The majority of 18 – 25 year olds (aka the Facebook Generation) have taken social media and its ideologies into adulthood, influencing how they deal with financial services companies. Meanwhile, six out of ten admit to relying on friends and family for financial advice, according to research carried out for Experian.
As the name suggests, social media is second nature to the Facebook Generation and they are 14 per cent more likely to use Facebook than the average UK internet user. With an average household income of £19,131, they are in their first job, some even having their first foot on the property ladder. As detailed in Experian’s ‘Banking on the Facebook Generation’ report, only a few in this group have a car and most do without. Extensive users of mobile phones and technology, the group’s overriding characteristic is its appetite to always find the best financial deal, from insurance through to credit cards and mortgages.
“The social media phenomenon has revolutionised young adults’ attitudes towards financial services. Lenders need a deep understanding of how these customers are interacting around their brands online if they want to succeed in this area of the market. It’s also critical that organizations realise that social media is the norm for this age group and the habits they’ve formed and expectations they’ve come to expect will inform decisions throughout their entire lives. Social as a way of life won’t just disappear when they get older and it’s only likely to get stronger,” says Tor Bengtsson, commercial director at Experian UK & Ireland.
“Our report shows that the Facebook Generation has fundamentally different expectations around how they should be served by banks and other financial services providers. Social media makes young adults better informed, more able to share grievances and more open to influence from peers and financial providers than ever before. They want immediate information, instant decisions, faultless customer service and the ability to manage finances on the move. Providers that fail to tick all these boxes could fall behind.”
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