By the year 2020, the population segment we all refer to as Gen Y could reach upwards of 95 million and make up 36% of the adult population in the U.S. There is no doubt that this consumer group is becoming more relevant than ever.
And with that, financial institutions are competing for their business. Young adults are transitioning through college, entering the workforce, starting families and making large purchases such as homes and automobiles.
While studies attempt to decipher what drives Gen Y's decisions – including that of their primary financial institution – credit unions must realize these individuals expect more than just sound business practices, environmentally friendly operations, philanthropic generosity and ethical performance. Rather, they expect to be serviced through multiple channels; it is all about choices.
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