Global Financial Crises not just for grown-ups

12 March 2009

What does the Global Financial Crises (GFC) mean to you? Well, probably a lot. You have probably been following the stocks, the interest rates, the stimulus packages; you are probably concerned about job security, know people who have been made redundant, or maybe even putting off retirement.

What does it mean to the 18yr old in uni, or 21yr old just out? Well a lot more then they apparently seem to know.

As part of the voxpop series for this blog, I hit the streets to interview 18-25yrs old on the GFC and what effects it was having on them personally. Here are a few of my favs which I think provide interesting insight.

What does this mean to me? Not that teens aren’t affected by the GFC. They are, their families are, and in their lives there has never been a more important time to get on top of finances, be wary of out of control credit debt (not speaking from personal experience…), learn about savings and investment options. In fact in a recent article in the London’s Daily Telegraph, research conducted by the Financial Services Authority (FSA) in the UK suggests “16 to 24-year-olds are the most at risk”, particularly with regards to planning ahead and choosing financial products.

Many pessimists argue this lack of understanding is due to Gen Y’s “irresponsible optimism”. However if you look a bit deeper much research suggests that while, yes, Gen Y are optimistic, they are also realisitic. This video highlights they are actually eager to hear about the ground rules, they agree they need to know more.

That said, I would suggest the heart of the issue is that the conversation hasn’t yet become directed to Gen Y – WHY they should care, and therefore they haven’t listened. I know I don’t listen when someone is talking, or even shouting, to the person next to me, why would I? (that is unless of course they are whispering and it is gossip)

So here-in lies a huge opportunity for banks and/or financial services – utilize this inherent interest in the economy to extend your brand out to them, educate through dialogue, and in turn build a trusted advisor relationship…the holy grail…usually we usually we are trying to create conversation and force ourselves in, well here it is, on your doorstep, just jump on in.

Who knows, as my colleague Helina Lilley (a Gen Y in our Corporate Services team) very cleverly pointed out to me, maybe with the right guidance, these Gen Yers and their optimistic outlook will no longer be criticized, but instead become known as Gen Yield – the ones who steered their way through the recession and emerged with handsome high yielding portfolios. And let’s face it – it isn’t a hare-brained theory to think these cashed-up Gen Ys could potentially save the economy — cue to many major organizations that are counting on exactly that business strategy.

In my humble opinion, Helina, you have nailed it – educate Gen Y and convert to Gen-Yield.

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3 Responses to “Global Financial Crises not just for grown-ups”

  1. Youth Trends 18 March 09 | mobileYouth - youth marketing mobile culture research

    [...] Want To Know: How Do I Get Rich? (Forbes) * Global Financial Crises not just for grown-ups (Youth Marketing Insights) * DoCoMo “Play! Prime” branded online world (CScout Japan) * Your Music Player is Ringing [...]

  2. Youth Trends 07 April 09 | mobileYouth - youth marketing mobile culture research

    [...] and 29, plan to spend less on eating out (Capico) * Global Financial Crises not just for grown-ups (Youth Marketing Insights) * DoCoMo “Play! Prime” branded online world (CScout Japan) * Your Music Player is Ringing [...]

  3. Positive Invoice Finance

    if you talk about economic crisis then its sure that every one has hitted down because of it…there is no particular age group which have been affected.

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