Let's face it… everybody banks. Whether you’re a Baby Boomer or a Gen Z-er, we’re all in need of financial services. This opens up a potentially limitless amount of customers, but what’s the best way to get your message to them?

Each generation absorbs media differently, making it essential to diversify your media mixes. Let’s take a look at the habits and financial priorities of four generational demographics to know what services you need and how to reach them.

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Baby Boomers

WHO THEY ARE

Born between 1946 and 1964, baby boomers have more wealth accumulated as well as a better understanding of finance. They are looking to maximize the value of the financial assets that they’ve accumulated over time to ensure a stable future as well as set up their children and grandchildren for success.‍

‍DID YOU KNOW?

• 28% of boomers interpret “convenience” as having a branch near them.
• More than half of all boomers use mobile check deposits.
• Boomers spend an average of roughly five and a half hours on their phones.
  

HOW TO REACH THEM‍

Convenience is key, so using digital options like email, social media, and display advertisements are a must in your marketing campaigns. Additionally, having live chat & other digital solutions will help deliver quick financial services to this audience.‍

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Generation X‍

WHO THEY ARE‍

Born between 1965 and 1980, Gen X-ers usually have more issues with debt compared to boomers. In order to stay financially stable and grow their wealth, this generation tends to have the most bank services and accounts while they’re at the height of their careers.‍

DID YOU KNOW?

• 75% of Gen X-ers say they place a “frictionless” experience as a high priority.
• Roughly 65% of Gen X-ers use online banking and roughly 67% use mobile banking every month.
• 41% of Gen X-ers say they do not receive any financial advice.
• Roughly 77% of Gen X-ers actively use Facebook.
  

HOW TO REACH THEM‍

With so many Gen X-ers taking a “do it yourself” approach to finances, a streamlined digital experience is best for allowing this generation to keep track of financial goals. Since social media is so prominent, Facebook videos are an excellent way to educate about your products and services. Pro tip: 85% of Facebook videos are watched without audio, so providing text in your videos is recommended.

Millennials‍

WHO THEY ARE‍

Born between 1981 and 1996, millennials recently surpassed boomers as the largest generation. They are also the most financially strained generation. Only 24% of millennials claim to have some understanding of financial concepts, and a staggeringly low 7% are financially literate. The bulk of millennials want financial education, so most would benefit from learning which products and services will help them overcome financial burdens.‍

DID YOU KNOW?

• 92% of millennials choose a financial institution based on their digital services.
• 82% of millennials like financial products that offer rewards & savings.
• 61% of millennials are concerned about the state of the world and want to make a positive impact on it.
• 89% of millennials trust recommendations from family and friends.
  

HOW TO REACH THEM‍

Millennials want financial assistance from trustworthy and ethical institutions that give back to the community. When advertising your financial services, use a conversational tone on social media channels to help establish trust as well as provide information. Additionally, emphasize that you want to help by promoting loyalty bonuses, new customer incentives, discounts and other savings.

Generation Z

WHO THEY ARE

Born between 1997 and the early-mid 2010s, Gen Z-ers want to take a DIY approach to finances, similar to Gen X-ers. As many of them are just beginning to enter the workforce, Gen Z is more concerned about setting themselves up for financial success in the future.

DID YOU KNOW?

• 27% of recent high school graduate Gen Zers learn about finances through YouTube.
• 80% of Gen Z teens said that YouTube helped them become more knowledgeable about a subject.
• 43% said they want to learn how to save, 38% want to learn more about managing their expenses, and 36% want to learn how to file taxes.
  

HOW TO REACH THEM

Generation Z grew up with technology, so using digital banking services is typically second nature to them. Fun fact: Gen Z-ers spend an average of 23 hours per week looking at video content, so the best way to reach this audience is through videos across digital channels, especially YouTube.

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It’s All About Necessities

Digital banking and marketing are the common denominators amongst every generation. However when it comes to advertising financial products and services, each demographic has different goals. Some are eager to learn about financial services, while others want a variety of options that will help make the most of their money.

While there isn’t one single solution that works for every generation, Giovatto is experienced with identifying key demographics and understanding the proper channels for effectively advertising to them. We have years of experience in using focus groups and targeted campaigns to advertise banking needs to every demographic. No matter which generation your financial institution is targeting, Giovatto will help you reach them. Contact us today for a free consultation.