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The Affluent Millenial Opportunity Study - India

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The Affluent Millenial Opportunity Study - India

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The Affluent Millenial Opportunity Study - India

  1. 1. The Millennial Opportunity India | June 2015
  2. 2. There are 395 million millennials in India. This segment is vital to the Indian economy as they are a key economic driver for the future. This shift to a more technologically mobile, self-empowered generation will drastically change the primary buyer persona of financial services firms around the world, thus forcing massive changes to their marketing strategies and business models. How can financial services providers prepare for these drastic changes?   LinkedIn and Ipsos recently conducted a global study of approximately 800 Millennials in India to help answer this question. The study worked to identify their preferences and behaviors regarding savings and investments, as well as their attitudes and beliefs about financial services providers. It examined how Affluent Millennials are reshaping the future of the finance industry, how they are preparing for their future today and how financial institutions should reach, nurture and deepen relationships with affluent millennials.    Background
  3. 3. 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 India, Affluent is defined as more than 30 Lakhs but less than 2 Crore net investible assets, excluding real estate. INDIA RESULTS This report covers results from 802 total respondents in India, including: 502 total Millennials (incl. 138 Affluent) and 300 total Gen X (incl. 108 Affluents). Methodology
  4. 4. Understand the differences between Millennials and Gen X with regard to brand affinity, purchase process and information-gathering. Examine the subset of Affluent Millennials to understand their unique mindset, behaviors and expectations. Comprehend the role that social media plays and the influence that content and context has on the decision journey for retail financial products. RESEARCH OBJECTIVES
  5. 5. AFFLUENT MILLENNIALS ARE… Key Findings Summary ETERNAL OPTIMISTS Unparalleled in confidence about their financial future, happy to sacrifice now for the future and set ambitious life goals. Demonstrate stronger trust and loyalty with their current financial services relationships. SOCIAL-CENTRIC Financial institution’s social networks are a must-have and central to Affluent Millennial financial decisions. HUNGRY FOR EDUCATIONAL INFO Top content includes peer reviews, expert opinions or commentary, thought leadership, educational content and information about product services. OPEN MINDED Despite being loyal customers, Affluent Millennials are open to financial offerings from traditionally non-financial brands and are early adopters of emerging payment technologies. INDEPENDENT Are happy to take on debt to fund their lifestyle goals Do financial research on their own, however see intrinsic value in being able to validate this with a financial advisor.
  6. 6. AMBITIOUS, PROGRESSIVE & CONFIDENT: How This New Power Persona Is Reshaping The Finance Industry
  7. 7. % Agree: One financial ideal is that every citizen should have an equal opportunity to achieve success and prosperity through hard work, determination, and initiative. Is this ideal alive and possible today? Affluent Millennials are utterly optimistic in their belief in the Indian dream MILLENNIALS GEN XERS Total: 85% Total: 87% Affluent: 96% Affluent: 93% More than half of Affluent Millennials anticipate another financial crisis. This does not stop them having confidence in India’s future economic growth, or the opportunity to invest in their future success, in line with other groups. Despite the belief in the Indian Dream, there is a concern about a potential future financial crisis Millennials Gen XersAffluent Millennials Affluent Gen Xers 37% 54% 30% 39% I anticipate another financial crisis to occur I am confident in my country's future economic growth The sacrifices I make now will pay off in the future 52% 60% 60% 69% 58% 64% 59% 67%
