The following blog is in honor of America’s Independence Day and my son FINALLY completing his Economics course in high school. It is not an endorsement or objection to any political party. There…that is out of the way—on to the blog!
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.