AFCU Money Matters - Winter 2008 - (Page 15)

money smarts Who is Gen Y? There’s a lot of dispute about what age group technically constitutes Generation Y, but, generally, members were born as early as 1977 and as late as 2000. Narrower definitions put Gen Yers as those ages 18 to 29, born from 1978 to 1989. These echo boomers and millenials are about 80 million strong, they’re technical whizzes and confident, and they expect work to be more than just a 25-year climb up the corporate ladder. GEN Y BANKING • Ability to withdraw cash at ATMs, not at drive-through windows. • Receive statements online, not via mail. • Ability to apply for loans online or through a call center in the evenings or on the weekends. • Debt consolidation, credit counseling and credit cards. • Solutions for saving for a mortgage down payment. “I look for good customer service. Do they understand my needs?” - Rosina, 26, writer What advice would you give the rising generation? “Learn about credit and credit scores at an early age. Decide now to pay your bills on time, and not overextend yourself, but also to not completely forgo credit either. If you manage it well it will make a huge difference in where you can afford to live.” - Corey, 26, medical student “Don’t spend outside your means. If you decide to use credit, make sure that the amount is something you can payoff with your next check or that you can pay off within two months.” - Cassandra, 22, student “I have a checking account, a savings account, and a Roth IRA that a roommate who was a financial planner suggested I set up and a mere $100/month goes into that. But I certainly feel like I have a lot to learn about finances.” - Jake, 27, student We asked members of Generation Y what’s important to them in a financial institution and what advice they’d offer the rising generation. According to a post on USATODAY.com, Gen Y is smart, young and brash. They wear flip-flops to the office and listen to iPods at their desk. They want to work, but don’t want work to be their life. Their biggest goals in life, according to a study by the Pew Research Center, are wealth and fame. Unfortunately, however, their greatest challenges are money, finances and debt. Most of their ties to a financial institution don’t go beyond a savings account and an ATM card. But almost all of the Gen Y’ers interviewed said the following were important: Drive Away With Financial Success With AFCU’s First Time Buyer Auto Loan, members can drive away in their first new car and learn responsible credit habits. The program features: • No application fee. • Competitive rates. • Educational classes on credit/ money management. One course is required and can be taken online or over the phone. To apply, call us at 800/ 290-1112 or stop by any branch location. What’s important to you in a financial institution? “Timeliness. If there’s anything I hate, it’s a process that takes an excruciatingly long amount of time.” - Sam, 29, filmmaker “Whether or not there’s a branch nearby.” - Teresa, 24, student Member Robert Megill in his first new car financed with AFCU. WINTER 08 15 http://www.usatoday.com

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AFCU Money Matters - Winter 2008 Contents News You Can Use Member Tips What’s Next? Motley Fool: A Tale of Two Borrowers Jean Chatzky: Extreme Jobs The Good Life Home Matters Money Smarts

AFCU Money Matters - Winter 2008

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