While the YOLO mentality runs rampant amongst millennials, this demographic is quickly becoming more aware of the importance of financial planning. That’s because major life events like starting a job, buying a house or starting a family are coming into play for the first time — all of which are also significant financial milestones.
We recently found that 7 out of 10 millennials agree that learning how to better manage their personal finances is very important. And they want to learn how: 67% of millennials are interested in receiving advice about saving, 63% are interested in learning how to reach financial goals, 56% in budgeting and 40% in investing.
This desire for knowledge provides marketers with ample opportunity to deliver relevant and engaging content. Here are a few key insights and tips marketers can use to engage millennials around personal finance.
• Mobile is #1: Mobile is the millennial device of choice, with 82% saying they consume financial content on their smartphones. Marketers need to optimize their campaigns for the mobile screen and provide information that's easy to digest and react to. Think about more interactive ad formats to engage millennials on mobile.
• Play up video: Millennials are watching a tremendous amount of video, but they expect high-quality content from trusted sources. Forty-eight percent of millennials watch personal finance videos, and37% are interested in live streaming finance events. Keep in mind that many millennials are new to personal finance topics and need more explanation, so marketers should keep content informative but snackable — with the opportunity to dive deeper if they choose. Native video can be an effective format for this purpose.
• Don’t Forget Measurement: Because millennials transition between devices more than almost any other audience, cross-device measurement and attribution are critical for marketers. Marketers should take advantage of new attribution and measurement models to make sure they see the impact of different advertising channels on millennials purchasing decisions.
Millennials are setting a high bar for marketers, especially when it comes to personal finance topics. But marketers who understand their preferences and emphasize mobile, video and measurement within their campaigns can capture the attention and loyalty of this highly engaged audience.