Generations Of Financial Needs

Gen Y’s product demands now include first mortgages and auto loans, whereas Baby Boomers are turning toward retirement products.

 
 

Gen Y’s members are now roughly 19 to 31 years old, and credit unions are finding a growing demand among them for financial products. They are starting to shop for their first cars and homes, meaning they need mortgages and auto loans. They might have once held only a credit card with their credit union, but with new jobs they are now opening a checking account and setting up direct deposit.

Click on the infographic below to see how their needs stack up against other generations’ financial needs.

Callahan & Associates' Generations Of Financial Needs

​
 

 

 

April 5, 2012

Comments

 
 
 
  • Wow, great graphic! Can I use it. I own On Your Way, a Gen Y marketing program for credit unions.

    Jared Cahill

    Jared Cahill
     
     
     
  • Cool info-graphic! Being born in 1962, I guess I get to choose between being a Baby Boomer or a Gen X - I'll take the younger crowd. Financial institutions can start a regular dialog with the younger half of Gen Z (and simultaneously their parents) with "virtual family bank" products. They fill the gap between the piggy bank and that first checking account.

    Our offering is one example:

    http://blog.famzoo.com/2011/12/how-credit-unions-can-fill-youth.html

    To be unbiased, here's a complete list of contenders:

    http://list.ly/list/oD-online-piggy-banks-allowancechore-trackers-virtual-family-banks
    Bill at FamZoo
     
     
     
  • David Beckham was born in 1975, which would make him a Gen X. Also there is a heavy focus on the loan side, what can you tell us about the deposit side.
    Paul
     
     
     
 

A Member-Friendly Buy Now, Pay Later

Industry Performance (3Q 2015)

Teen Drivers Need Car-Buying Lessons