  7. Speaker Notes: Affluent Millennials in Australia are less likely to expect another financial crisis to occur, and they are also are unparalleled in confidence compared to Affluent Gen X and Millennials overall. While many anticipate another financial crisis, Affluent Millennials are significantly more likely to be confident in future economic growth – more than twice as likely compared to Affluent Gen X -- and one in four believe the Australian Dream* is definitely possible. AMERICAN_DREAM 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. Survey Questions: Is this ideal alive and possible today? OPTIMISM How well do you agree or disagree with the following statements?
  8. Speaker Notes: Affluent Millennials believe that their future success depends on the decisions they make now Survey Question: OPTIMISM How well do you agree or disagree with the following statements?
  9. Speaker Notes: With the type of sacrifices Affluent Millennials want to make in the future, they set ambitious goals for their lives. We see common goals like getting married or having children vary more by life stages, but Affluent Millennials in general tend to be more ambitious. As an example, Affluent Millennials are more than 2x as likely to have a life goal to start a business (26% vs. 11%). Survey Question:: CURRENT_GOALS People often have both long-term and shorter-term goals, both personal and financial. Which of the following are current goals for you?
  10. Speaker Notes: We also see this ambition exemplified in the greater likelihood Affluent Millennials have to travel internationally for education, or for a ‘gap year’ break in their education. Affluent Millennials are more likely to have already traveled abroad for either reason, as well as more likely to plan to do so in the next few years. TRAVEL_NONNAMER: Whether plan to travel - Travel overseas for further study/ education TRAVEL_NONNAMER: Whether plan to travel - Travel overseas for a 'GAP' year
  11. Speaker Notes: So how are Affluent Millennials starting to achieve all of these goals... Let’s look at how Affluent Millennials are preparing for their future today...
  12. Speaker Notes: The way in which these groups are acquiring their wealth is shifting across generations. Employment wages are losing dominance as the primary source of wealth. Affluent Millennials are: 3.4x more likely to have gained their assets from inheritance (note massive intergenerational wealth transfer taking place from boomers) 2.7x more likely to have gained their assets from their family’s business OR 2.5x more likely to have gained their assets from a superannuation (note: could be inherited) Survey Question: SOURCE_WEALTH Which, if any, of the following are sources of your accumulated investible assets?
  13. Speaker Notes: Another way that Affluent Millennials are acquiring their assets and managing their life goals is by taking out loans. Affluent Millennials are significantly more likely to have products that put them in debt. They are willing to finance their endeavors to reach their goals. So tying in with the entrepreneurial goals we saw earlier, they are 19x more likely to have a business loan. They are also 4x as likely to have a personal loan. When it comes to student loans, while Affluent Millennials and Millennials are equally likely to have them, similar to the US, but unlike the UK where far fewer affluents hold student loans. Survey Question: ACCT_TYPE How many of each type of account do you currently have in your household?
  14. Speaker Notes: But at the same time, Affluent Millennials are also very successful at saving – and they save a lot of their personal earnings. So one in three Affluent Millennials save the majority of their paycheck/monthly compared to 18% of Affluent Gen X. Please note: While Affluent Millennials are saving a large part of their paycheck, as mentioned in the pervious slide, they are taking out loans to pursue their future goals. The reason for the savings and taking loans is part of Affluent Millennials greater finance strategy since there are lower rates to take out loans today. Survey Question: PAYCHECK How much of your personal paycheck do you typically save per month?
  15. Speaker Notes: So how are Affluent Millennials managing the assets they have acquired? Affluent Millennials are on par with Affluent Gen X when it comes to owning a brokerage account – just under a quarter of each group. This is similar to the UK, but much lower than the US (about half). However, when we look at Emerging Affluent Millennials ($25K-$100K in investible assets) only 1 in 10 has a brokerage account, highlighting the importance for financial institutions to build relationships early as Millennials grow their wealth, as more of the wealth transfer occurs and Emerging Millennials become affluent. Notably, 40% of Affluent Gen X and 30% of Affluent Millennials has more than one retirement account – indicating that they likely have opened an account in addition to their government superannuation. Survey Question: ACCT_TYPE How many of each type of account do you currently have in your household?
  16. Speaker Notes: In terms of how Affluent Millennials are managing their money, they are seeking greater control and involvement in their financial decisions. Definitions: Validators: Conduct their own research and investment decision Soloists: Perform their own research, make decisions and execute trades Survey Question: INVEST_PREF When it comes to making decisions about your investments, would you or do you prefer to research and make choices on your own or do you prefer to consult with an advisor?
