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Targeting Gen Y for Savings & Deposits
Retail Finance Intelligence (RFI), Dec 2009, Pages: 48
This report compares the savings behavior of Generation Y (Gen Y) to the average savings behavior of Australians, using results from the RFI Savings Account survey and Transaction Account survey. The report is divided into four sections. The opening section analyses the consumer sentiment of Gen Y, deciphering their economic concerns and financial plans. The second and third sections examine Gen Y trends in savings account and transaction account behavior. The final section pools together all the major trends distinct to Gen Y and attempts to explain the reasons behind these trends.
Scope and methodology
The report uses data from the June 2009 savings account survey and August 2009 Transaction survey.
The RFI surveys:
- Are nationally representative
- Contain results from 2,000 savings account holders and transaction account holders
- Address a number of issues affecting savings and transaction account holders, including consumer sentiment, market share, account balance and use of savings
Highlights
- Gen Y displays a higher level of concern and awareness of current economic conditions than average, and is a generation that has taken, and continues to take, steps to ensure future financial stability through cutting down on their spending and increasing their savings.
- When it comes to researching accounts Gen Y displays a thorough research method as they value a large variety of research sources. However word of mouth recommendation is their primary research source, suggesting that Gen Y does not necessarily make independent decisions and seeks the advice from others when needing to purchase a financial product.
- Switching is a large aspect of Gen Y’s saving and deposit behavior, with a higher than average proportion displaying past switching behavior in both savings and transaction accounts and a higher than average proportion considering to switch in the near future.
Reasons to read this report
- Understand the economic outlook of Gen Y
- Gain insight into why Gen Y save, and their future savings goal
- To learn which features Gen Y value in a savings and transaction account
Country covered: Australia
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