Along with having a new car or two in the driveway, a job for life, two kids and perhaps an adorable dog, owning a home has always been a central part of the American dream. Things like a reasonable housing market; a stable, robust domestic economy and wide, post-war use of the G.I. Bill, made that dream much more achievable for the Silent Generation (born from the late 40s to the early 60s) and Baby Boomers (born in the years following World War II).
At 75 million strong, Millennials have officially surpassed Baby Boomers as the nation’s largest consumer group. But this younger generation faces many financial challenges which at the same age their elders did not, notably an uncertain world economy, comparatively large student debt, reduced upward mobility, plus a big erosion in middle-class spending power.
The financial industry is changing—and so is the marketplace. Combined, these trends have created a “perfect storm” of opportunities and challenges, which many companies are not prepared to weather. Those that can navigate these new waters by tailoring their business tactics, products and services are destined to reap the rewards.