  8. 8. % Agree: I expect to be successful and advance quickly in my career “Millennials are different. They have grown up empowered and expect to have a more self-directed life.” - Mohamed El-Erian, Chief Economic Adviser of Allianz Affluent Millennials expect to own their own destiny MILLENNIALS Total: 63% Affluent: 68% Affluent Millennials are prepared to head overseas for the right opportunities 41% 58% 32% 45% AFFLUENT MILLENNIALS AFFLUENT GENX MILLENNIALS GENX 39% 54% 22% 36% AFFLUENT MILLENNIALS AFFLUENT GENX MILLENNIALS GENX LEARNERS Travel overseas for further education/ study WORKERS Travel overseas for work opportunities
  9. 9. Affluent Millennials define success through independence and freedom Affluent Millennials Affluent Gen Xers 1.5x 15% 10% 2x 15% 8% 3x15% 6% BEING ABLE TO TRAVEL & SEE THE WORLD DOING FINANCIALLY BETTER THAN PARENTS FREEDOM TO DO WHAT YOU WANT
  10. 10. INDEPENDENT, YET SEEKING GUIDANCE: For Affluent Millennials, Their Financial Future Starts Now
  11. 11. Affluent Millennials are more likely than Affluent Gen X to have a personal or business loan to facilitate their entrepreneurial and life goals. Affluent Millennials are more likely to carry debt HAVE AT LEAST ONE… 43% 28% 14% 18% 68% 52% 27% 22% 45% 27% 11% 8% 69% 35% 18% 9% Credit card with a balance Personal loan Business loan Student loan Wages are losing dominance as the primary source of wealth. Among those who have acquired any assets from wages, Affluent Gen X are more likely to say this is their primary source of wealth. Sources of affluence are shifting across generations Compared to Affluent Gen X, Affluent Millennials are more likely to have gained their assets from: SELF EMPLOYMENT 1.6x SCHOLARSHIPS & GRANTS 1.4x ROYALTIES 1.8x Millennials Gen Xers Affluent Millennials Affluent Gen Xers 54% 51%69% of 57% of % Primary source of wealthAffluent Millennials Affluent Gen Xers
  12. 12. While brokerage accounts are standard, only 2 in 5 Affluent Millennials has a brokerage account, highlighting the importance for financial institutions to build relationships early as Millennials grow their wealth. Affluent Millennials are more likely than Affluent Gen X to have a brokerage account % OF PAYCHECK SAVED PER MONTH Affluent Millennials are more likely to save most of their monthly paycheck 1/3 of Affluent Millennials save most of their paycheck 25% + 50% + 70% 33%60% 21% HAVE AT LEAST ONE ACCOUNT… 2 in 5 Affluent Millennials have a brokerage account 31% 42% BROKERAGE (NON-RETIREMENT) 3 in 5 Affluent Millennials have not yet started a retirement account Affluent Millennials Affluent Gen Xers Affluent Millennials Affluent Gen Xers
  13. 13. Affluent Millennials seek greater involvement and control in financial decisions, but still validate decisions with advisors 55% 54% AFFLUENT MILLENNIALS MILLENNIALS SOLOIST Perform their own research, make decisions and execute trades 42% 47% AFFLUENT MILLENNIALS MILLENNIALS Despite their tendency to do their own research and seek information on financial decisions, 2 in 5 Affluent Millennials are particularly likely to see value in having a financial advisors for their current assets, similar to those in Generation X. Affluent Millennials like to validate their research with financial advisors, considering them a must-have A FINANCIAL ADVISOR IS A… 39% 38% 51% 48% 10% 14% AFFLUENT MILLENNIALS AFFLUENT GEN XERS Must-have Nice to have Unimportant Nice to have Unimportant VALIDATOR Conduct their own research and investment decision but consult with advisor to validate Must-have
  14. 14. The affluent segment’s loyalty as customers isn't surprising when we see that they are more likely to trust the financial institutions they work with. The Indian Millennial and Gen X populations are trusting of financial services brands, particularly affluent individuals AMONG THOSE WITH MULTIPLE ACCOUNTS OF EACH TYPE, % WHO HOLD ALL WITH THE SAME INSTITUTION: Once they are customers, Affluent Millennials are highly loyal to their financial institutions Affluent Millennials are significantly more likely to say they are very loyal and plan to do more business with financial institutions they work with. CHECKING AFFLUENT MILLENNIALS: 76% AFFLUENT GEN XERS: 31% RETIREMENT AFFLUENT MILLENNIALS: 52% AFFLUENT GEN XERS: 36% CREDIT CARD (no balance) AFFLUENT MILLENNIALS: 46% AFFLUENT GEN XERS: 11% BROKERAGE AFFLUENT MILLENNIALS: 59% AFFLUENT GEN XERS: 27% 36% 51% 57% 46% 7% 3% Somewhat loyalVery loyal Not loyal AFFLUENT MILLENNIALS AFFLUENT GEN XERS 80% 92% 84% 90% AFFLUENT MILLENNIALS MILLENNIALS AFFLUENT GENX GENX More than three quarters of Affluent Millennials with multiple checking accounts hold all of these at the same financial institution.
