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:
The traditional life-stage model has been very useful for financial institutions and their marketers. But recent research suggests that every generation approaches their finances differently. Baby Boomers were significantly impacted...