Facebook Outlines How Millennials Approach Financial Management [Infographic]
One of the most significant changes brought about by internet connectivity has been in the way we manage our finances. Think about it for a moment - it used to be that if you wanted to deposit or withdraw your money, you'd have to go to an actual bank, you'd have to wait in line in between those herding barriers that guided you towards the teller. You'd have to fill in a form and have it stamped, then you'd likely have to wait for several days before actually seeing that transaction take effect on your account. These days, such activities seem as ancient as a rotary dial phone - almost every financial transaction and action you can undertake can be completed from the comfort of your couch. Or your car. Or from outside the nightclub as you're waiting for your Uber to arrive.
The way we approach financial transactions has changed, and as such, the way we seek information and make decisions about our money has evolved also. This difference is most clearly evident in the way Millennials approach their own money matters.
Millennials - those born between the early 80s and the 2000s - have a very different outlook on finances. They've never known a time when things were different, they've always had some form of internet banking to rely on. And as such, the way they consider their financial decisions is very different to what older generations know.
To examine this, Facebook conducted a study, examining audience data, conversation analysis and survey responses from Facebook users in the U.S.
"What we found was that the vast majority are saving money and many have made paying down debt a priority. We also found that half of Millennials have no one they trust for financial guidance and that the Millennial generation is ready for a new type of financial partner."
Facebook compiled the data into the below infographic, outlining the way in which Millennials approach their finances, and how marketers can use those trends to best reach the shifting demand for related services.
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