  15. 15. Two in three Affluent Millennials use a mobile payment service And Affluent Millennials already have high adoption rates of NFC mobile payment platforms Likelihood to try services from a non-financial brand However, the Indian population is open to financial offerings from traditionally non-financial brands. 70% 71% 65% 73% BRAND BIZ: Which of these companies do you currently use? 59% 69% 43% 63% 32% 43% 16% 28% 15% 20% 11% 9% 69% Millennials Gen Xers Affluent Millennials Affluent Gen Xers Millennials Gen XersAffluent Millennials Affluent Gen Xers
  16. 16. HIGH EXPECTATIONS & BIG DEMANDS: Affluent Millennials Want A Deeper Connection With Financial Services Providers
  17. 17. FIVE KEY FACTORS OF IMPORTANCE TO AFFLUENT MILLENNIALS When choosing financial institutions, privacy and positive online buzz are important to Affluent Millennials PRIVACY Offers a high degree of privacy and has a good security track record PURPOSE Company has a community mission you care about EXPERTISE Company has financial advisors with a great deal of experience WEBSITE Offers a website that has all the banking features I need SOCIAL PRESENCE Company has positive online buzz
  18. 18. AFFLUENT MILLENNIALS USE SOCIAL NETWORKS MORE THAN GEN X TO: % of Affluent users that use at least 1 social network to obtain this type of info Inform personal finance/investment decisions 65% Seek content from financial companies 64% Affluent Millennials consider social networks a must-have and are central to their financial decisions Peer opinions, thought leadership and product reviews top content for Affluent Millennials on social networks AFFLUENT MILLENNIALS MILLENNIALS AFFLUENT GEN XERS GEN XERS Must-have Nice to have Unimportant Nice to have UnimportantMust-have 60% 52% 32% 39% 8% 9% 56% 47% 39% 42% 6% 10% EDUCATIONAL CONTENT PEER OPINIONS THOUGHT LEADERSHIP 93% 82% AFFLUENT MILLENNIALS AFFLUENT GEN XERS 92% 76% AFFLUENT MILLENNIALS AFFLUENT GEN XERS 90% 67% AFFLUENT MILLENNIALS AFFLUENT GEN XERS
  19. 19. Source: LinkedIn behavioral data, GLOBAL, May 2015 COMPARED TO THE GENERAL POPULATION ON LINKEDIN, AFFLUENT MILLENNIALS ON LINKEDIN HAVE: Affluent Millennials are especially active on LinkedIn GROUP ACTIVITY SHARES FINANCE TOPIC SHARES COMPANY FOLLOWS 2x AS MANY 13x AS MANY CONNECTIONS
  20. 20. Implications and opportunities for FS marketers Opportunities available to financial services providers to successfully navigate potentially tumultuous times and even thrive through it all. Affluent Millennials are hungry for information that can be directly applied to their specific financial situation and they are looking for it within social networks. Financial services providers should leverage the social networks to provide relevant content. Earn trust and build relationships with Affluent Millennials by delivering the balance of expert advice and encouraged independence they crave. Transform the customer relationship by providing vital resources that support customers daily activities. PERSONALIZE AND SOCIALIZE EXPERT ADVICE TO ESTABLISH TRUST AND ENABLE INDEPENDENCE Affluent Millennials have proven to be extremely loyal once their trust is won. Financial services providers should reach out to Affluent Millennials now and build relationships with them before the non-traditional competition is able to. Earn their trust and secure their loyalty now and the outsider brands won’t have a chance. ESTABLISH LOYALTY EARLY 3 in 5 Affluent Millennials do not have retirement accounts. Establish relationships with Affluent Millennials now, becoming their trusted advisors to help cast a vision and execute a plan for retirement. RETIREMENT PLANNING
  21. 21. THANK YOU CONTACT: lmsindia@linkedin.com

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