Financial life and primacy: how things change with age
As age and income grow, the primary account tends to shift toward traditional banks. Understand how financial life evolves and what this means for banks.
When we talk about financial life and banking primacy, we see that it is a reflection of each person's moment in life. The way someone relates to their primary bank changes as age and income increase.
Our data shows a clear pattern: as people get older, there is a growing tendency for the primary account to be held at a traditional bank. This demonstrates that financial choices evolve alongside the customer, who seeks increasingly personalized and comprehensive solutions.
The importance of product portfolio in financial life and primary bank choice
One of the reasons behind this trend is the financial product portfolio on offer. Older, higher-income customers seek solutions such as mortgage financing, pension plans, investments, and insurance.
As a result, traditional banks continue to dominate as primary account providers precisely because they offer this complete range of products. In addition, trust built over many years also weighs heavily in customers' decisions.
How age and income impact financial life and the banking relationship
In class A, among customers over 45, 82% hold a traditional bank as their primary account and use an average of 12 financial products. Among younger or lower-income customers, that number drops to fewer than 5.
This makes it clear that financial needs and the banking relationship evolve with each stage of life. Younger customers tend to prioritize convenience and innovation, while more experienced customers seek stability and a broad range of services.
Challenges for digital banks in expanding loyalty
For digital banks to achieve greater loyalty, they will need to expand their product portfolio and offer financial products that meet the needs of customers at different life stages.
Understanding how financial life and the banking relationship evolve is therefore fundamental for developing strategies that increase customer retention. Investing in personalized solutions and the user experience will be increasingly decisive in capturing primacy.
Want to go deeper? Access the study to understand these shifts in Brazil.