why geny?. generations defined the silent generation –born 1925-1945 / ages 66-86 baby boomers...
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Why genY?
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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
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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
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Who is genY?
• How would you describe them?
their attitude?
their expectations?
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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
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Who is genY, really? • Diverse • Tolerant• Skeptical / Cynical
– And not afraid to ask questions
• Adaptable – Not afraid of change
• Instant Gratification
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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
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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
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Money
• Spending power
• I want it now
• Debt
• Image
• On-line
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How to reach genY
• BE REAL!!!• Viral marketing• Technology
– Online– Social media– Text
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How to reach genY
• Free stuff• Visually appealing• We’re not stupid; just
inexperienced• Understand• Mentor• Buck the norm
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Use Money Wisely
• Be aware of spending • Become and remain organized• Prepare for upcoming expenses
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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!
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Keep an Eye on Cash
• Avoid impulse purchases• Don’t gamble your money away
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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
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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