MADISON, Wis. — The perception financial institutions have of their own products does not quite match Millennials’ view of the same products, according to new research from the Filene Research Institute.
The research, “Money Chatter: A Guide to Millennial Financial Discourse,” is based on observing young adults in their natural digital state to better understand how Millennials think about their finances, according to Filene.
“The objective of this research was to look for significant and unique language markers to understand how Millennials, in particular, deal with financial issues,” said Hope Schau, professor of marketing at the University of Arizona and report author. “Netnography is an excellent way to truly understand how young adults talk about money as they don’t think about their ‘responses’ as responses at all.”
In releasing the research Filene said credit unions can use it to enhance their marketing and communication efforts targeting Millennials – the largest generation in the United States, numbering more than 75 million people.
In addition to the full report, a video and slide deck is available.
Filene said that credit unions that want to learn more about the research findings should register to attend CUNA Mutual Group’s Discovery Conference on Oct. 18 and attend the breakout session “Money Chatter,” or register to attend Money Talk, a Filene Center of Excellence Colloquium on Nov. 18 in Tucson, Ariz.
Money Chatter is the first research report from Filene’s Center for Consumer Decision Making, sponsored by CUNA Mutual Group.
“Led by academic thinkers from across North America, Filene’s Centers of Excellence produce unique research and engagement opportunities for Filene members and the credit union system,” Filene said in a statement. “Designed to address the changing needs of credit unions and their members, the research centers explore critical and emerging topics regarding the future of consumer financial trends to encourage credit unions to think differently and do amazing things to change people’s lives.”