Other Nicknames: "Latchkey" generation, MTV generation
Generation Size: 82 Million
Media Consumption: Gen X still reads newspapers, magazines, listens to the radio, and watches TV -- about 165 hours worth of TV a month. However, they are also digitally savvy and spend roughly 7 hours a week on Facebook.
Banking Habits: Since they are digitally savvy, Gen X will do some research and financial management online, but still prefer to do transactions in person. Believe banking is a person-to-person business and exhibit brand loyalty.
Shaping Events: End of the cold war, the rise of personal computing, and feeling lost between the two huge generations.
What's next on Gen X's financial horizon: Gen X is trying to raise a family, pay off student debt, and take care of aging parents. These demands put a high strain on their resources. The average Gen Xer carries $142,000 in debt. They are looking to reduce their debt while building a stable saving plan for the future.
Millennials (Gen Y)
Years Born: 1980 to 1994
Current Ages: 25 to 39
Other Nicknames: Gen Y, Gen Me, Gen We, Echo Boomers
Generation Size: 95 Million
Media Consumption: 95% still watch TV, but Netflix edges out traditional cable as the provider. Cord-cutting in favor of streaming services is the popular choice. This generation is extremely comfortable with mobile devices but 32% will still use a computer for purchases. They typically have multiple social media accounts.
Banking Habits: Millennials have less brand loyalty than previous generations. They prefer to shop product and features first and have little patience for inefficient or poor service. Because of this, Millennials place their trust in brands with superior product history such as Apple and Google. They seek digital tools to help manage their debt and see their banks as transactional as opposed to relational.
Shaping Events: The Great Recession, the technological explosion of the internet and social media, and 9/11
What's next on their financial horizon: Millennials are entering the workforce with high amounts of student debt. This is delaying major purchases like weddings and homes. Because of this financial instability, Millennials prefer access over ownership which can be seen through their preference for on-demand services. They want partners that will help guide them to their big purchases.
Years Born: 1995 to 2015
Currently Aged: 4 to 24
Other Nicknames: iGeneration, Post-millennials, Homeland Generation
Generation Size: Roughly 25% of the population
Media Consumption: The average Gen Zer received their first mobile phone at age 10.3 years. Many of them grew up playing with their parents' mobile phones or tablets. They have grown up in a hyper-connected world, and the smartphone is their preferred method of communication. On average, they spend at least 3 hours a day on their mobile device.
Banking Habits: This generation has seen the struggle of Millennials and has adopted a more fiscally conservative approach. They want to avoid debt and appreciate accounts or services that aid in that endeavor. Debit cards top their priority list followed by mobile banking. Over 50% have not entered a bank branch in at least 3 months.
Shaping Events: Smartphones, social media, never knowing a country not at war, and seeing the financial struggles of their parents (Gen X).
What's next on Gen Z's financial horizon: Learning about personal finance. They have a strong appetite for financial education and are opening savings accounts at younger ages than prior generations.
If you want to know more about Gen Z, check outthis deep diveinto their media consumption and banking habits.""
"The Baby Boomer Generation
Years Born: 1944 to 1964
Current Ages: 55 to 75
Generation Size: 76 Million
Media Consumption: Highest consumers of traditional media like television, radio, magazines, and newspaper. However, 90% have a Facebook account.
Banking Habits: Prefer to go into a branch to do transactions.
Shaping Events: Post-WWII optimism, the cold war, and the hippie movement.
What's next on their financial horizon: Unexpectedly, this generation is experiencing the highest growth in student loan debt. They have a belief that you should take care of your children enough to set them on the right course but don't plan on leaving any inheritance."