Gen X Wants Financial Planning From Banks
American Banker/Gallup Consumer Survey 2000 (09/00) Vol. 104, No. 41 p.13A; Hunter, Matthew

Consumers age 18 to 34 may prefer to get financial-planning services from their banks than from other financial-services companies, according to this year's American Banker/Gallup consumer survey, but they are less interested in using Internet and wireless products than is often expected. Analysts say banks targeting this demographic should focus on customer service as well as effective Web-site branding. Those 18-34 are oriented toward putting money away for retirement and making retirement decisions early, in part because of a perception that Social Security will not be available to them when they reach retirement age. Since financial-planning and brokerage companies do not target younger consumers in general and since their investable assets are usually smaller, banks have the opportunity to gain the younger customers' loyalty now so they will be willing to buy mutual funds, insurance, and other such services later. The 18- to 34-year-olds are less interested in account-aggregation services than some older consumers but they would be more interested in such a service if their primary institution were offering it. In addition, while wireless services have not gained the interest of most younger consumers, the 18- to 34-year-olds are the age group most likely to be interested in wireless.

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