Youth and Banking: What you don't know

Youths and

Banking What you don’t know.

Malaysia has a 75% youth population.

They are the next Millionaires.

They could be

YOUR millionaires

What have you done to

ENGAGE these youths?

Your future MILLIONAIRE

account holders and INVESTORS?

We asked 250 youths from all over Malaysia :

63%

20%

17%

What do youths do with their bank accounts?Basic banking transactions Online transactionsInvestment

37%

37%

13%

13%

What influences youths to choose which banks to use?Family Don't know College Availability

Aizad Nisar,18, Selangor

“For my general bank account, I simply open it up when I have to, such as for MARA, and for work”.

Zuhaili, 18, Selangor

“Since a long time ago as a child, my mom used that bank so I just continued on”.

Mordiana, 20, Kuching

“For me, it all depends on the availability of the banks, like ATMs and stuff”.

Nazrin, 18, Kuala Lumpur

“It is easy for my family to transfer money to me if I use the same banks as them”.

Can you see the similarities?

Savings to buy a car in 5 years?

Mortgage down

payment in 10 years’ time?

Growing a money tree?

Funds to start up a

business in 6 years?

Notice how not ONE youth mentions anything about:

See, here’s the thing...

90% of 250 youths aged 18-24 years

old nationwide do not know enough about finance and

savings.

So we then asked them:

What do you know about Banking or Finance?

Sud, Kuantan, 20

“I don’t bother, I just know finance is something about banks, that’s all”.

Nik Nur Hamiza, 20, Penang

“I don’t know much except money in banks are safe”.

Ray Jeti, 22, Kuching

“No idea at all.”

Ezam, 18, Pulau Pinang

“I don’t know. How should I? I don’t take Diploma in Accounting”.

Youths have NO SOLID REASON for choosing their banks.

2. Depositing cheques, and withdrawing cash. THAT’S ABOUT IT.

1. They DON’T CARE about which banks they use.

Youths have NO idea what YOU can do for THEM.

The question here is, WHY?

3. There is NO AWARENESS of what YOU can do for THEM

1. Banks do not speak our LANGUAGE

2. There is NO FOCUS on the YOUTH MARKET. What can you do to remedy this?

Banks do not have any YOUTH ENGAGEMENT

No education = ignorance

IGNORANCE = MILLIONS OF POTENTIAL CUSTOMERS GONE

So now that you know all this..

What can you

do?

Stay tuned for part 2!