Millennials Are Preparing for Their Financial Future and Need Your Help

Thursday, March 2, 2023  |   Alexandra Romjue, Senior Data Analyst

Millennials are not teenagers anymore. As often as Millennials and Gen Z get placed together when discussing generational patterns, let us not forget that Millennials alone account for about 72 million of the U.S. population. They also have recently surpassed the baby boomers as the largest generation and will continue to hold that slot for many years to come.

This generation, now in their 30s and 40s, are in desperate need of financial guidance. With many of them preparing for their children’s higher education expenses, purchasing a house while prices are at all-time highs, and thinking about retirement, it is no surprise that they want and need guidance on their financial future.


Figure 1: Uncertainty on Whether Institutions Offer Investment Services

Do Consumers Know Whether Their PFI Offers Investment Services

Source: Raddon Research Insights, 2022 Deposits and Investments

In thinking about how to engage Millennials about discussing investments, note that around 50 percent of community bank and credit union consumers are unsure whether their primary financial institute (PFI) offers these services. Although uncertainty has decreased for community bank consumers – which we like to see – this sentiment has increased for credit unions. When looking to increase your customer base, how can you advertise to Millennials to make them aware of the investment services you may offer?

Figure 2: Interest in and Opening of Investment Accounts (by generation)

Investments Accounts Likely to Open Within the Next 12 Months

Source: Raddon Research Insights, 2022 Deposits and Investments

Not only do Millennials seek to open different types of retirement and investment accounts within 2023, but they have been active in this pursuit. Just as our past research has indicated, 2022 was no different. Millennials dominated in their desire for savings, investment and retirement product options.

If your institution offers these services, marketing to this generation is going to be important. As we can see in Figure 2, Millennials are more likely than other generations to purchase investments within the next 12 months.

It is also a good idea to ensure that your staff is knowledgeable on the products and services you offer and that they are able to guide consumers in the right direction.


Figure 3: Millennials Want and Need an Advisor

Source: Raddon Research Insights, 2022 Deposits and Investments

Just about ¾ of Millennials are willing and ready to consult a financial advisor or a professional to discuss their retirement and investments. One’s financial future can be an intimidating topic, and there is a lot of differing information floating around the internet. Many consumers look to their PFI to help answer their financial questions and lead them to what is best suited for their lifestyle.

Although many consumers look for financial advice and information via the internet, it is important to remember that you as their institution have planted the seed for their trust already. Millennials are thinking about what their financial future holds – whether that includes having children, getting married, caring for their parents, or retiring – and they need a trusted advisor and expert on financial topics.

Here are some items to keep in mind:

  • If you offer financial and investment services, how can you market to Millennials who are searching for these products?
  • Remember, Millennials want fast and efficient service. Are you able to streamline certain aspects of investing?
  • Financial advising does not always have to mean a “financial advisor.” Be sure to train and empower your staff on products you offer and where they can direct members and customers to open certain accounts.
  • Keeping customers isn’t always about rates. It is about guiding them through financial stages in life and providing proper advice and education.


Raddon Report

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