Why genY?

Generations defined

• The Silent Generation – Born 1925-1945 / Ages 66-86

• Baby Boomers– Born 1946-1964 / Ages 47-65

• Gen X– Born 1965-1979 / Ages 32-46

• Gen Y (Millennials)– Born 1980-1997 / Ages 14-31

Generational MarkersSilent Generation Baby Boomers Gen X Gen Y

• Great Depression• Roaring 20’s• World War 2• Pearl Harbor• Atomic Bomb• Radio• FDR• Close family

• Cold War• Civil Rights• Space race• Assassinations• Korean War• Vietnam• Watergate• Woodstock• Dispersed family

• Roe v. Wade• Berlin wall•Desert Storm • Challenger Disaster • Reagan Assassination Attempt • AIDS• Clinton• Latch Key Kids

• OKC bombing • 9-11• Columbine• Internet• MTV• Video Games• Hanging chads• Reality TV• War on Terror• President Obama• Globalization • Loose Family Structure

Who is genY?

• How would you describe them?

their attitude?

their expectations?

Who is genY, really?• We’re not stupid; just inexperienced• Tech savvy • Independently dependent

– Parents often cited as best friends!

• Entitlement

- Boomer parents over-protective• Overwhelmed with information• Optimistic• Confident

Who is genY, really? • Diverse • Tolerant• Skeptical / Cynical

– And not afraid to ask questions

• Adaptable – Not afraid of change

• Instant Gratification

Who is genY, really?

• Major influences: friends celebrities

• Entertainment: Xbox, Multi-Plex theaters, DVD/blu-ray, On-Demand, CD, Social-Media

• Information Sources: any styleany timeany format

GenY’s spending style

• How genY gets money • Spending money

- Very influential in house hold spending

- Allocating money for savings

- Image conscious

- Active consumer• Not against hard work

Money

• Spending power

• I want it now

• Debt

• Image

• On-line

How to reach genY

• BE REAL!!!• Viral marketing• Technology

– Online– Social media– Text

How to reach genY

• Free stuff• Visually appealing• We’re not stupid; just

inexperienced• Understand• Mentor• Buck the norm

Use Money Wisely

• Be aware of spending • Become and remain organized• Prepare for upcoming expenses

Set Goals

• Three basic goal types:– Short-term – 1 year or less– Mid-term – 1-3 years– Long-term – 3+ years

• Priorities• Know the goal cost and achievement date

– Price / # of paychecks = amount per paycheck

• BE PREPARED FOR SETBACKS!

Keep an Eye on Cash

• Avoid impulse purchases• Don’t gamble your money away

Establish Credit

• Building a history and score

• When shopping for credit, look for:– Low APR– Long grace period– No annual fee– Low penalty fees

Amount Owed

30%

35%

Payment History

10%

Types of Credit Used

10%

New Credit

15%Lengthof Credit History

Use Credit to Your Advantage

• Stay out of debt• Pay more than the minimum payment• Pay on time• Limit the number of cards you have