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Winning Millennials:
How This New Power Persona is Reshaping The Finance Industry
Australia │ June 2015

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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.

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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

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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.

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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

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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.
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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

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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 .

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% Agree: My future success depends on the decisions I make now
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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 %

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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%

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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

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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

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Sources of affluence are shifting across generations
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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

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Affluent Millennials are more than twice as likely as Affluent Gen X to have at least one non-mortgage loan* (50%, 21%).
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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

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Nearly 1 in 3 Affluent Millennials
save the majority of their pay
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Affluent Millennials are more likely to save most of their monthly paycheck
% OF PAYCHECK SAVED PER MONTH
Affluent Millennials Affluent GenXers
50%
+
30%
18%

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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.
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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:

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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

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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.
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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…

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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.
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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

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90%
76%
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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

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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
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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

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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

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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

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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

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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

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% 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

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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

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T H A N K Y O U