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
Guest blogger Tansley Stearns from Filene Research Institute discusses what credit unions and banks can do to reach Millennials.
The largest and most diverse generation are avid borrowers, accessible, loyal, and influential. Consider the following statistics:
Guest blogger Tansley Stearns from Filene Research Institute discusses how Millennials are changing the vocabulary of banks and credit unions.