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By the numbers: Respondents were generally satisfied with their financial institutions (FIs), but many feel the way banks interact with customers needs improvement. 89% of respondents were satisfied with their primary bank’s ease of service and mobile banking solutions. 41% of baby boomers and Gen Xers, 48% of millennials, and 56% of Gen Zers interact with their bank’s mobile app or website daily.

C) Gen X/Baby boomers. Two-thirds (66%) of millennials say that based on their own experiences, they believe the banking industry is trustworthy, according to The Harris Poll’s The Personal Bank report. While still relatively high, it’s lower than the 71% of Gen Zers and 72% of Gen Xers/baby boomers who say the same thing. October 1, 2024.

Gen Xers are still slow to adopt most social platforms. Meta platform adoption far exceeds that of other platforms among Gen X. Approximately 69% of Gen Xers are on Facebook, while 38% are on Instagram, well ahead of the less than 20% on TikTok, Snapchat, Reddit, or Twitter. Gen Xers spend more than twice the amount of time on Facebook than on Instagram.

Today, our forecasting team thinks that there are 10 million more Gen X Facebook users compared to Gen Z ones, but in four years that gap evaporates with about 41 million of each cohort using Facebook as Gen X goes down a bit and Gen Z goes up a bit. Stephanie, I'll start with you. Do you think given all of this and maybe more that Facebook actually has a young person problem? Stephanie Taglianetti:.

Methodology: Data is from the July 2024 Collage Group report titled "Generations Passion Points: Unlocking consumer enthusiasm through Americans' favorite pastimes." 5,078 US consumers ages 13-78 (Gen Z n=1,185; millennials n=1,372; Gen X n=1,197; baby boomers n=1,324) were surveyed during April 2024.

Digital channels are necessary to secure the Gen X consumer. Almost half (46.5%) of Gen Xers still won’t have life insurance in 2023. As Gen X ages, insurers should tap in to the 30.2 million individuals who could benefit from a plan. Gen Xers are focused on saving for retirement, while life insurance falls by the wayside in the current economy.

Gen X will comprise 23.1% of all BNPL users in 2027, with healthy user growth among that generation and baby boomers. Yet many campaigns—such as Klarna’s team-up with A$AP Rocky—still cater squarely to younger consumers. Realizing Gen X and boomer potential will require BNPL providers to segment more of their marketing dollars across generations. To view the full forecast, click here.

The figure is larger among millennials and Gen Xers, likely due to the younger cohort’s lower level of financial independence. What does this mean? Podcasts offer an entertainment alternative that both speaks to Gen Zers’ niche interests and offers a break from a screen (although not all take it).

They’re also the most likely of any generation to have 401(k)s and Roth IRAs—which is alarming for baby boomers and Gen Xers, who are closer to retirement. Gen Xers also save the least in general, again indicating unique generational needs, demanding targeted products and outreach. Baby boomers are the most likely to use savings and credit cards to pay for unexpected expenses.

Three-quarters (75%) of millennials and Gen X respondents are concerned about their family/personal finances, compared with only 61% of Gen Z and 60% of boomers. Boomers feel their household income is the most stable. Only 30% feel it is unstable, compared with Gen X (49%), Gen Z (50%) and millennials (52%).

Half of millennials own some type of a wearable device they use for health purposes, per our survey, compared with 36% of Gen X and 32% of boomers. Smartwatches are the device of choice, used by 76.5% of millennials in our survey, compared with 62% for Gen Xers and 46% of boomers.

Yeah, probably because I think for Gen X was closer to 31% of them using Gen AI versus 15% for Boomers. So we spoke about how many people are using it broadly, but if we look at AI tools that people are favoring over others, the highest web traffic, this is from back in March in terms of AI tools, the highest web traffic was ChatGPT, probably a surprise to no one, 2.3 billion visits.

Millennials and Gen Xers overindexed in smartwatch uptake, likely a reflection of higher income levels. In H1 2023, 41.1% of high-income respondents owned a smartwatch. Ownership of smart home products grew to 26.8% in H1 2023. This was up 2.9 percentage points from H1 2022. Suburban respondents overindexed at 31.3%, well ahead of urban (23.8%) and rural (22.0%).