Datahead: Gen-Y’s Money Woes
August 18, 2010 | Free Subscription
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Fantastic info graphics. Certainly paints a bleak picture. However, there is a huge opportunity for financial institutions that are willing to reach out to Gen Y. Gen Y needs credit unions and community banks just as much as credit unions and community banks need Gen Y.
+1 for the infographics. I can relate to a lot of the stress regarding financial choices, school and the current state of the economy. Luckily, I have maintained a budget for years to combat the current environment and find the expanding PFM market promising. This post really illustrates the opportunity that credit unions have to integrate education with their financial products. One of the easiest ways to develop a solid relationship with your membership is to educate while supporting their needs.
Remember, it’s not that they are unwilling to maintain a budget or control their spending…they don’t know how. In my opinion, if a financial institution wants their business, it is the responsibility of the institution to teach them proper money management. (That is a perfect world scenario, but the impact to financial responsibility would benefit all.)
Jeff: +2 on the info graphics! I believe more financial institutions, particularly credit unions, are recognizing the needs (and opportunities) associated with Gen Y. With some thoughtful planning, meaningful dialogue and relevant solutions, our industry can help improve some of these bleak statistics.
[...] the criteria for Generation Y- born between the mid-1970s to early 2000s. A recent report from the Financial Brand came out discussing the market research statistics of Generation Y, and it paints an entirely [...]
Gen Y needs great community banks and credit unions just as much as these small, local institutions need Gen Y. Great point, Tim! There has never been a better time for a new way to bank! OR new banking products! Kasasa Tunes is a great way to reward Gen Y with the kind of things they care about: music and free downloads every month!
[...] a popular topic of discussion! Headlines like Why Gen Y is Broke, Why Gen Y Might Never Retire, and Gen Y’s Money Woes are all over the [...]