Stereotypes have a way of reinforcing our own biases. For example, if one thought Millennials were entitled, then more often than not, their behaviors would be perceived as supporting their entitlement. Yet when Filene’s report Millennial Money Chatter dropped in 2016, most of us were surprised to learn that Millennials are not so much entitled as they are hesitant and wary of being perceived as failing. Anecdotally, though, misperceptions persist, and it’s not uncommon to encounter perceptions that Millennials are spoiled, over- parented, and entitled.
This is true of other generational stereotypes as well. Think you know all about Gen X and Baby Boomers? Think again. We think we know, but we need to be reminded that we don’t really know these generations as well as we think we do. Furthermore, as Americans live longer lives, we’re entering an era of accommodating a multigenerational consumer base. How can credit unions best prepare for the next era of multiple generations of credit union members?