Nick Patchitt

Millennials and hipster capitalists- what does it all mean for Financial Services?

Nick Patchitt
Millennials and hipster capitalists- what does it all mean for Financial Services?

As with every new era comes a new buzzword. ‘Millennials’ (the collective name given to 18 to 34 year olds) has been thrown around for a while now, but they are shaping the face of digital marketing as we know it. 

Setting the scene

To understand millennials’ behaviour in relation to financial services marketing, you must first understand who millennials are and their behaviour towards brands as a whole. Current events including Brexit, Trump, terrorism and the rise of fake news have all impacted millennials’ attitudes and approach.

This generation voice their opinions in a way never seen before. You only have to look at the recent election result caused by a highly politically-engaged youth to see the impact that they can have. They have a voice and they are not afraid to use it!

However, times are tough. Millennials are faced with an uphill battle in joining the property ladder, the biggest employment gap in recent times and a mass of debt caused in no small part by university fees and high living costs. It is no wonder given this that millennials are far less independent than those before them and are reliant on the ‘bank of Mum and Dad’ – which is where the Swedish term ‘Generation Curling’ derives from.

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That is perhaps why millennials, instead of pushing for a socialist society as some commentators believe, are instead demanding that capitalism lives up to its promises.

Financial Services for millennials

For financial services to respond to its consumers, they must first understand how to identify with them to steer direction and, in turn, build a positive brand image. There are five truths that financial services should be looking to build upon:

1.      TRANSPARENCY - ‘honesty is always the best policy’. In a society often bound by untruths, a rise of distrust has emerged towards governments and remaining open is key

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2.    ASPIRATION - dreams don’t have to be dreams

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3.   POSITIVE IMPACT - supporting those who need it most

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4.  TOLERANCE - celebrating the importance of diversity

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5.    EMPOWERMENT- putting the customer at the heart of what you do and offering them support

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Relationships are nothing without trust. Millennials want to trust you. They want to build a mutually-beneficial relationship and they expect you to understand how to make it happen.

Our Innovation and Development Director, Craig Freeman will be presenting a session entitled “Why Millennials are making us work harder at digital marketing” at the Investment Marketing and Innovation Awards on Friday 30th June.