WHAT THE DATA SAY: Only 36% of Gen Z and 49% of Millennials are confident they know their credit score

By: Ray Day

CONTACT:

Ray Day
ray.day@stagwellglobal.com 

We wanted to share our latest consumer and business insights, based on research from Stagwell. Among the highlights of our weekly consumer sentiment tracking:

MOST YOUNG PEOPLE DON’T KNOW THEIR CREDIT SCORE

A lack of credit score awareness among young people is a barrier to achieving their financial goals, according to our Harris Poll survey with Zillow.

• Gen Z (23%) and Millennials (35%) are pivotal players in the rental market.
• Yet 54% of Gen Z and Millennial renters report a rental application being denied due to a low credit score – and many are surprised.
• 94% of Gen Z and Millennial renters feel confident they know their monthly cell phone bill, 93% know their favorite streaming service’s subscription cost, and 92% know the price of their regular morning beverage.
• Only 45% are “very confident” they know their credit score – 36% among Gen Z and 49% among Millennial renters.

COMMS LEADERS WORRY ABOUT GEOPOLITICS, POLARIZATION, MISINFORMATION

New surveys by the Harris Poll and Page identify geopolitics as the primary risk to business in the year ahead, closely followed by concerns about political polarization – as well as key areas of focus for business leaders to tackle in 2024.

• In a survey of chief communications officers across North America, Europe and the Middle East, 45% highlighted international conflicts and elections as the paramount critical risk demanding businesses’ attention in 2024.
• 32% express concerns about political polarization.
• 14% cite mis/disinformation and employee issues as areas of significant apprehension.
• Another global survey with The Harris Poll focused on consumer perceptions about confidence in businesses.
• 80% say it is crucial for companies to address seven key issues in the year ahead: economic growth, job creation or skill development, environmental concerns, corruption, mental health, income inequality and trust in key societal institutions.
• At the same time, the confidence in companies’ ability to make a positive impact on these issues is in question, with only 56% expressing faith in responsible business practices.
• Economic growth, job creation and workplace skills development garnered the highest public confidence (60%) compared with issues like corruption (50%).
• Environmental issues (59%) and mental health (56%) are viewed as the top business opportunities, suggesting potential areas for businesses to focus their efforts and build public trust.

TAYLOR SWIFT DRIVES FEMALE INTEREST IN NFL

Women make up nearly half (46%) of the NFL’s growing fanbase – and we can thank Taylor Swift, in part, according to Harris Poll data.

• Young women’s (Millennial and Gen Z adults) interest in the NFL jumped after Taylor Swift took an interest in the game last September.
• At the end of December, NFL interest among young women reached 46.6. This is up from 37.0 a year earlier.

NEW PRIVACY RULES IN EUROPE

On March 6, the European Union’s Digital Markets Act (DMA) goes into effect. Similar to 2018’s GDPR (General Data Protection Regulation), it has important consequences for businesses doing marketing and advertising.

• Stagwell’s Assembly has created the Privacy Solutions Handbook to help companies navigate the road ahead and understand how Google is changing its services to accommodate the DMA.

ICYMI

In case you missed it, check out some of the thought-leadership and happenings around Stagwell making news:

• Americans are actually pretty happy with their finances
• How America’s boom states could shape the ’24 campaign
• CES thoughts
• Why AI Changed “Everything and Nothing” for Agencies in 2023
• “The Bear” Effect: Media’s Depiction of Cities and Public Perception