My 24 Hours Income Team Impact: Facebook, Millennials and Money (Infographic)

Tuesday, January 26, 2016

Facebook IQ examined the complicated relationships between millennials, money and financial institutions in its latest study.

Among the findings reported by the social network’s research arm:

Millennials are saving for futures that they haven’t planned yet: 86 percent of respondents said saving was important to them, and 85 percent actually do so each month, but most of them could not specify what they were saving for, and only one-half had actual financial plans.
Millennials don’t feel that their banks understand them: 44 percent of respondents believed that their banks did not understand them, while only 32 percent believe their banks do understand them. More than one-third used unflattering terms such as used-car salesman or aggressor to describe their banks, and 60 percent expressed desire for their banks to be partners and friends.
The millennial journey lives on mobile: 77 percent of finance-related conversations on Facebook occur via mobile devices, and 49 percent of respondents prefer banking via their smartphones.

Facebook IQ also provided the following takeaways for marketers in a blog post:

Meet millennials where they are: Connect with millennials by offering solutions that respect their near-term goals (like paying down debt), have low barriers to entry and help them manage multiple financial priorities.
Make financial planning a gateway: Empower millennials by raising their financial literacy and helping them develop a plan for the future. Offer them a holistic perspective that increases their sense of control, expands their financial toolkit and makes you an invaluable partner.
Bank on mobile: Millennials use mobile to talk about money, track money and move money. Put mobile at the center of your multichannel ecosystem. Whether you focus on enhancing your application or mobile site, blending your mobile and in-branch experiences or rewarding millennials for their loyalty, make sure you’re giving millennials a reason to stay close on mobile—and do it visually.