{"id":57886,"date":"2023-06-22T09:09:38","date_gmt":"2023-06-22T13:09:38","guid":{"rendered":"https:\/\/www.sogolytics.com\/blog\/?p=57886"},"modified":"2023-06-23T11:29:51","modified_gmt":"2023-06-23T15:29:51","slug":"how-credit-unions-banks-attract-young-consumers","status":"publish","type":"post","link":"https:\/\/www.sogolytics.com\/blog\/how-credit-unions-banks-attract-young-consumers\/","title":{"rendered":"How Credit Unions and Community Banks Can Better Serve Young Consumers"},"content":{"rendered":"

Millennials and Generation Z make up the largest population demographic in the United States. But while marketers across the industries are excited to get their attention, these consumers are quite different from the preceding generations and have high expectations for the companies they choose to do business with, whether it\u2019s a restaurant, a retail store, or a financial institution.<\/p>\n

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\"young<\/p>\n

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One mistake that many marketers make when trying to reach them is not understanding that these generations\u2019 expectations keep changing.<\/p>\n

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What does data show?<\/h2>\n

Let\u2019s take a quick look at the findings from multiple industry studies.<\/p>\n

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In March 2020, McKinsey published research<\/a> revealing that almost 40% of adult Gen Z and 25% of Millennials in the US say their purchasing decisions are most influenced by social media.<\/p>\n

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\"McKinsey<\/p>\n

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In May 2022, The Financial Brand shared<\/a> the results of their survey of US banking consumers indicating that for those under age 45, the top three information sources used in searching for a new loan are:<\/p>\n

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  1. Checking rates of the financial institution they are currently using<\/li>\n
  2. Searching online through Google\/Bing<\/li>\n
  3. Asking a friend of family member for recommendations<\/li>\n<\/ol>\n

    Does that mean the things have changed over the past few years and younger consumers are no longer relying on social media for financial advice?<\/p>\n

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    Not according to Digital Growth Institute. Published in May 2023, their data shows<\/a> Gen Z is almost five times more likely to obtain financial advice from social media platforms compared to people aged 41 or over. According to this study, TikTok, in particular, has become a popular source of financial advice for this generation, with 34% of Gen Z seeking advice from the platform. Twitter is expected to gain more ground in the future, given Elon Musk’s intentions to transform the platform into a financial services hub.<\/p>\n

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    Sogolytics\u2019 own survey of about 1300 US banking consumers in May 2023 indicates the following popularity breakdown of social media platforms among the different consumer groups:<\/p>\n

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