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Teens, Students and Finance in the United States 2005
Mintel, March 2005, Pages: 88
Young people, particularly teenagers, are elusive consumers. They live in a pop-culture world, where trends change moment to moment. Because of the frenetic speed at which they live their lives, finance needs of young people are constantly evolving. In the area of finance, the needs of teens and college students have matured with the power of their discretionary income. Responses to marketing and brand positioning have also changed as the demographics of young consumers have diversified in recent years.
Unlike some product or service categories, the financial services industry is inherently well suited to the goals of young people. Exploration of saving and investing products among teens and college students includes their desire to be presented with “adult” products and services. At the same time, they also want services that recognize their special circumstances--having considerable discretionary income, few financial obligations, and the desire to handle funds responsibly.
Our report reveals important clues to the mindsets of today’s teens and students. Firstly, we explore the core demographics of both teens and students, as well as projections for growth in the next five years. The sources of teen income will be examined in detail, as well as their receptivity to and ownership of financial products. Market trends affecting the college student segment will be analyzed, including tuition increases, growing financial aid programs, and longer-than-expected completion rates for undergraduate degree programs.
For the purpose of this report, a teen is a person between the ages of 12 and 17 years old. A teen does not include those aged eighteen or nineteen.
A student is a person 15 to 24 who is enrolled either full-time or part-time in pursuit of an academic degree. This report excludes students 25 and older, students who are currently pursuing an advanced degree, and those individuals taking classes for personal fulfillment which do not count towards a degree.
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