Delivering the Millennial Experience: How to Engage Generation Y
- 2. “Knowledge for its own sake was meaningless, it’s mere accumulation a waste of time. Knowledge must lead to understanding.” - Moses Finley
- 3. Objectives Events = You? You = Meaning!Important! Borrowing Confidence Actionables
- 4. Disclaimers 1. No Silver Bullet to Attract/Retain 2. Go to where the “fish” are 3. Right Person, Right Solution, Right Time 4. Life Stage + Life Context 5. Little Number x Big Number… is still a Big Number! 6. Do your own thing, then do it simply and really well Disclaimer 0: I am not this awesome…
- 5. Disclaimers 1. No Silver Bullet to Attract/Retain 2. Go to where the “fish” are 3. Right Person, Right Solution, Right Time 4. Life Stage + Life Context 5. Little Number x Big Number… is still a Big Number! 6. Do your own thing, then do it simply and really well Disclaimer 0: I am not this awesome… Would you leverage a stereotype based on race, religion, or sex just because there was “research” to back up the stereotype?
- 6. Who are they? What’s important to them? What do they expect? How do we engage them? Not the Pepsi Generation… More than their iPhone… More than Mobile Banking… More places than Facebook…
- 7. “To better understand who people are, one must first know who they aren’t.” -Ben Puffer, just now… right in front of you
- 8. Millennial Myths Myth: Millennials are lazy Truth: Millennials are ambitious and curious Myth: Millennials are self-centered Truth: Millennials volunteer at record rates Myth: Millennials are spoiled Truth: Millenials are resourceful and prudent Myth: Millennials need instant gratification Truth: Millennials are accustomed to quick and easy access to information via technology Myth: Millennials are disrespectful Truth: Millennials need “Why?” Myth: Millennials are disloyal Truth: Loyalty is not a given; it must be earned Whoaren’tthey?
- 9. Baby Boomers @ Woodstock ‘69 “Creative” “Ambitious” “Optimistic” “Independent” “Resourceful” “Challenging”
- 10. “Collaborative” “Rebellious” “Optimistic” “Challenging” “Hard-Working” “Sacrificial” Millennials @ a random concert I found a picture of…
- 11. “That’s great, but it doesn’t help me understand how to lend or market to them…” - You, in your head just now
- 12. Millennial Basics •Over 25% of USA Population •80~90 Million in the USA •Differentiated needs across a range of ages •Born between ~1980~2000 •Currently ~16~36 years old What makes them different? Whoarethey? Remember that whole “small number x big number” thing?
- 13. Much like other generations, Millennials were influenced and shaped by historical events of their lifetime.
- 14. 1975 1985 1995 2005 1977 Apple II launches 1984 Apple Macintosh launches 1985 Windows 1.0 released 1982 Internet protocol suite (TCP/IP) and ARPANET Whoarethey? 1981 IBM-PC launches Sandra Day O’Connor Supreme Court
- 15. 1975 1985 1995 2005 1987 NYSE Black Monday 1989 World Wide Web Exxon Valdez Oil Spill Berlin Wall Torn Down 1990 End of Soviet Communism Hubble Telescope Gulf War 1993 World Trade Center Bombing 1991 High Performance Computer & Communication Act Radiolinja 2G Cell Network Whoarethey?
- 16. 1975 1985 1995 2005 1998 Osama bin Laden Jihad Bill Clinton/Monica Lewinsky 2001 9/11 Attacks US-Led War on Terror 1999 Columbine Massacre 1996 Dolly the Sheep 1994 NAFTA 1995 Oklahoma City Bombing 1997 Death of Princess Diana Steve Jobs Returns to Apple Whoarethey?
- 17. “… it’s never the events of our lives, but the meaning we attach to the events – how we interpret them – that shapes who we are today and who we’ll become tomorrow.” - Tony Robbins
- 18. Three Profiles of Millennials - Bank of America Research YOUNGER MILLENNIALS Age: 18-22 •Primarily single and are attending college •Primarily relies on parents for financial advice and support •Not likely to have a 401(k) or IRA •Saving for a house, a vacation and education •33% pay on student loans (Average of $201/month) Whoarethey?
- 19. Three Profiles of Millennials - Bank of America Research MIDDLE MILLENNIALS Age: 23-29 •Split between being single and married •Most are employed •More likely than other age groups to make a budget •Saving more aggressively to buy a house •Saving for vacations and half have savings goals •More than half who went to college pay student loans •Some have delayed starting a family •Relies on parents and school knowledge for financial guidance, but are also more likely than younger Millennials to use a professional advisor or their employer Whoarethey?
- 20. Three Profiles of Millennials - Bank of America Research OLDER MILLENNIALS Age: 30-36 •Mostly married and employed •Have more money saved than younger Millennials •More likely to be saving for retirement and kids’ education •Half make a monthly budget and have a savings goal •More than half who went to college still have student loans •More than half had to delay starting a family or take a job that did not suit them. •Uses a wider variety of financial information; using parents, professional advisors, employers and books Whoarethey?
- 21. Knowledge is Power •95% research and shop for vehicles online •23% obtained Bachelor’s degree or higher Older Age compared to Life Stage (Compare to Gen-X) •Nearly 200% the student loan debt •5 years later having kids •18% less likely to be married and living in their own house •3% more likely to be living at home with parents Tech-Savvy •72% active users of mobile banking •47% own tablets Invest in Community •71% raise money on behalf of non-profits •57% do volunteer work Whoarethey?
- 23. What’simportanttothem? What do you think is important to them? Remember… it’s not just their iPhone…
- 25. What’simportanttothem? Safety and Security •Family, Health, and Balance •Financial security •Quick and easy access to the right information at the right time Social Needs •Sincere communication and interaction •Simple ways to interact with others Esteem •Helpful, knowledgeable, and accurate resources Self-Actualization •Connected to a Cause
- 26. Non-Negotiables •Sincere & Knowledgeable People •Accuracy •Security •Website •Online Banking •Mobile Banking •ATM Card •Debit Card •Credit Card* •Auto Loan •Consolidation Loan * 63% of Millennials don’t have a credit card, Bankrate.com Whatdotheyexpect? Cited from Millennials and the Future of Digital Banking, Akamai, 2015 Top Expectations for Websites Among Millennials
- 27. Whatdotheyexpect? What’s Coming? •House •33% of Millennials plan to buy a new home in the next 3 years, compared to 19% of the general population •Children •Among Millennials, ages 25-34, now 10.8 million households with children. •Millennials accounted for 80% of the 4 million U.S. births in 2014 •Retirement •75% of Millennials are already saving for retirement and started saving at the age of 22 (median)
- 28. 52% of Millennials say borrowing money makes them uncomfortable.
- 29. Howdoweengagethem? Opportunity #1 •71% of Millennials “feel confident” of their knowledge about lending and credit •67% of Millennials don’t know how credit scores are calculated Opportunity #2 •74% of Millennials believe they have good financial habits •67% of Millennials worry about money
- 31. Howdoweengagethem? Break-out! Now that you know more about them, how could you engage Millennials at your Credit Union using your field of expertise? Brainstorm together and build some actionable ideas!
- 32. Thank you for attending! Ben Puffer, PHR©, SHRM-CP© Connect with me on Linkedin | Available for questions!