What Australian Millennials really want from banks

Getty/Stuart Franklin

LinkedIn has just completed extensive global research trying to define Millennials in terms of what they want in credit, loans and general help with money.

Looking at just the Australian numbers, a survey of 802 people, the research shows how important social media is to Millennials when making decisions about money.

This is what LinkedIn found out about what Millennials look at when deciding on a finance provider:

The research shows Millennials with assets of $100,000 or more are open to approaches by non-bank lenders.

More than half (52%) would try products from a non-financial brand and one in four (25%) say banks are unlikely to be their primary institution.

And more than one in four (26%) consider financial advisors a “must have”.

The LinkedIn research found social networks are central to the financial decisions of Millennials.

When compared to affluent GenXers, affluent Millennials are 3.4 times more likely to visit a financial company’s page on a social network and twice as likely to use social networks to help their financial and investment decisions.

They are also twice as likely to seek content from financial companies on social networks as compared to GenXers.

“Affluent Millennials are hungry for information that is relevant to them and want a deeper connection with financial service providers,” says Matt Tindale, Director for LinkedIn Marketing Solutions in Australia and New Zealand.

“They want information that can be directly applied to their specific financial situations – and they are looking for it within their network.”

The study targeted Millennials, which are defined as individuals born from 1981 to 1997. GenXers, are those born from 1966 to 1980.

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