in consumer applications for financial services
Millennials, as a generation that came to age around both the Internet revolution and the turn of the millennia, have garnered some broad generalizations. They are categorized as entitled narcissists who spend tens of thousands on education, all while simultaneously being stingy and frugal. While these stereotypes may come across as contradictory, they are backed by statistics time and time again, making geared marketing complicated, and therefore the generational trends all that more intriguing. While the stereotypes have negative connotations, they denote financial frugality, fierce resourcefulness and a strong reverence of higher education. Of particular interest is how a group so vastly different from generations before handles weddings. Are they more likely to desire over-the-top venues, aligning with the entitlement stereotype, or more laid back and intimate affairs, more closely affiliated with the frugality sentiment? As recent research illustrates, like most things Millennials, the answer is a complicated “yes.”
The Knot Weds Trends And Traditions In Comprehensive Study
Popular wedding website, TheKnot.com (managed by XO Group Inc (NYSE: XOXO)) publishes an annual survey from the previous year’s brides detailing all things wedding. As the “#1 multiplatform wedding resource,” the Knot provides the most comprehensive research on wedding trends on an annual basis. According to the company, “The study includes national and regional statistics on the average cost of a wedding, how it is budgeted, the average number of wedding guests, spend per guest, wedding style trends and other key statistics related to weddings in America.” From the most recent study, the following statistics emerged:
The study noted these trends, as well:
Source: PR Newswire
What It All Means
Marriages may be taking place later in life, leading some to think that in regards to financing, the bride and groom as adults in their mid- to late-twenties would be able to pay without reliance on others. However, with Millennials predominating the space, simple linear assumptions quickly dissipate. While it would seem logical that a generation marrying older would be more inclined to pay their own way or budget more conservatively, the percentage of Millennials carrying substantial debt is significant. Furthermore, while Millennials seek independence, the broad trend of 20-somethings boomeranging back into their parents’ homes relates nicely with the noted trend that the bride’s parents still contribute substantially to the wedding festivities. Additionally, it may come as a surprise that with such a proclivity toward frugality, spending is on the rise across most budgeting subsectors; however, within the context of a generation that tends to desire immediate gratification and equal treatment regardless of circumstances, these seeming contradictions fade. In other words, while these trends may seem messy, they do illustrate the complications and contradictions many other professionals have noted within the generation.
For The Future Bride (And Her Family) And Groom
Trends, while not indicative of what is to happen in individual situations, do give insight into what is probable for the average person. In looking at the costs of weddings from previous years, it is possible to determine that weddings in the future are going to be expensive. And with that knowledge, proper planning can help curb unexpected financial obstacles. For future brides and grooms, if their financial situation allows, beginning a savings account set aside for a wedding may be prudent. While dowries have gone out of fashion, parents of future brides may want to consider a liquid dowry of some sort. Other financing options include personal loans, which are preferable over credit cards in many situations. Particularly if the loan is unsecured, there’s often no competition when comparing rates. Additionally, where credit cards are frequently misused and can easily damage a credit score, personal loans are treated as a fixed-term loan and can therefore help boost a sagging credit score. Regardless of whether you are getting married or your child is looking to be hitched sooner rather than later, the key to any financial success is to budget, stick to the plan and educate yourself. Through financial literacy (researching what financing options work best for you and your situation, comparing rates, etc.) and proper budgeting techniques, your dreams can be met. Dedication and education go a long way toward making white, lacy dreams a reality.
Disclamer: The material provided on this site is not intended to provide legal, investment, or financial advice or to indicate the suitability of any Even Financial product or service to your unique circumstances. For specific advice about your unique circumstances, you may wish to consult a qualified professional. Any information or statistical data sourced by Even Financial through hyperlinks, from third-party websites, are provided for informational purposes only. Although we promote products and services form our partners, our opinions are our own.
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Goldman Sachs-backed Even Financial, a digital matchmaker between banks and customers, just bought an insurance startup as life insurers are seeing policy applications boom
Even Financial has acquired LeapLife, a leading insurtech platform. The addition of LeapLife allows Even to immediately commence its insurance capabilities, aimed at simplifying and enhancing the way consumers search, compare, and get matched with insurance policies (LeapLife’s existing platform will continue to operate from leaplife.com). Business Insider wrote an article about it, interviewing our CEO and Founder Phill Rosen.
