This past week I got to spend some time with my younger sons at a Boy Scouts of America camp. My middle son was involved in a climbing exercise called a “smooth chimney”. This is one of the harder climbs because you have to basically push yourself up and stay in the chimney with that friction. During his climb about 30 feet up, he started to get fatigued. The problem with this climb is that if you stop applying force you either don’t progress, or worse—you fall.
In previous blogs, we discussed banking and Baby Boomers and Gen X-what each generation wants and doesn’t want in their financial institution relationships. Not surprisingly, both generations are tech users with unique financial needs. Now, let’s discuss Millennials! Love them or not, Millennials are the future!
Millennials’ time in the spotlight is coming to a close as a new generation gains spending power and fiscal prominence. Gen Z, which includes individuals born between 1995 and 2012, is positioned to become the largest demographic of consumers by 2020 with an expected $29 to $143 billion in direct spending power, according to FutureCast. This represents a massive opportunity for banks and credit unions to engage with a new generation now and help them manage their wealth for years to come.