Young consumers on mobile devices. Source: Shutterstock
One of the keys to success for any financial institution is to adjust their approach to changing demographics. That's because as groups age, their market impact moves accordingly. Right now, the youngest generation, known as Gen Z, is classified as anyone born after 1997, meaning the oldest in this group is just 23. While it may seem unnecessary to focus on a group that's in college or just entering the workforce, know that these individuals will eventually become the dominant and largest demographic, as millennials are now. In fact, they already represent 40% of the US consumer purchasing power, according to a 2019 report from Porter Novelli and Cone. Considering the fact that many credit unions struggle to reach millennials, this task is likely to become more challenging with Gen Z.
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