With an unemployment rate of more than 13 percent and an average salary of $39,700, financial institutions might be inclined to dismiss Generation Y, the demographic group also known as “Millennials.” They may be currently struggling, but Gen Y is still very optimistic about their financial future. Nearly 90% of those 18-34 believe they have enough money now or expect that they will in the future. Banks and credit unions should be optimistic too.download pdf
Millennials represent a larger percentage of the current population than any other generation. That fact, combined with their future buying power, makes Gen Y a prime opportunity for financial institutions.
They’re the largest demographic since the baby boomers, estimated to be three times as large as Generation X. By 2025, the income of Generation Y — also known as “Millennials”...
How the Millennials are Driving Change in the Financial Industry. Presented by Harland Clarke Digital.