Independent Banker - December 2017 - 40

Step aside, millennials. There's a new kid in town. Actually, there
are about 69 million of them-and they're going to need banking
services too.
By Kelly Pike
C
all them Generation Z,
post-millennials, iGeneration
or Homeland
Generation. Born roughly
between 1995 and 2012,
these up-and-comers have never
known a world without smartphones,
social media or Google. Practical,
hardworking and culturally diverse,
this post-9/11 generation is poised to
overtake the millennials-creating
opportunities for community banks
able to nurture eager learners and
meet them in the digital world.
Unlike millennials, who were
raised during rosy economic times by
baby boomer parents who instilled
high self-esteem, Gen Z has seen
fi rsthand that the world isn't a predictable
place. They've seen their
parents struggle during the Great
Recession and watched millennials
become trapped by student loan
debt. Raised primarily by Gen X, the
fi rst generation to work without an
expectation of a future Social Security
check, Gen Z-ers are competitive
and responsible.
" They were told there are winners
and there are losers, and you are
more likely going to lose, " says David
Stillman, generational expert and coauthor
of Gen Z @ Work along with
his 18-year-old son, Jonah.
Although the oldest members
of this cohort have just graduated
40 ICBA Independent Banker December 2017
from college and the youngest are
in kindergarten, there are already
signs that Gen Z is fi nancially
conservative with more realistic
expectations for the workplace, says
Jason Dorsey, president and lead
researcher of the Center for Generational
Kinetics. Twelve percent
of Americans between the ages of 14
and 21 have already begun saving for
retirement, and 21 percent had a savings
account before the age of 10, one
of his studies found.
" Gen Z basically said, 'We need to
save money,' " says Dorsey, adding that
their savings rate is on par with millennials
who are 10 years older. " Part
of the way they do that is they are not

Independent Banker - December 2017

Table of Contents for the Digital Edition of Independent Banker - December 2017

Table of Contents
Independent Banker - December 2017 - Intro
Independent Banker - December 2017 - Cover1
Independent Banker - December 2017 - Cover2
Independent Banker - December 2017 - Table of Contents
Independent Banker - December 2017 - 2
Independent Banker - December 2017 - 3
Independent Banker - December 2017 - 4
Independent Banker - December 2017 - 5
Independent Banker - December 2017 - 6
Independent Banker - December 2017 - 7
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Independent Banker - December 2017 - Cover3
Independent Banker - December 2017 - Cover4
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