Most statistics indicate Millennials now comprise about 25% of the total US population. That equates to roughly 81 million people. Millennial females make up about half that number, or around 40 million people. As the rise of the millennial generation continues, bank and credit union professionals must focus their efforts more specifically on its female component in order to establish firm market share in the future.
According to the recent article “The Millennial Mystique,” today’s young women do not necessarily share the same values and priorities that their mothers and grandmothers did. Rather, this generation of young women has a different set of values and expectations as it relates to work, money and life experiences. Several statistics from the article relate directly to millennial females relationship to their bank or credit union.
- 87% indicate they are not afraid to chart a different course than their friends
- 84% get excited when something is new or different
- 68% say managing their household is extremely important
- 78% say money is very important in their lives and is also the greatest source of dissatisfaction and stress
- 69% are actively saving for their future
What can bank and credit union professionals gather from the statistics? Plenty.
For example, since something new or different is important, if your financial institution has not rolled out a new product or service in the last 12 months, you are missing the boat when it comes to attracting Millennial females.
Also, with nearly 3/4 of this demographic sharing that managing their household is important to them, banks and credit unions must make financial education a priority in order to attract this population.
Lastly, with so many indicating that money is a continuing source of stress, banks and credit unions should look at this is an open door to combine innovative financial products and services with education in order to cement lifetime relationships with millennial females.
What works for Gen X and Baby Boomer women will not necessarily translate to success when applied to Millennials. Take heed of this generation’s unique financial needs and expectations to improve your financial institutions chances at success with them.