MADISON, Wis. (6/11/09)--The millennial generation is one of the most discussed--yet least understood--generations in America, according to the Filene Research Institute. Members of this generation have little knowledge about finances--and need the basics of saving, credit management and budgeting, Filene said. In Filene’s CU Tomorrow brief, Anya Kamenetz, a staff writer at the magazine, Fast Company
, examines the millennial generation. Characteristics of millennials include:
* Unprecedented levels of student and consumer debt; * Stagnating or declining income compared with their parents’ generation; and * Lack of health insurance, access to pension and other benefits.
Credit unions looking to help millennials should offer them low-cost credit products; education; simple and relevant financial tools; and teach them how to use credit responsibly, Filene said. To read the CU Tomorrow brief, use the link.