Generation Y: How cultural values can be used to predict their choice of electronic financial services

Young consumers' decision-making influencers in regards to financial services are well documented in the financial services literature. Research on the role of influencers of choice behaviour is also prominent in the literature. An important lacuna in financial services is an understanding of the young consumers' underlying motives for their choices and the relative importance of these motives as predictors of choice. This paper presents findings from a quantitative study, whose main objective is to determine the most reliable influencer variables for predicting the personal banking services preferred by a sample of generation Y consumers. Using several quantitative techniques, the study generates empirical evidence which suggests that cultural variables at the individual level are as reliable as, and in cases more reliable than other proven predictors when predicting generation Y's electronic banking product preferences. As such the study highlights the probability that an understanding of the more enduring motives for generation Ys' personal banking choices may present a useful alternative for targeting this demographic.