Over the next few decades, an estimated $30 trillion will pass from baby boomers to millennials, according to Accenture.
As the roughly 75-million strong millennial generation accumulates wealth and leads increasingly complex financial lives, credit unions will see more opportunities to engage this demographic and meet their financial needs.
Millennials’ major life experiences were shaped by the Great Recession of 2008. They witnessed record-high unemployment levels, and parents losing their jobs, savings, and investments, in addition to their own financial challenges.
They are managing more student debt and faced higher unemployment than any generation since the Great Depression. Still, their financial goals are not drastically different from those of baby boomers when they were in their 20s and 30s.
In other words, owning a home, saving for retirement and raising a family continue to be defining factors for financial success. The key differences between millennials and baby boomers are their technology dependence and the communication tools used to satisfy their needs.
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