Powered by MOMENTUM MEDIA
the adviser logo
Lender

Generation Y shifting to property over FMCGs: Genworth

by Staff Reporter2 minute read
The Adviser

Generation Y presents a lucrative target market for mortgage lenders, the latest Genworth Financial Spotlight Series has revealed.

According to the mortgage insurer, Generation Y’s desire for financial success means they are starting to appreciate property ownership just like their predecessors.

“While the majority of Gen Y is without doubt focused on socialising, fast moving consumer goods (FMCG) and leisure, as the demographic matures we expect them to become increasingly focused on property ownership and investment,” country executive and director of Genworth Peter Hall said.

Generation Y already accounts for 20 per cent of Genworth’s current portfolio. Considering that Gen Ys have only recently reached the age for taking out mortgages, this represents a significant portion of the insurer’s portfolio and indicates much potential for future growth, according to Mr Hall.

The challenges for mortgage lenders will be reaching this generation of media-savvy borrowers, Mr Hall said.

“The key for the mortgage industry right now is to educate and relate to the Gen Y demographic.”

Published: 18-02-08

default
magazine
Read the latest issue of The Adviser magazine!
The Adviser is the number one magazine for Australia's finance and mortgage brokers. The publications delivers news, analysis, business intelligence, sales and marketing strategies, research and key target reports to an audience of professional mortgage and finance brokers
Read more