Age and income are the best predictors of a household’s use of financial services, but fiscal status determines whether consumers are fee driven or credit driven, according Raddon, a Fiserv Company.

The Lombard, Ill.-based research firm studied six consumer segments, based on age and income.  Four of these are above the median household income, and they traditionally get a lot of focus. “The banking industry in general – spend very little time focusing on the two lower-income segments, which we name the Fee Driven and Low-Income Depositor segments,” Andrew Vahrenkamp, Raddon senior research analyst, said. Fee Driven are age 18-44, earning less than $50,000 in income, while Low Income Depositors are 45+, also earning less than $50,000.

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Roy Urrico

Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).

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