  17. Speaker Notes: But despite Affluent Millennials’ tendency to do their own research and seek information on financial decisions, Affluent Millennials are significantly more likely than Affluent Gen X to see value in having a financial advisor. This was more significant in AU compared to US, UK. Survey Question: CURRENT_PRIORITIES: When you think about the kind of life you want to live in 2015, how do you prioritize the following?
  18. Speaker Notes: Once Affluent Millennials are a customer, they are highly loyal to their financial institutions. It is important for financial institutions to start building relationships with millennials early on. While the majority of both audiences would be willing to take their business elsewhere if presented with better solutions, Affluent Millennials are more likely to say they are VERY loyal and plan to keep their business with the financial institutions they work with. Questions: Survey Questions: ACCT_LOCATION Are each of your accounts in the same company / institution, or across different companies? FS_LOYALTY Thinking about the financial services companies you use, overall, how loyal do you feel toward them?
  19. Speaker Notes: This loyalty is no surprise when we see that Affluent Millennials are more likely to trust their financial institutions they work with. Survey Question: FS_TRUST Overall, how much do you trust the financial services companies you use? - % who said level of trust is 50% or higher on a scale of 0-100%.
  20. Speaker Notes: But despite the trust and loyalty that we just mentioned, financial institutions need to be aware that Affluent Millennials are becoming more open to financial offerings from traditionally non-financial brands. Survey Question: NEW_PRODUCTS If the following companies offered new financial products and services, which ones would you be likely to try? (list of FS companies and non-FS companies)
  21. Speaker Notes: For financial institutions to reach, nurture and deepen relationships with Affluent Millennials, there are certain factors that matter the most when Affluent Millennials are selecting traditional financial institutions.
  22. Speaker Notes: When it comes to choosing financial institutions to work with, things we would expect like customer data privacy and low fees are important to everyone, However, social presence and relationship history are uniquely important to Affluent Millennials The top 5 factors of unique importance to Affluent Millennials are: Social presence: company has a page on various social platforms. Mission: Company has a social mission you care about. Influence: members of your family use the same financial institution. Online reputation: Company has positive online buzz. Service: Company has things like online chat for customer questions. Survey Question: FS_IMPORTANCE How important are each of the following features to you when considering financial services companies?
  23. Speaker Notes: We see this value on social with 78% of Affluent Millennials considering social networks important, compared to 39% of Affluent Gen Xers. Survey Question: CURRENT_PRIORITIES When you think about the kind of life you want to live in 2015, how do you prioritize the following?
  24. Speaker Notes: And on top of that, not only do they see social networks as a must have for their lives in general, they see social as central to their financial decision-making. Affluent Millennials are: 2x as likely to use social networks to inform their decisions AND 2x as likely to use social networks to seek content from financial companies 3.4x as likely to visit FS company’s social networking page Please Note: Social networks have been and will continue to be BOTH a source of gathering financial knowledge AND conducting financial transactions. Example: in Jan. 2015 ICIC Bank, India’s largest private sector bank announced the launch of banking services on Twitter. Known as ‘icicbankpay’ the first-of-its kind service in India enables ICICI Bank customers to transfer money to anyone in the country who has a Twitter account, check account balance, view last three transactions and recharge prepaid mobile in a completely secure manner.   Survey Questions: FUTURE_FS_RELATIONSHIP Thinking about the future, that is, 10 years from now, which of the following do you think we are likely to see? - Social network accounts as the hub of your financial information FS_ACTIVITIES Which, if any, of the following do you personally do? - Visit a financial services company’s social network page SOCIALNETWORK_PURPOSE Below are several purposes you may have for using social networks. - Seek information to make personal finance/investment decisions - Seek content or information from financial companies
  25. Speaker Notes: And the top types of content Affluent Millennials are seeking from their financial companies are: Thought leadership or commentary about financial markets/events Educational content about personal loans Expert opinions or commentary about markets/events. Whatever information is relevant to their current financial needs, Affluent Millennials are seeking out that information on social networks – significantly more so than Affluent Gen X. Survey Question: FSSOCIAL_NETWORK You indicated that the following types of financial information are relevant to you. Which, if any, of the below social networks would you use to obtain each type of information? (Net of all social networks shown – LI / FB / Twitter)
  26. Speaker Notes: We see all these behaviors come to life on LinkedIn’s platform, when we see how connected and how active Affluent Millennials are - they are sharing twice as much content, but more importantly, they have 13x as many finance topic shares.