The Brag Media has today released research on how young people engage with and think of banking.
The Brag Media surveyed 1,500 Australians about their money and banking to uncover the following results. The survey aimed to find how young people are coping financially during 2020, what matters most to them, and if they care about a bank’s authenticity.
Travel, a house and ‘rainy day’ savings for unforeseen circumstances are the biggest reasons young people save. Meanwhile, 27% have a bank loan, and the global Coronavirus Pandemic has caused a moderate to severe impact on 60% of people aged 18-35.
Other Key Insights:
– The Coronavirus Pandemic has had a big impact on young people in Australia. An increased focus by young people on finances means opportunities for banks and finance companies to provide help with finance management, betterment, and visibility.
– While there is a long way to go with awareness of neo and digital only banks, the conversion rate and appetite is huge with approximately 50% of young people who know about neo and digital only banks making the conversion.
– Brand loyalty is higher for everyday accounts, but young people are not afraid to shop around.
– Authenticity is crucial for younger generations. Young people care about ethical practices, and this includes those of banks. However, it does not provide a big enough reason to make the switch with tangible benefits of lower fees, bonuses, and better interest rates also ranked as more influential on making a decision to switch.
The Brag Media’s Senior Brand Partnerships Manager Emma Greenhalgh said: “Seeing the significant discrepancy between the importance Millennials and Gen Z put on the ethics of companies, including banks, and how familiar they are with the very ones they are currently with, reinforces the need for brands to really dig deep into their messaging and how they frame themselves in market,” she said. “There needs to be a very clearly defined messaging hierarchy and offering that stimulates interest and emotional connection followed by an immediate reason to switch.”
Ben Wills, The Brag Media’s Head of Commercial for Victoria, said: “At The Brag Media we are working with more and more brands to deliver full content marketing campaigns that deliver on all stages of the consumer funnel, not just the top. This banking research has reinforced the importance of looking at how all elements work together and content really does sit at the heart.”
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