The British Generation Y and Financial Services

May 16, 2006

Abstract

London, United Kingdom May 16, 2006

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.

 

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

London, United Kingdom May 16, 2006

British Generation Y and Financial Service Providers

Executive Summary 3
Key Findings 4
Market Opportunity 6
The Survey And Respondents 9
Generation Y And Financial Services 14
Financial Goals And Concerns 21
Multichannel Expectations 26
Reaching Generation Y 31
Concluding Recommendations 33
Objectivity And Methodology  35

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