Ä¢¹½AV

The phone is still used most often by patients and their providers, from millennials (67%) to boomers and Gen Z (both 63%) and Gen X (60%). Texts are popular with Gen Z (47%) but less so with millennials (33%), Gen X (25%), and boomers (13%). Social media best targets younger patients and is used most by Gen Z (34%) and millennials (27%) over Gen X (13%) and boomers (5%).

Gen Z places the strongest emphasis on a provider’s average star rating (49%), while older generations see less importance—down to just 31% of boomers and 22% of Silents. Boomers, Gen X, and Silents (each about 45%) said the recency of the reviews mattered a good deal, while Gen Z (32%) wasn’t as concerned.

By comparison, Gen Zers tend to spend about three hours per day on social media alone, while baby boomers typically spend one hour or less doing the same, per McKinsey. Interested in seeing more finserv advertising benchmarks? Industry KPI subscribers can get right to benchmarking performance against over 400+ industry benchmarks; see more here.

Gen Z credit union members are 2.5 times more likely than baby boomers and seniors to say they’ll switch FIs if their credit union doesn’t innovate, per a December 2023 PYMNTS Intelligence study. Innovation road maps should center on what Gen Z wants, such as Zelle and young adult debit cards. They’re also looking for innovation in credit card apps, budgeting tools, and QR codes.

Both millennials and Gen Zs are more likely to begin product searches on social media platforms than their Gen X and Boomer counterparts. #TikTokMadeMeBuyIt: While Gen Z consumers have not been immune to the effects of inflation, they’re less likely to cut back on fun or impulse purchases, dining out, or leisure travel than millennial, Gen X, and Boomer shoppers.

Although mid-career when the retirement landscape changed, 85% of baby boomers have saved for retirement—the highest of any generation—with a median of $289,000 set aside. Since 401(k) accounts weren't available until Gen X reached their 30s, many anticipate working into their 70s—with a median of $82,000 earmarked for retirement.

The insight: Gen Z consumers are 44% more likely to increase their spending this holiday season when compared with millennials, Gen Xers, and Baby Boomers, per new research by First Insight shared exclusively with Insider Intelligence. Thirty-six percent of Gen Zs plan to spend more this year, compared with 31% of millennials, 21% of Gen Xers, and 16% of Baby Boomers.

The share of baby boomers will jump from 13% in 2023 to 17.9% in 2027. More use cases. Consumers can use BNPL in more product and service categories. Affirm recently partnered with an eyewear retailer, for example, and Klarna partnered with a B2B car-rental company. Greater acceptance. BNPL debit cards and partnerships like Affirm’s with Walmart have made it easier to use BNPL in stores. What’s next?

Baby boomers find a bank’s reputation to be more important than their counterparts, yet Gen Z is the most likely to switch banks. Over half (54%) of baby boomers consider a bank’s reputation to be extremely important when determining the level of trust in a digital banking experience, compared with 45% of millennials, according to Insider Intelligence’s 2022 Banking Digital Trust Benchmark.

Almost every generation had about 90% of people who said they were digital banks, even boomers, I think it was like 88, 87% of them saying that they bank digitally. So that's everyone according to our forecasting team. (29:12):.

More than two-thirds (68%) of baby boomers and 64% of Gen Xers will use credit cards, compared with 44% of Gen Z shoppers. Credit card providers have beefed up their rewards offerings ahead of the holidays to capture this volume. American Express added rewards redemption at Amazon checkout for its cash-back cardholders.

Age is the determining factor in willingness to try new products, with millennials and Gen Zers being more likely to branch out than Gen Xers or baby boomers. Younger generations are also more likely to discover new products via social media. Brands that want to increase awareness and consideration among younger consumers must use digital channels to do so. Use this chart:.

Gen Z consumers are 44% more likely to increase their spending this holiday season when compared with millennials, Gen Xers, and baby boomers, per new research by First Insights shared exclusively with Insider Intelligence. But that doesn’t mean they’re immune to deals.

Older generations are making the move to digital banking, but 38% of baby boomers and 31% of Gen Xers prefer to speak to a customer service representative on the phone, according to a report from tech consulting firm Capco. Studies from KeyBank and J.D. Power revealed that millennials and Gen Zers prefer a combination of digital and human interactions when they’re banking.

For Gen Xers and baby boomers, TV ads are the top driver. Even though both social and TV drive awareness while consumers aren’t actively shopping for groceries, they’re still significant drivers of discovery. Gen Z signals an even more drastic shift away from traditional product discovery.

And few fintech founders are baby boomers. Understanding older generations’ needs may come less naturally to many startups, per Sifted. While diversifying their customer base is important, many fintechs could find themselves pushing products that don’t appeal as much to their older cohorts. Some may not have the resources to develop products that do.