Special report: Think Forward Initiative - Generation K
This report was prepared for ING by Professor Noreena Hertz is based on her proprietary research on 14-21 year olds, including a 2000-person survey conducted in the US and the UK in 2015. It suggests this age group, known as Generation K, firmly believe that if they don’t look after themselves financially as adults no one will.
Executive summary
Foreword
By Mark Cliffe
Consumer economists at ING have for several years been developing analysis designed to help retail customers. In so doing, we seek to support ING‟s customer centric purpose of “empowering people to stay a step ahead in life and business”. There is a growing need for such support. People face challenges and opportunities in making decisions.
With the launch of the Think Forward Initiative, ING is stepping up its research into consumer economics. Its ultimate goal is to address the question: how can we help people make better financial decisions?
One of the key elements of the Think Forward Initiative is crowdsourcing of expertise. We are glad that Professor Noreena Hertz is one of the experts working with us. This report focuses on Generation K: 14-to-21 year-olds. This new generation grew up in the midst of the challenges of the financial crisis. But they are also smartphone natives. How is this shaping their outlook and financial behaviour? What does this mean for their concerns about debt? For their propensity to save? And for their spending behaviour? How self-reliant is this generation and where do they turn to for financial advice?
We hope that you find the insights on these questions intriguing and welcome your feedback.
What is Generation K?
Young members of Generation K - named for Katniss Everdeen, determined heroine of The Hunger Games book and film franchise - were born 1995-2002 and grew up in the most serious economic downturn the world has faced in decades.
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