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LENDING & MARKETING ACROSS THE GENERATIONS Bryn C. Conway, MBA, CUDE Presented by Remain Relevant at Every Age
LENDING & MARKETING ACROSS THE GENERATIONS
Bryn C. Conway, MBA, CUDE
Presented by
Remain Relevant at Every Age
ABOUT US
DISRUPTERS
RELEVANT?
BACK TO BREAD & BUTTER
Baby Boomers
1946 - 1964
Generation X
1965 - 1980
Millennials
1981 - 1996
SUCCESS
Relevant at every age and stage
1. Who they are 2. Loan products 3. Messaging
Baby Boomers
1946 - 1964
Generation X
1965 - 1980
Millennials
1981 - 1996
Success
Baby Boomers 1946 - 1964
• Optimists • Idealists • Individuals
Age 55 to 73 75 million
Good credit and not afraid to borrow!
7 Trillion in buying power 70% of the disposable income
Retirement = Travel + Fitness + Fun
Life is To Be Experienced!
Simplification & Adventure
Baby Boomers 1946 – 1964
PRODUCTS
28% more spent than younger generations combined
$90 billion in auto sales Freedom • Independence • Love Affair
Equity = retirement they want
$200,000 avg home equity Travel • Relocate • New career
$1.9 trillion in the next 5 years
Downsize square footage. Upsize the view!
Baby Boomers 1946 – 1964
MESSAGING
50 is the new 40.
See themselves as 10 years younger
Market the experience. It’s about the image, man!
No cardigans or slippers here! Vibrant • Vigorous • Vital
Faster Horses
Promote Experience;
Over Rate
WHY BUY: How does it make them feel?
Faster Horses Promote Experience over rate
Generation X 1965 - 1980
49 million | 23% of adult population
Ages 39 to 54 Skeptics • Realists • Independents
$142,000 average debt
Worse off than parents • Recession/Bubbles • Student debt • 40% kids under 18 • 25% parents @home
Need homes and cars for expanded families
77% Gainfully Employed Prime Earning Years • Baby Boomer Exit
PRODUCTS
Generation X 1965 – 1980
27% in the market to buy FAMILY home
Buy most expensive homes Median price is $263,000
60% aren’t brand loyal = Opportunity
Auto • Home • Student
OPPORTUNITY: Credit report to target.
Loan demand second only to Millennials
MESSAGING
Generation X 1965 – 1980
Help control financial future
Transparency Least likely to believe traditional marketing
Help! Don’t Judge.
Least likely to consult a financial advisor Debt • Insurance • Savings
Raising families • Helping parents • Present & Future
Many Lending Needs
Millennials 1981 - 1996
42% of the adult population
Ages 23 to 38 Diverse • Connected • Educated
Marriage at 27.9 | Home at 33
6 in 10 have student debt $25,500 Average balance
Shared economy
Mom & Dad
Scared of debt
Pent up demand
$1.3 trillion in spending power!
$1.3 trillion in spending power!
Pent up demand Shared economy • Mom & Dad • Scared of debt
PRODUCTS
Millennials 1981 – 1996
61% plan to buy or lease in next 3 years
Buying Cars 14% 5 years ago 25% Today 23% Next year
First time home buyer programs
70% want to buy a home in next 5 years 32% of homebuyers
Mobile payments & rewards: Must have!
23% carry cash On average only $5 a week
MESSAGING
Millennials 1981 – 1996
See
66% follow brands on social media Company on social media = trustworthy
Product reviews are key!
Direct Mail Most likely of all generations to open
Expert advice • How to survive a crisis • Local
Relevant • Concise • Understandable Only 20% find financial content interesting
Use the power of referral to reach Millennials
Love of community 90% have bought because of family or friend
Baby Boomers
1946 - 1964
Generation X
1965 - 1980
Millennials
1981 - 1996
SUCCESS
Relevant at every age and stage
Resources Generating Loans
by Generation
CUES Credit Union Management Magazine, February 2017.
LENDING & MARKETING ACROSS THE GENERATIONS
Bryn C. Conway, MBA, CUDE
Presented by
Remain Relevant at Every Age
