Vivek Amin

About Vivek Amin

Vivek is a senior analyst in the Financial Services Research division at Market Strategies. He leverages his expertise in qualitative and quantitative research to assist clients with new product/service development, customer satisfaction, brand equity measurement, marketing communications optimization and market segmentation. Prior to joining Market Strategies, Vivek was with Nielsen BASES in India, working on several multi-country concept testing and forecasting projects in the consumer goods industry. He also spent a year at General Motors in Germany. Vivek earned an MBA from the Moore School of Business at the University of South Carolina and holds a master's degree and a bachelor’s degree in accounting from the University of Mumbai, India. He is a soccer buff and likes to travel to Europe every year to watch soccer games live. His favorite team is Manchester United.

Financial Literacy: Exploring the Financial Terms Consumers Do and Do Not Understand

The financial literacy of employees and investors remains an ongoing concern. The common definition of literacy is “competence or knowledge in a specified area.” As organizations seek to evaluate financial literacy, it is important to focus on the competence factor in the current learning environment.

At a time when more information is available than ever, by many orders of magnitude, most consumers will simply wait to google a term when they “need to know” it. Unfortunately, many financial situations do not come with triggers to cue individuals that now they need to know something. Rather, consumers need to start with a functional understanding of key concepts so they can execute financial planning and investing.

In a self-funded study, our financial services research division presented US consumers aged 18+ with a list of commonly used financial and investment terms to gauge a public level of understanding. Respondents self-evaluated how thoroughly they understand the given terms. For some of the terms, a working and ongoing understanding of the concept is important to routine saving and investing.

Continue reading

Miley, Megan and Mike: Do You Know Your Millennials?

Banking & Millennials Series: Part 2

Editor’s Note: For banks struggling to establish relationships with Millennials, “Banking & Millennials” is a three-part blog series that explores the savings/investing potential of this group, exposes why popular stereotypes are dead wrong and suggests a roadmap for setting your bank apart from the competition. This is the second installment.    

College educated. Upper-middle class. Very young. Sound familiar? This is the stereotypical Millennial that Corporate America has been pursuing for years. But is this an accurate description? Do all Millennials really fit that mold? And are businesses leaving anything on the table by using that characterization to define and target an entire generation?

The answers are no, no and yes! Millennials range in age from 18 to 34 but encompass a wide range of life stages. The younger end of the generation has just entered into “adulthood” with newfound legal rights and responsibilities while the older end of the generation has been on their own for nearly 16 years. Their goals, needs and wants are vastly different.

Continue reading