The British Generation Y and Financial Services
British Generation Y and Financial Service Providers
High expectations from the on-demand generation will keep financial service providers on their toes.
Generation Y, or 18- to 24-year-olds, are a huge untapped market (and the next mass affluent group) for UK financial institutions. This demographic is just starting to make key financial decisions, from choosing a credit card, opening a bank account, applying for a student loan, or buying car insurance. In a new report, British Generation Y and Financial Service Providers, Celent analyses information from a survey to identify the preferences and motivation of Generation Y and provides strategies for financial institutions working to target this group.
"An interesting trend is that despite being the most technically savvy generation out there, this generation still relies on traditional channels such as phone and branch for their interaction," says Catherine Schmitt, senior analyst and author of the report. "This puts pressure on the institution to continue to invest in the traditional channels while also investing in the new sexier channels such as the Internet."
"Some financial institutions are leading the way when it comes to targeting this market," continues Schmitt. "Norwich Union's Pay As You Drive is a great example of an innovative product harnessing modern technology."
Generation Y is a huge opportunity and the next target market for financial institutions searching for a competitive edge. Celent's research highlights what makes this group tick and how best to get their attention to forge long-term relationships.
The 36-page report contains 24 figures and 1 table.
A table of contents is available online.