Millennial Mothers Shop Online for Financial Products

Following on from yesterday’s chart looking at the saving and investment habits of Millennial Mothers, today’s chart explores how this group chooses to engage with financial services online.

Our data shows that compared to their Millennial counterparts without children, Millennial Mothers are over 70% more likely to be purchasing financial products online – 1 in 3 have done so in the past six months. This group is significantly ahead for using money borrowing products like credit cards and short terms loans.

We already know that mobiles are central in how Millennial Mothers keep on top of their financial affairs online, with nearly all of those who bank online doing so via their mobile. Smartphones also emerge as the top device for online purchasing more broadly among this group, and by some distance.

While Millennial Mothers are very comfortable with shopping for financial services online, they do express important privacy concerns – our data shows that around 6 in 10 worry about how their personal data is being used by companies or are concerned about the internet eroding their personal privacy.

Financially sensitive activities are bound to invoke a sense of caution among digital consumers, and Millennial Mothers are no different. But the value placed on convenience when handling financial affairs among this group will be a key inroad for banks looking to market their products.

Millennial Mothers are defined as female internet users born 1983-1996 who have at least one child aged 16 years or below.