As we roll over into another year, all generations will be a year older. The oldest of the Baby Boomers will be turning 64 this year, the youngest will be 46; the oldest Gen Xer will be turning 46, the youngest 35; and the oldest Millennial (Gen Y) will be turning 33, while the youngest will be getting their first car at 16.
Here at Kasasa, we cater to all ages of banking consumers. For this post, we want to focus on the younger cohorts, helping them to understand their banking options a bit better. For now, we'll leave Gen Z for future posts - we want to give them a couple years to play before we start sharing advice on how to save money for college or get a 401k. 🙂
In your 30s, a lot of important decisions need to be made, a lot of which revolve around finances:
- Buying your first home (mortgage loans)
- Getting married (one of the most important financial decisions you'll ever make knowing that the most often cited reason for divorce is "money issues")
- Having your first child (where are the diapers and the extra room going to come from?)
- Saving for your kids' education (possibly a new type of savings account)
- Building retirement savings for yourself (401k)
- Possibly supporting your parents in retirement (another savings account?)
To Gen X and Y, we know that you may be pessimistic about your future in finances - you've seen the financial crisis ruin your parents' retirement plans and now they may be looking to you for help. We know that you've seen the news and heard the headlines that major MEGAbanks are going bankrupt but yet the government wants to finance them because they're "too big too fail." And maybe you're a bit cynical about it all: what can you do? All the "big guys"a re in charge, right? Wrong.
GO LOCAL. The movement is gaining momentum. Here at Kasasa, we truly believe it's going to be the local communities and economies that get us out of this recession and back to strength, after all, they've been the backbone of the US economy for generations. Go local and keep your money circulating in your area, in the small businesses you care about, in the economy you're trying to grow your family in. You see, it's the intangible, emotional benefits of being part of a vibrant community with lots of local character and business owners that know your name that has greater value beyond just the economics of it all.
Go local through supporting your community banks and credit unions. You have choices. To find the right relationship and account for you across the nation but that still keeps your money in the community and gives you what you want and deserve from an account, Kasasa now.