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BizReport : Research archives : April 25, 2017

Study: Finance, saving important to Millenials

A recent Yahoo study found that most (67%) of Millennials are interested in learning more about finance, that nearly half watch personal finance video content, and that most (82%) consume financial content via their phones. This makes finance an important part of the digital engagement pie. A Yahoo exec explains.

by Kristina Knight

Kristina: What most surprised you about the millennials/savings research?

John Piontkowski, Vice President & Industry Lead, Finance, Yahoo: Whether graduating from school, launching a career, or starting a family, millennials are reaching major milestones. What's more, they want advice on how to be financially savvy and they're watching more online video as a result. 48% of millennials watch personal finance videos. And with the incredible growth of live video, 37% are interested in live streaming finance events. That spells big opportunities for financial marketers to deliver high quality video advertising tailored to this audience!

Kristina: What do these results mean for financial brands?

John: Millennials are digital-first consumers, which means they're not just reading articles but watching video content on multiple devices. In fact, 82% of millennials consume personal finance content on their smartphones. Financial brands need to keep this in mind and develop content that is optimized across screens. On mobile, think about sharing information in a format that's easy to digest and interact with. You can bet that financial brands will focus more efforts on these interactive mobile ad formats to engage millennials this year. Cross-device measurement and attribution is also critical to ensure you understand the impact of different advertising channels and can connect them to actual sales.

Kristina: What about for other brands - can they use this information to better engage millennials?

John: The rise in video viewing and mobile usage among millennials is relevant for every brand category. To develop successful campaigns that truly engage this audience, brands need to understand and respond to this behavior. Marketers that spend time understanding millennials and their preferences will be able to build better campaigns that drive awareness and loyalty.

Kristina: Are these results a change, i.e. are Millennials more interested/less interested in personal finance than Gen Xers?

John: Personal finance is an important topic for both audiences. However, millennials are reaching different milestones in their lives, compared to Gen Xers. That's an opportunity for brands to tailor messaging based on personal finance topics that are the most top-of-mind. For example, millennials may need more explanation and advice to get them started with certain personal finance topics, but they still want this information delivered to them digital-first.

The full study results can be found here.

Tags: finance marketing, Millennial marketing, mobile marketing, personal finance trends, Yahoo

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