By 2020, millennials will account for 50% of the global workforce (PWC). And according to Gallup, only 29% of millennials are currently engaged at work.
That puts employers in a tough spot, considering this generation will eventually be charged with leading these organizations. And banks are not immune!
What is your bank doing now to prepare for the inevitable millennial takeover?
Plansmith will be at The FMS Forum in June. We'll be in the marketplace, and I'll be presenting a breakout session!
Trust. Nearly a decade after the global financial crisis, banks are still struggling to win it back from the general public. According to a recent study from Brunswick Group, only 27% of Americans trust banks. And globally, 56% of people favor smaller, more personal banks – this provides community banks with a huge opportunity.
There is a lot of buzz surrounding millennials and their unique psychographics and behaviors, especially with regard to buying habits. But it's not just millennials that are exhibiting fascinating (and at times, frustrating) preferences. As Jim Perry of Market Insights and #BANKSOCIAL discusses in his article, Modern Demographic Cohorts, Defined By Expectations, Want The Same Things From FIs, other generations, including baby boomers, are stepping outside of their perceived demographic[s] and assimilating with attitudes, beliefs and even behaviors of diverse age groups.