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New Facebook Study Outlines Millennials’ Financial Management

Brandon

January 28, 2016
Brandon

Facebook recently released a study it conducted that analyzed Millennials ages 21-34 in order to understand their financial opinions, behaviors, and priorities. “Millennials are growing in economic power,” Facebook states. As this working population grows, so does their financial power.

In the study, Facebook reports that 86% of U.S. Millennials on Facebook say they save money. 46% of Millennials define financial success as being debt free. They are also 1.5 times more likely to be engaged than the general Facebook population.

The study also shows that Millennials are open to switching banks, credit cards or brokerage accounts, displaying a very large opportunity for marketers. 60% of Millennials want their bank to be a partner or friend, according to the study. 76% of money conversations on Facebook happen on mobile.

Facebook’s study shows that this group prefers more personalized channels to bank on mobile, with 49% of Millennials preferring mobile banking on their smartphones versus at the branch, on the computer, or by phone.

For more statistics from this study, read the full article and view the infographic here.