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Data for today’s episode is provided by Mercator Advisory Group’s viewpoint – Consumers and Personal Finance: Primary Financial Institutions Can Help
What percent of young consumers (18-34) use a monthly budget?
- 88% of young consumers, age 18-34, use a monthly budget
- In comparison: 78% of 35-64 year olds & 64% of 65+ year olds use a monthly budget
- Across the board young consumers are more interested in personal financial management than other age groups
- 20% of consumers don’t want to share their goals or info with their primary bank
- 8% of consumers don’t trust their primary bank to provide sound advice
- 11% of consumers “wish” their primary bank could provide financial advice
- A whopping 36% of consumers cite “other reasons” for not discussing financial goals with their primary bank
About the report
Mercator Advisory Group’s most recent Insight Summary Report, Consumers and Personal Finance: Primary FIs Have an Opportunity to Help, from the bi-annual CustomerMonitor Survey Series, reveals that over 80% of U.S. consumers 18–34 years old would be open to budgeting, saving, and credit monitoring help from their primary financial institution. More specifically, 89% would be interested in talking to their primary FI about setting a household budget to meet their goals, 88% would be interesting in budget monitoring services, 87% would be interested in automatic savings plans to help meet their budgeting needs, and 84% would be open to a conversation about credit monitoring services.
The report is based on a sample of 3,001 U.S. adults surveyed in the annual online Banking and Channels survey of Mercator’s CustomerMonitor Survey Series, conducted in November 2018.
“Oftentimes primary financial institutions lose out on the opportunity to help their customers build wealth as those customers look to other financial services to address their personal finance needs. Focusing on the younger customer as they start to build wealth is a great opportunity to attract them before they begin to look elsewhere,” stated the author of the report, Peter Reville, director of Primary Data Services at Mercator Advisory Group, which includes the CustomerMonitor Survey Series.
Companies mentioned in this report include: AceMoney, BankTree, iCash, Intuit Quicken, Microsoft Money, Mint, Moneydance, MoneyLine, Personal Capital, and YouNeedaBudget.