2016 MCUL Lending & Marketing Conference In 2015, Millennials surpassed Baby Boomers as the largest group of the U.S. voting population. As Boomers transition into their well-earned retirement, Millennials will take the stage as the focal group for marketers, lenders and managers. This session will explore who the Millennial Generation is, what is important to them, what they expect from credit unions and how to engage them with credit unions on multiple levels.

2. “Knowledge for its own sake was
meaningless, it’s mere accumulation
a waste of time.
Knowledge must lead to understanding.”
- Moses Finley

3. Objectives Events = You?
You = Meaning!Important!
Borrowing Confidence Actionables

4. Disclaimers
1. No Silver Bullet to Attract/Retain
2. Go to where the “fish” are
3. Right Person, Right Solution, Right Time
4. Life Stage + Life Context
5. Little Number x Big Number…
is still a Big Number!
6. Do your own thing,
then do it simply and
really well
Disclaimer 0: I am
not this awesome…

5. Disclaimers
1. No Silver Bullet to Attract/Retain
2. Go to where the “fish” are
3. Right Person, Right Solution, Right Time
4. Life Stage + Life Context
5. Little Number x Big Number…
is still a Big Number!
6. Do your own thing,
then do it simply and
really well
Disclaimer 0: I am
not this awesome…
Would you leverage
a stereotype based
on race, religion, or
sex just because
there was “research”
to back up the
stereotype?

6. Who are they?
What’s important to them?
What do they expect?
How do we engage them?
Not the Pepsi
Generation…
More than their
iPhone…
More than Mobile
Banking…
More places than
Facebook…

7. “To better understand who people are,
one must first know who they aren’t.”
-Ben Puffer, just now… right in front of you

8. Millennial Myths
Myth: Millennials are lazy
Truth: Millennials are ambitious and curious
Myth: Millennials are self-centered
Truth: Millennials volunteer at record rates
Myth: Millennials are spoiled
Truth: Millenials are resourceful and prudent
Myth: Millennials need instant gratification
Truth: Millennials are accustomed to quick and
easy access to information via technology
Myth: Millennials are disrespectful
Truth: Millennials need “Why?”
Myth: Millennials are disloyal
Truth: Loyalty is not a given; it must be earned
Whoaren’tthey?

9. Baby Boomers @ Woodstock ‘69
“Creative”
“Ambitious”
“Optimistic”
“Independent”
“Resourceful”
“Challenging”

10. “Collaborative”
“Rebellious”
“Optimistic”
“Challenging”
“Hard-Working”
“Sacrificial”
Millennials @ a random concert I found a picture of…

11. “That’s great, but it doesn’t help me
understand how to lend
or market to them…”
- You, in your head just now

12. Millennial Basics
•Over 25% of USA Population
•80~90 Million in the USA
•Differentiated needs across a range of ages
•Born between ~1980~2000
•Currently ~16~36 years old
What makes them different?
Whoarethey?
Remember that
whole “small
number x big
number” thing?

13. Much like other generations,
Millennials were influenced and
shaped by historical events of
their lifetime.

14. 1975 1985 1995 2005
1977
Apple II launches
1984
Apple Macintosh launches
1985
Windows 1.0 released
1982
Internet protocol suite (TCP/IP) and ARPANET
Whoarethey?
1981
IBM-PC launches
Sandra Day O’Connor  Supreme Court

15. 1975 1985 1995 2005
1987
NYSE Black Monday
1989
World Wide Web
Exxon Valdez Oil Spill
Berlin Wall Torn Down
1990
End of Soviet Communism
Hubble Telescope
Gulf War
1993
World Trade Center Bombing
1991
High Performance Computer & Communication Act
Radiolinja 2G Cell Network
Whoarethey?

16. 1975 1985 1995 2005
1998
Osama bin Laden Jihad
Bill Clinton/Monica Lewinsky
2001
9/11 Attacks
US-Led War on Terror
1999
Columbine Massacre
1996
Dolly the Sheep
1994
NAFTA
1995
Oklahoma City Bombing
1997
Death of Princess Diana
Steve Jobs Returns to Apple
Whoarethey?

