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Engaging Children With Banking in Australia and New Zealand

  • September 2014
  • 39 pages
  • GlobalData
Report ID: 3375963

Summary

Summary
In the next five years the transaction and savings account market potential for the under 18 segment is estimated to reach 5.5 million in Australia and 1.2 million in New Zealand. At the same time, children are the financial consumers of tomorrow, and attitudes formed in childhood - including brand perceptions - stand a good chance of persisting into adulthood.


Synopsis
- Discover what strategies are needed to acquire and retain young consumers.
- Learn from the examples of key providers that have built a competitive advantage for themselves in the youth market.
- Understand how behavioral trends among children will affect how banks need to engage with them.

Reasons To Buy
- What channel strategy should you employ to engage most effectively with children?
- What techniques should you use to make your youth proposition more appealing and to boost acquisition and loyalty rates?
- What are the best ways to win over the parents of children and teenagers?

Key Highlights
For ADIs to obtain business from 0-17 year olds, it is important to understand their banking needs at various age levels, and to market products accordingly.

Between 0-4 years old, the real consumers of youth banking products are parents, who are under considerable financial and emotional stress as they adjust to a new child. By about five years old, parents are ready to begin teaching their children elements of financial literacy, particularly the concept of saving.

From 10 years of age children are beginning their independent financial journey in a digital age. At 14 years old, teenagers are gaining further responsibility financially as they approach adulthood, meaning a wider range of products can be offered to them.

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