Millennial Marketing Lessons Every Financial Services Giant Will Need

May 9, 2014 | | Forbes |

Should brands like State Farm, Allstate, Prudential and American Express target a generation that’s been stamped with the “irresponsible” label? Yes! In fact, if they don’t start immediately then they will likely struggle to thrive. The secret sauce, in part, lies in how they grew up; and it just might make them the most willing financial planning customer in several generations.

A quick overview of the facts: there are 80 million millennials in the U.S., they are early adopters of new digital, social and mobile tools and strive for a healthy lifestyle. Yet, perhaps the most important stat is this: there are 40 million millennials who have children, and each day 10,000 millennial moms over the age of 25 give birth. It’s no secret that parenthood changes many things. It’s a right of passage that gets young mothers and fathers thinking about things like wills, insurance and retirement for the first time in their lives. While this may be an obvious point, that obviousness seems to be lost on much of society. Smart financial institutions should buck conventional wisdom and acknowledge that everyone gets older—even millennials.