10 years ago, targeting millennials was critical – what now?
After years of attention, it would be easy for bank and credit union marketers to mentally check-off the Millennial 'box.' That would be a huge mistake. Not only is the largest living generation in its prime, it stands to inherit massive wealth over the next ten years.
Many bankers have grown weary of marketing to Millennials. Who can blame them? The huge generation has been in the marketing spotlight for at least ten years. By now, many banks and credit unions figure that as long as they offer online tools and a mobile app — and launch some hip digital ads — they’ll attract hordes of Millennial consumers. Sorry, but it’s more complicated than that, and it will take some hard work.
Furthermore, now is definitely not the time to let up on your Millennial marketing focus. While people born between 1980 and 1996 don’t yet possess the majority of the country’s wealth, they soon could be.
Forbes predicts that Millennials will become the richest generation in history and by 2030 will hold more than five times the wealth they have today.
As older generations pass their assets to Millennials, financial institutions will need to adapt and change their offerings and attitudes to serve this group of people who live and think differently.
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