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Targeting Gen Y for Personal Loans
Retail Finance Intelligence (RFI), Dec 2009, Pages: 27
RFI has produced a series of reports which focus on Generation Y (Gen Y) and their characteristics throughout different areas of retail banking. This report examines the behaviours of Gen Y in the personal lending arena, using the results from a survey of 2000 respondents. Areas examined include how Gen Y borrowers research their personal loans, how a lender is chosen, reasons for paying out early and satisfaction, as well as the alternatives to personal loans which are considered.
Scope and methodology
The report uses data from a July 2009 survey of current and prospective personal loan holders conducted by RFI.
This survey:
- Is nationally representative
- Contains the responses of 1,000 current and 1,000 prospective personal loan customers
- Addresses a range of issues regarding personal loans, including loan characteristics, research channels, the application process, choice of lender, paying out early and loan satisfaction
Highlights
- There are a number of important features which differentiate Gen Y borrowers from the average borrower, with differences evident in terms of demographics, loan purpose, application and research channels and the choice of lender.
- The use of lender and application channels showed a strong differentiation between Gen Y and the average, with Gen Y borrowers much more likely to have used CBA, ANZ and Bankwest compared to the average, while also expressing preference for the internet channel. Gen Y respondents were also much more likely than average to have considered and applied with multiple lenders.
- Gen Y respondents were more likely to be considering a loan from friends or family as an alternative to a personal loan, while Credit cards were also a more commonly considered alternative. Because of the tendency of Gen Y to use recommendations and also use social networking websites such as Facebook or Twitter, viral marketing presents itself as an important tool for lenders.
Reasons to read this report
- Gain insight into the personal loan characteristics of Gen Y, including their intentions for paying out early, consideration of personal loan alternatives and satisfaction
- To learn of preferred application and research channels for Gen Y personal loan customers, as well as the reasons behind choosing a lender
Country covered: Australia
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