The Millennial Migration
The-Millennial-Migration-report
The-Millennial-Migration-report
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5. Moments that Matter: <strong>Millennial</strong>s’ Life Moments<br />
<strong>The</strong> way for banks to integrate into <strong>Millennial</strong>s’ lifestyles is to examine where and how<br />
<strong>Millennial</strong>s are making their financial decisions. By looking at data, such as spending<br />
patterns, and launching surveying effort to identify the most relevant moments in a<br />
customer’s life, banks gain valuable insight on where to focus their new product<br />
development efforts. <strong>The</strong>se moments that matter are what we refer to as Life Moments,<br />
ranging from daily shopping & budgeting, to major commitments like finding a new job and<br />
planning a vacation.<br />
As the nature of spending priorities differs between Young, Middle, Mature and Grey<br />
<strong>Millennial</strong>s, we sought to understand their top 3 Life Moments to identify where these<br />
priorities lie.<br />
Top 3 Life Moments Selected By <strong>Millennial</strong>s<br />
Young <strong>Millennial</strong>s (Age 18 - 21)<br />
Deciding on a College<br />
/ Furthering Studies<br />
Finding a New Job<br />
Planning a Vacation<br />
31%<br />
19%<br />
16%<br />
Depending on what stage of their life they are in, we find <strong>Millennial</strong>s globally prioritizing<br />
their expenditure decisions according to these top 3 Life Moments: Planning a vacation<br />
(25%), Finding a new job (17%) and Daily shopping and budgeting (16%).<br />
Middle <strong>Millennial</strong>s (Age 22 - 25)<br />
Finding a New Job<br />
22%<br />
Top Life Moments for <strong>Millennial</strong>s differ by age. Banks are in the<br />
best position to align data and provide customers with financial<br />
services regardless of which stage they are in their life.<br />
Planning a Vacation<br />
Deciding on a College<br />
/ Furthering Studies<br />
21%<br />
14%<br />
Mature <strong>Millennial</strong>s (Age 26 - 30)<br />
Planning a Vacation<br />
Daily Shopping<br />
& Budgeting<br />
Finding a New Job<br />
26%<br />
17%<br />
15%<br />
Qn: Which of the following life moments appeal most to your lifestyle right now? Select 1 only.<br />
10<br />
<strong>The</strong> <strong>Millennial</strong> <strong>Migration</strong>: How Banks Can Remain Relevant In <strong>The</strong>ir Decision-Making Eco-System
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