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Pop Quiz, Hot Shot! Do You Know Your Gen Z & Millennial Customers’ Top 5 Financial Concerns?

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Right now, the economy is facing decades-high inflation and ongoing supply chain issues brought on by the pandemic, rising gas prices, and interest rate hikes. Jamie Dimon even referred to the economy as an incoming hurricane, warning investors to “brace yourself.”

But for the everyday American, especially young adults, managing their personal finances may feel more like being on Bus 2525, with Keanu and Sandra side-swiping cars, hitting construction barrels, and flying across bridges, all to avoid a total disaster. It’s confusing and scary, and your customers have serious concerns. They are, in fact, bracing themselves.

As Dennis Hopper famously put it: pop quiz, hot shot! Today’s biggest question for bankers is how well do you know those concerns so you can provide solutions to address them.

Naturally, Americans are nervous and have many questions, especially younger customers with less experience navigating a recession.

Consider that the last major recession was nearly 15 years ago. Since that time, about 75 million American consumers have reached adulthood. This means almost a quarter of the population (22.5%) has not experienced a recession firsthand. Most of what these individuals know about navigating a downturn is what they’ve read or been told by family members.

The good news is that your younger customers want to understand the current economy and want guidance on how best to manage their finances. This is an opportunity for banks, but it requires truly understanding your customer’s concerns to provide solutions-driven personalized financial guidance in a relevant, meaningful way.

  1. Young Adults Are Concerned About The Widening Wealth Gap

Three-quarters of Gen Z and Millennials believe the wealth gaps in their respective countries are widening. They are right to be concerned, as a recession could speed up and expand this gap. Cost-of-living continues to increase in every category, yet wages are not rising to align with inflation. Gen Z and Millennial dollars today aren’t able to stretch as far as they previously did.

This content is for CU BUSINESS eMagazine , Special Deal: 2 websites , and NEW! The Leadership Team Builder Group Subscription members only.
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