If there is any one thing that has come out of this financial crisis, it is that it has driven the majority of Americans to seek to increase their financial knowledge. A study conducted for Mintel Comperemedia, a service that provides direct marketing competitive intelligence here finds that three in four adults (75%) are trying to increase their financial know-how because of the current economic crisis. A third (32%) say they've already done so, while 43% say they plan to learn more about financial topics in the future.
The study found people are looking to professionals more to get financial advice. Almost four in 10 (38%) said they've started meeting with a financial advisor, or plan to soon.
While much of the survey discusses investing, there are lessons for mortgage originators in the findings as well.
Mintel Comperemedia reports that young adults are the most determined when it comes to increasing financial literacy with 84% of "Echo Boomers" (those people currently between 15 and 32) saying they've already become or plan to become more educated about financial matters. This group represents the next generation of American homeowners.
"Though young adults are the most motivated, people of all ages are looking for financial education right now. Financial services companies have a tremendous opportunity to provide information, guidance and support to these eager consumers," states Susan Menke, vice president of Mintel Comperemedia. "Financial literacy initiatives could help rebuild trust in financial brands, establish loyal customer relationships and help foster a more responsible, informed public."
On average, financial services companies dedicate 22% of customer communication direct mail to informational mailings, per Mintel Comperemedia's analysis of direct marketing. The insurance industry sends the highest number of informational mailings, followed by investment firms and credit card companies. Mintel Comperemedia says it sees many companies using direct mail to invite recipients to informative seminars on financial topics.
Brian Sacks, in an upcoming series of articles on Broker Universe, will discuss why he feels direct mail is still the most effective for mortgage originators to market.
In addition, since this study finds your potential customer is turning to financial advisors for help, wouldn't it make sense to create your own relationships with this group and benefit from referrals?
