An Analysis of Millennials and their Interactions with Financial Institutions

Abstract

As the largest generational cohort since the Baby Boomers of the mid-20th century, Millennials hold significant power over the future. This is especially true in business, and just as a good marketer considers the environment within which she wants to do business, so too must she consider how best to reach a target market she sees as the most lucrative. Millennials seem to fit this role more every year. An Analysis of Millennials and How They Interact with Financial Institutions is a creative thesis project in which the Millennial age cohort is investigated and a social media portfolio is put together in an effort create a short social media campaign for Ascend Federal Credit Union to market their financial services and education to people ages 23 – 37. This project seeks to create a better understanding of how to utilize social media in a business setting to grow business effectively with minimum cost to the company. The project will also explore the reasons behind why Millennials as an age group tend to be waiting until later in life to take on some of the bigger financial commitments such as mortgages. The two main goals of this project are 1) To have a better, more accomplished understanding of Millennials and how to use social media to sell to them and 2) To obtain a sufficient understanding of Millennials so as to create a marketing plan targeting this age group in order to bring business to the credit union with which I will be working.