August 13, 2009

US Teen Millennials Underscore The Vital Nature Of The Online Channel To Financial Services

Profiling The Financial Attitudes And Behavior Of US Online Teenagers

by Brad Strothkamp, Peter Wannemacher

with Benjamin Ensor, Courtney Tincher, Kate van Geldern

Executive Summary (This is a document excerpt)

There are roughly 20 million Teen Millennials — individuals between 13 and 17 years old — in the US. As consumers, Teen Millennials tend to be loyal to brands but mistrustful of financial providers. Forrester's data shows that despite educational efforts by firms such as Charles Schwab and Wells Fargo, today's Teen Millennials are not highly financially literate. Those Teen Millennials who are financially literate are the most likely to interact with their bank's or credit union's eBusiness arm as well as to use the Web for other financial activities. Engaging this small but important segment offers eBusiness managers the chance to create lasting customer relationships.

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