Millennials represent a powerful consumer segment which prefers digital experiences. Yet, more telling and unique, is their relationship to various financial products.
Despite the success of ride hailing and sharing apps, Millennials do purchase and own cars. Getting to work and convenience are the top reasons for car ownership.
of Millennials report owning a car
more Millennials open auto loans and leases than Gen X
Millennials want to own a home, but lower incomes and challenges accessing credit are delaying achieving that goal.
of Millennials without a mortgage want to buy a home
of Millennials actually have a mortgage
Millennials appear to have a pragmatic approach to using debt for everyday expenses—they choose not to. Instead, they prefer debit cards and cash for daily purchases.
Millennials are willing to switch providers and in many instances, are continuously looking for a better deal. Auto insurance illustrates this point.
higher auto insurance requests
lower retention rates than Gen X
cancel their policies after 12 months
Healthcare costs continue to rise and they’re being passed to individual consumers in the form of higher insurance premiums, co-pays and deductibles. Unfortunately, Millennials exhibit the worst habits for paying out-of-pocket medical expenses.
of Millennials did not pay their 2016 medical bills in full
Since 2011, deductibles have increased
of 2016 healthcare provider revenue came from patients