SELECT
Simply select your target customer,
whether they are the babyboomers
generation, generation X, generation
Y, generation Z or generation Alpha.
BABY BOOMERS
1946 TO 1964
Current Age: 57 to 75
Generation Size: 71.6 million
Baby Boomers have an average net worth of $1,066,000
and a median net worth of $224,000.
Media Consumption: Baby boomers are the biggest
consumers of traditional media like television, radio,
magazines, and newspaper. Despite being so traditional,
90% of baby boomers have a Facebook account. This gen-
eration has begun to adopt more technology in order to
stay in touch with family members and reconnect with
old friends.
Banking Habits: Boomers prefer to go into a branch to
perform transactions. This generational cohort still
prefers to use cash, especially for purchases under $5.
Shaping Events: Post-WWII optimism, the cold war, and
the hippie movement.
What's next on their financial horizon: This generation
is experiencing the highest growth in student loan
debt. While this might seem counterintuitive, it can be
explained by the fact that this generation has the most
wealth and is looking to help their children with their
student debt. They have a belief that you should take
care of your children enough to set them on the right
course and don't plan on leaving any inheritance. With
more Americans outliving their retirement fund, declin-
ing pensions, and social security in jeopardy, ensuring
you can successfully fund retirement is a major concern
for Boomers.
GENERATION X
1965 TO 1979/80
Current Age: 41 to 56
Other Nicknames: "Latchkey" generation, MTV generation
Generation Size: 65.2 million
Gen Xers average net worth is around $288,700, but the
median is $59,800.
Media Consumption: Gen X still reads newspapers, maga-
zines, 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 (the highest of any generational cohort).
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. They
believe banking is a person-to-person business and dem-
onstrate brand loyalty.
Shaping Events: End of the cold war, the rise of per-
sonal 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, though most of this is in their mort-
gage. They are looking to reduce their debt while
building a stable saving plan for the future.
GENERATION Y
1981 TO 1994/6
Current Age: 25 to 40
Other Nicknames: Gen Y, Gen Me, Gen We, Echo Boomers
Generation Size: 72.1 million
Millennials have an average net worth around $76,200,
but their median net worth is only $11,100.
Media Consumption: 95% still watch TV, but Netflix edges
out traditional cable as the preferred 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 products and
features first, and have little patience for ineffi-
cient or poor service. Because of this, Millennials
place their trust in brands with superior product his-
tory 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 powering the workforce, but with huge amounts of
student debt. This is delaying major purchases like
weddings and homes. Because of this financial instabil-
ity, Millennials choose access over ownership, which
can be seen through their preference for on-demand ser-
vices. They want partners that will help guide them to
their big purchases.
Select Your Target