The top 10 marketing & tech trends that tickled our fancy in 2014!
Welcome to part four in our Top Marketing and Tech Trends of 2014! Today, we take a closer look at financial institutions; specifically, how the next current generation of Millennials are influencing the banking and credit union industry.
5. Millennials and Financial Institutions
Research in 2014 would suggest, quite frankly, that Millennials hate banks. Well, maybe “hate” is a strong word, but millennials are increasingly viewing these financial institutions as archaic.
How Millennials are Disrupting the Traditional Banking System
Why is this? Are Millennials just disinterested in their financial futures? Millennials are stereotypically described as the “boomerang generation” or the Peter Pan generation for their perceived tendencies for delaying certain rites of passage into adulthood. It’s true; the statistic most commonly referenced to prove this point is Millennials are living at home with their parents longer in comparison with past generations.
Does this mean, then, that Millennials possess a lack of responsibility, a disinterest in all things “adult”? A survey conducted by Merrill Lynch in 2014 says not necessarily. The survey reveals that “by and large, the Millennials in our survey don’t come across as entitled, disengaged from the real world or enthralled by instant gratification, and they aren’t upending their parents’ approach to investing. Instead, the data portray a group who are oriented toward the future, who have a strong sense of familial and social responsibility.”
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