How to reach Gen Zers now, before their career wealth accrues
Remember, they’re not simply ‘new millennials,’ but members of a generation with unique characteristics.
Contrary to popular belief, members of Generation Z can’t simply be looked at as the “new millennials.” This generation of young people, born between 1997 and 2012, according to Pew Research, is unique and distinct from any generational group that precedes them. Because they have witnessed a unique set of real-life lessons—like the War on Terror and the 2008 stock market and housing crash—Gen Z has been dubbed the “throwback” generation and has differentiated itself from millennials in more ways than one.
Credit unions must take a step back in their approach to marketing to this generation. Long gone are the days where credit unions can treat every member the same. While their members may belong to the same community, understanding this generation is critical in winning them over as loyal members. In today’s competitive market, credit unions will need to go the extra mile, realizing their Gen Z members have a unique set of financial needs and are looking for more from their financial partner than the traditional services that might have won over members in the past.
Understanding the ‘Throwback’ Generation
This generation is more conservative with money and certainly more interested in making smarter, more long-term financial decisions and increasing their savings. In addition, members of Gen Z largely emphasize traditional values, such as work ethic, prudence and financial stability while also being at the forefront of evolving consumer demands, like digital-first expectations.
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