17. “… it’s never the events of our lives,
but the meaning we attach to the
events – how we interpret them –
that shapes who we are today
and who we’ll become tomorrow.”
- Tony Robbins

18. Three Profiles of Millennials
- Bank of America Research
YOUNGER MILLENNIALS
Age: 18-22
•Primarily single and are attending college
•Primarily relies on parents for financial advice and support
•Not likely to have a 401(k) or IRA
•Saving for a house, a vacation and education
•33% pay on student loans (Average of $201/month)
Whoarethey?

19. Three Profiles of Millennials
- Bank of America Research
MIDDLE MILLENNIALS
Age: 23-29
•Split between being single and married
•Most are employed
•More likely than other age groups to make a budget
•Saving more aggressively to buy a house
•Saving for vacations and half have savings goals
•More than half who went to college pay student loans
•Some have delayed starting a family
•Relies on parents and school knowledge for financial
guidance, but are also more likely than younger Millennials to
use a professional advisor or their employer
Whoarethey?

20. Three Profiles of Millennials
- Bank of America Research
OLDER MILLENNIALS
Age: 30-36
•Mostly married and employed
•Have more money saved than younger Millennials
•More likely to be saving for retirement and kids’ education
•Half make a monthly budget and have a savings goal
•More than half who went to college still have student loans
•More than half had to delay starting a family or take a job
that did not suit them.
•Uses a wider variety of financial information; using parents,
professional advisors, employers and books
Whoarethey?

21. Knowledge is Power
•95% research and shop for vehicles online
•23% obtained Bachelor’s degree or higher
Older Age compared to Life Stage (Compare to Gen-X)
•Nearly 200% the student loan debt
•5 years later having kids
•18% less likely to be married and living in their own
house
•3% more likely to be living at home with parents
Tech-Savvy
•72% active users of mobile banking
•47% own tablets
Invest in Community
•71% raise money on behalf of non-profits
•57% do volunteer work
Whoarethey?

22. What’simportanttothem?

23. What’simportanttothem?
What do you think is important to them?
Remember… it’s not
just their iPhone…

24. What’simportanttothem?

25. What’simportanttothem? Safety and Security
•Family, Health, and Balance
•Financial security
•Quick and easy access to the right information at the right
time
Social Needs
•Sincere communication and interaction
•Simple ways to interact with others
Esteem
•Helpful, knowledgeable, and accurate resources
Self-Actualization
•Connected to a Cause

26. Non-Negotiables
•Sincere & Knowledgeable People
•Accuracy
•Security
•Website
•Online Banking
•Mobile Banking
•ATM Card
•Debit Card
•Credit Card*
•Auto Loan
•Consolidation Loan
*  63% of Millennials don’t have a credit
card, Bankrate.com
Whatdotheyexpect?
Cited from Millennials and the Future of Digital Banking, Akamai, 2015
Top Expectations for Websites Among Millennials

27. Whatdotheyexpect? What’s Coming?
•House
•33% of Millennials plan to buy a
new home in the next 3 years,
compared to 19% of the general
population
•Children
•Among Millennials, ages 25-34,
now 10.8 million households with
children.
•Millennials accounted for 80% of
the 4 million U.S. births in 2014
•Retirement
•75% of Millennials are already
saving for retirement and started
saving at the age of 22 (median)

28. 52% of Millennials say
borrowing money makes
them uncomfortable.

29. Howdoweengagethem? Opportunity #1
•71% of Millennials “feel confident” of their knowledge about lending and credit
•67% of Millennials don’t know how credit scores are calculated
Opportunity #2
•74% of Millennials believe they have good financial habits
•67% of Millennials worry about money

30. Howdoweengagethem?

31. Howdoweengagethem?
Break-out!
Now that you know more about
them, how could you engage
Millennials at your Credit Union
using your field of expertise?
Brainstorm together and build
some actionable ideas!

32. Thank you for attending!
Ben Puffer, PHR©, SHRM-CP©
Connect with me on Linkedin | Available for questions!