Even Financial Launches Insurance Offerings With Strategic Acquisition of LeapLife, a Leading Insurtech Platform
Pioneering B2B Fintech Expands its Industry-Leading Financial Services Monetization Platform to Help Insurance Carriers Find and Connect with Consumers New York, New York – April 22, 2020 – Even Financial (Even), the leading API for financial services search, acquisition, and monetization, announced today that it will be launching services for the insurance industry through the acquisition of LeapLife, an insurtech platform and digital life insurance agency. The addition of LeapLife allows Even to immediately commence its insurance capabilities, aimed at simplifying and enhancing the way consumers search, compare, and get matched with insurance policies (LeapLife’s existing platform will continue to operate from leaplife.com). Even and LeapLife now offer the only full end-to-end, multi-carrier digital life insurance marketplace experience. Over the coming weeks, Even will further integrate LeapLife’s technology and insurance offering into its industry-leading API, making turnkey insurance marketplaces programmatically available to a vast network of channel partners — when and where their consumers are most in need — while also enabling the company to expand to other insurance sectors, including homeowners, renters and auto insurance. This adds to Even’s peerless breadth of real-time, personalized financial product offers — an expansive suite that already includes loans, savings, credit cards, and more. “Even’s goal to evolve how financial institutions find and connect with consumers is not limited to loans or credit cards, but applicable to all financial products and services, including insurance,” said Phill Rosen, Even Founder and CEO. “Despite its importance, purchasing life insurance is often an overwhelming and inconvenient experience. With more than $600 billion in premiums paid each year, and only 6% of policies sold completely online, we see tremendous opportunities to help modernize the life insurance industry and offer solutions that solve challenges for consumers and carriers alike.” LeapLife is an established insurtech platform and digital life insurance agency that utilizes data science, deep underwriting knowledge, and proprietary technology, enabling consumers to apply for instant-decision life insurance policies with real-time quotes. LeapLife works with many best-in-class insurance carriers to offer consumers a seamless experience from beginning to end. This approach made Even and Leaplife a perfect match. As a digital insurance broker, LeapLife offers personalized life insurance recommendations based on a consumer’s unique needs. Paired with the Even API, which enables customer acquisition for insurance to be native and programmatic, consumers benefit from a more streamlined, transparent, and highly personalized experience when shopping for life insurance. Just as Even’s 2018 acquisition of Birch (the award-winning credit card rewards app) allowed the company to accelerate its expansion into credit cards, the addition of LeapLife will similarly put Even at the forefront of consumer insurance offerings. Charles Svirk of MassMutual Ventures, an investor in Even, said “The Even and LeapLife teams share a vision that the future of insurance acquisition will rely on the power of data-driven, programmatic distribution. We are thrilled to support them as their industry experience, impressive technology, and trusted relationships will help scale Even’s insurance offering and build partnerships to provide these critical innovations in insurance acquisition.” The Even API and platform solve significant, long-standing pain points in financial services acquisition by seamlessly connecting supply and demand. Even has continued its rapid growth trajectory in 2020, surpassing over $1.5 billion in credit issued through its API and expanding its platform to over 400 partners. Even has secured over $55 million in funding from major financial institutions, venture capital firms, and fintechs to back its goal to evolve the financial services acquisition ecosystem. About Even Financial Founded in 2015, Even Financial is a B2B fintech company that is transforming the way financial institutions find and connect with consumers. By seamlessly bridging financial institutions (including American Express, Goldman Sachs, and SoFi) and channel partners (such as TransUnion and The Penny Hoarder) via its industry-leading API, Even turns any consumer touchpoint into an ROI-driven, fully customizable, programmatic acquisition source for financial product offers with full compliance, security, and scale across loans, savings, credit cards, insurance, and more. Even is backed by leading financial services firms and VCs including American Express Ventures, Canaan Partners, Citi Ventures, F-Prime Capital (Fidelity), Greatpoint Ventures, Goldman Sachs, LendingClub, and MassMutual Ventures. Even is the leading search, comparison, and recommendation engine for financial services. Media Contact: firstname.lastname@example.org
Even CEO/Founder Phill Rosen quoted in Protocol Braintrust Newsletter
Our CEO and Founder Phillip Rosen was included in the most recent Protocol Braintrust newsletter along with answers from some thought leaders from Plaid, Slack, and DuckDuckGo!