Millennials are influencing the news, education, the economy and much more. As this group grows older, they’re buying houses, becoming parents, owning businesses, and evaluating their finances. Principal Financial Group recently conducted some market research to better understand their priorities and habits. This market profile outlines some of their key findings.
Thoughts on Insurance and Finances
Millennials want to be financially independent and make the right decisions. They aren’t always sure where to start or even that they need to start, but often use milestones such as engagements, job change and home purchases as triggers to start thinking about it.
Tips to Help Market to this Group
Tangible– Make insurance tangible by comparing it to an emergency fund or common monthly expenses, like internet service, a cell phone bill, or a Netflix subscription. Millennials want to know their money is being spent wisely and that the purchase will add value.
Personalization– Explain how you can tailor a policy to their needs and budget. This makes a millennial feel more in control of the purchase. For example, explain that buying an individual disability insurance policy allows them to keep the coverage even if they switch employers as long as the premiums are paid.
Personal Touch– Share information about your hobbies, background, family, etc. It’s important for a millennial to get to know you on a personal level. LinkedIn, Facebook and Twitter are good ways to connect and share your story.
Community Involvement– This target market tends to be altruistic and is more likely to engage with people and companies that support causes they care about.
Bring Solutions to Life– Statistics are good but real-life stories better resonate with this group.