Younger millennials and Gen Z consumers approach the financial services category with profoundly different attitudes as a result of long-term cultural changes and economic trends, according to research by Kantar.
“Those people have very different perspectives and desires for how they want brands to talk to them than previous generations. There’s also sort of been a big change in the way that women participate in this category in terms of things like the breadwinner in the family, not necessarily being a man in the same way that it has historically. Women have more access to wealth,” said Amy Cashman, co-Chief Executive Officer of Kantar Insights UK, at a Thinkbox event on effective financial services marketing recently.
“(Consumers) are much more demanding than they have been historically – that’s because of the way that other categories are changing and what they’re delivering, and that puts a pressure on all categories to up their game,” she added.