is THE answer to helping Gen Y consumers develop resilient financial
life-skills that will benefit them in most monetary decisions
they make. Many Gen Yers are wishing they had received
financial advice from trusted sources at an earlier time in their
lives. Here are some general findings about the Gen Y generation
that can be answered by your credit union when you distribute to your young adult members.
- 68% of baby boomers with kids are supporting an adult child
financially – Recent Pew survey
- More than 60 percent of those polled said parents are their
most trusted source of financial education. - Harris
Interactive study commissioned by Northwestern Mutual
- More than 65% of respondents ranked parental recommendation
as “very important” or “important” in
choosing a provider. – “Gen-Y College Students,
Financial Services, and the Web,” report by Celent, August
2003
Your Solution: Give to
your mature Baby Boomer members to pass along to their Gen
Y children.
- It's a generation that thinks it has so much freedom of expression,
but it is so encumbered with debt it might not be able to pursue
the career and goals of its choice - Bob Manning, author
of "Credit Card Nation" and professor of consumer
financial services at Rochester Institute of Technology
Your Solution: Give to your Gen Y members as
they apply for a loan with your credit union, to enable them
to consider their borrowing and repayment strategies.
- Adults under the age of 30 only received 2% of investment
direct mail offers in 2007. (By contrast, adults over age 60
received 41% of the mailings.) - Mintel Comperemedia, a
company which tracks direct marketing
Your Solution: targets
this age group and can be used as direct mail, a supplement
to seminars or a face-to-face marketing tool.
- Recent graduates are definitely in the market for financial
information as they begin to pay off student loans and seek
out other types of financial products such as car loans or
property insurance. – Lisa Phillips, senior analyst
at eMarketer. From eMarketer report “Online Banking:
Remote Channels, Remote Relationships.” May 2006
- More than half of adults in their early to mid-20s, who by
definition are in Generation Y, have little knowledge about
financial matters. – Harris Interactive Study commissioned
by Northwest Mutual
- Gen Y consumers are in need of financial advice. They
have been saddled with more student debt than previous generations,
are continuing to rack up credit card debt, and are not putting
money away for retirement or other savings. – “Gen
Y Is Going To Need Financial Guidance More Than Most.” by
Aaron Barr. Media Post Publications, Marketing Daily,
Monday, May 19, 2008
Your Solution: Give Gen Y members the financial
guidance they need and want with a comprehensive financial
guide written specifically for them:
- 74.5% of college freshmen say it is “essential” or “very
important” to be “very well off financially.” – “Generation
Y’s Goal? Wealth And Fame,” at USAToday,
citing Higher Education Research Institute survey of college
freshmen at the University of California-Los Angeles (noting
this figure is rising and was 41.9% in 1967)
- Gen Y are thinking ‘car,’ not ‘career.’ They
have unprecedented focus on short-term disposable luxuries,
which makes pitches for ‘distantly relevant’ services
like life insurance or Superannuation hard for them to swallow. Making
products relevant in the short term is the key to sparking
their interest. – “Selling Financial Services
to Generation Y” by Peter Sheahan.
Your Solution: Help your Gen Y members
to achieve their short-term goals and still be financially
well-off, with matter-of-fact advice from your credit union.
- Today’s young adults face an enormously complex and
competitive financial world: Many enter the workforce saddled
with five-figure student loans; skyrocketing housing prices
increasingly have put homeownership out of range; and easier
access to credit without proper training to manage it has damaged
credit scores for many young adults before they’ve even
grasped what one is. – “A Financial IQ ‘SOS’ for
Generation Y,” by Jason Alderman. Jason Alderman’s
Practical Money Matters.
Your Solution: Prevention is the cure. Rather
than sending collection notices and repossessing their collateral,
ensure that Gen Yers are prepared to prevent themselves
from sliding into the debt abyss with information from
- (Today’s college students) are…most likely to
choose providers based on recommendations from trusted sources:
parents and employers. 27% of respondents said that being
given information by an employer would lead them to “probably” check
out a provider’s services (more than any other channel). – “Gen-Y
College Students, Financial Services, and the Web.” Report
by Celent, August 2003. (Based on a survey of 375 undergraduates.)
Your Solution: Ask your Select Employee Groups
to distribute to
their college graduate new-hires.
To learn more how your credit union can effectively use , request a sample or call Marketing
Portals directly at |
