A recent study by the Life Insurance and Market Research Association (LIMRA) showed that the income of Generation Y consumer base — individuals born in the early 1980s through the early 2000s — will exceed that of the baby boomer generation by more than $500 billion in the next six to eight years. As the Generation Y, or Gen Y, market grows, the Principal Financial Group® welcomes the opportunity to more effectively engage with this market and leverage our expertise.
To accomplish our goal of engaging with this market and providing solutions that meet their needs, the Retirement and Investor Services (RIS) area of The Principal® created the Voice of the Young Consumer (VOYC) team — a team dedicated to proactively addressing the voice of the young consumer.
The VOYC is a team of Gen Y employees charged with identifying gaps in the way we serve this increasingly important group — and helping create solutions. They accomplish this through a collaborative partnership with leaders and employees at The Principal.
The VOYC addresses business issues that truly benefit from a young consumer or Generation Y perspective. Some of these issues include:
In addition, the VOYC team educates employees of The Principal on evolving Gen Y consumer and employee habits and identifies challenges evolving consumers face with financial services.
The team invites any employee with consumer experience and opinion to share to be a contributing member of a “solutions group.” Since the team’s launch, more than 160 people have gotten involved in the VOYC solutions groups. Each group includes diverse individuals with various backgrounds and expertise who work together to provide innovative solutions for business issues.
The VOYC Solutions Groups provide employees unique opportunities to help drive value by providing insight into the needs, preferences and buying behaviors of Gen Y consumers—a consumer base 80 million strong. Their insights will be used by The Principal to grow and retain relationships with advisors, plan sponsors and individual investors.
Terra Whipple, business coordinator at The Principal and VOYC team lead, says, “The Voice of the Young consumer provides value by engaging a diverse community of Principal employees from all around the organization with varied skill sets and expertise, to partner with the businesses to address real business challenges and provide solutions that help drive results. What the VOYC has found is that passion drives motivation, and motivation drives results. That is exactly what is happening in the VOYC Community!”