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Gen X Has Biggest Demand for Financial Solutions, Offers Wealth of Opportunity to Financial Insitutions

Gen Xers have greatest need for financial solutions out of any age group. But financial institutions need to provide more transparent guidance to earn their trust.

Financial services institutions have a real opportunity to profit from Generation X's vast need for financial solutions, according to Media Logic. In a recent report, the Albany, N.Y.-based marketing agency says Gen Xers -- the 48 million U.S. citizens born between 1965 and 1977 -- have the greatest need for financial solutions out of any age group, as they are saddled with both critical day-to-day and long-term financial obligations and suffer more financial strain than other generations.

"Generation X's need for financial products and services is greater than any other age group, and with the right understanding of this audience, marketers who are willing to take on the challenge of building deeper relationships with this segment can change the paradigm and be rewarded with great marketing opportunities," said Christina Smith, VP/management supervisor of financial service accounts at Media Logic, in the report. But Gen Xers are hesitant to turn to financial institutions, as they do not fully trust them, Media Logic points out.

In order to gain Gen Xers' trust and business, Media Logic says, financial institutions must provide more direct transparent financial guidance in a relaxed environment that will invite questions about the product. The study, "Generation X: Insights for Financial Services Marketers," also suggests that Gen Xers need more human interaction -- rather than simply relying on Web interaction -- when they actually select and purchase a financial product.

Melanie Rodier has worked as a print and broadcast journalist for over 10 years, covering business and finance, general news, and film trade news. Prior to joining Wall Street & Technology in April 2007, Melanie lived in Paris, where she worked for the International Herald ... View Full Bio

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