UK millennials are the 'most valuable' demographic group to financial institutions, with the average millennial wallet size now 40% greater than the wider UK adult demographic, research by Telstra has found.
The technology company found UK millennials' average wallet size - which Telstra defined as the sum of savings, deposits and loan holdings - has now overtaken all other demographic segments by the largest margin compared to other countries studied. In the UK, the average millennial has a wallet size of £63,528 compared to other adult demographics that had an average of £45,489. Telstra said this made millennials more lucrative to the UK financial services sector than ever before. Telstra's report Exponential Performance - in a Millennial, Mobile, Programmatic World observed how wel...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
