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CU System
Filene report examines financial preferences of young adults
MADISON, Wis. (11/9/10)--A new Filene Research Institute report examines the evolving financial preferences of online consumers and hones in on engaging and retaining young adults. Filene Researcher Ron Rubin used a 1,400-response survey to explore young consumers’ preferences for financial relationships, a Filene announcement said. The survey report emphasizes that “good service” means fully meeting young consumers’ needs online without requiring them to visit the branch or use another delivery channel. Key findings from Big, Small, or Online? Young Adults’ Evolving Financial Preferences include:
* Convenience is extremely important as a driver of financial institution choice. When paired with the difficulty of switching accounts, it keeps the majority of consumers in place. * High fees and uncompetitive interest rates turn off big bank customers, yet these factors alone are unlikely to drive many consumers away from the bank. Credit unions must learn to win over young consumers. * Gen Y will dominate the workforce by 2020, comprising 40% of the workforce. These Gen Y workers will be in an important borrowing phase of their lives.
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