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Financial Planning > Behavioral Finance

Deloitte Assesses Gen Y

By Staff Writer

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Insurers trying to sell to members of Generation Y should know about 7 key Gen Y traits, consultants say.

The consultants, at Deloitte Consulting L.L.P, New York, have published the list in a new Gen Y market report.

In the eyes of the Deloitte consultants, members of Gen Y are:

- Financial freshmen who have easier access to information about financial products and services than did earlier generations at this stage of life–although they are still novices at implementing what they know.

- Self-directed and resourceful in conducting research on financial services products, but often seeking recommendations and validation of their decisions from family, friends and financial advisors.

- Tech-savvy, but viewing technology as an extension of themselves, compared to baby boomers, who view it more as a tool.

- Practically motivated and naturally concerned with acquiring products and services at an affordable price

- Possessing an entrepreneurial spirit that presents an opportunity for insurers to consider reaching out to them at an early age about group and commercial insurance.

- Diverse on many fronts, just as consumers in general are increasingly varied.

- Socially mindful, with an inclination for being altruistic and environmentally conscious or “green.”

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