5 ways banks need to engage Gen Z and Millennials

Millennials and Gen Z are coming into themselves in different ways as the banking industry tries to corral them as customers and tap their creativity as employees. But their financial struggles coexist with their struggles in the office. Here are top insights banks and credit unions have to understand about these two critical generations.

It’s easy to conclude that every generation experiences the same growing pains: adolescence into adulthood; post-college into the challenge of simultaneously navigating a family and career.

But many generational experts concede that members of Gen Z and Millennials are unique in their needs. Although a portion of older Millennials has secured a mortgage and has started families, neither of the two generations are fully rooted yet. With inflation, a rocky housing market and juggling home-work balances, the two young generations say they feel as uncertain as ever, both as customers and in the workforce.

What are the biggest sets of hurdles the two generations share?

1. Gen Z & Millennials Want Hybrid Work Environments

Gen Z and Millennials both admit they prefer a hybrid work lifestyle — primarily because it helps them save money, frees up their time to do what they care about, allows them to see their family more often, makes getting the work done easier and positively impacts their mental health.

 

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