ABA Banking Journal - July 2013 - (Page 14)

community banking BANKER ROUNDTABLE Many Americans aren’t saving—even when it’s made easy and attractive BY STEVE COCHEO, EXECUTIVE EDITOR & DIGITAL CONTENT MANAGER S ome of David Hanrahan’s employees are leaving money on the table, nearly literally. “We have to cajole our younger employees to put money into our 401k plan,” says Hanrahan, president of Capital Bank of New Jersey. Hanrahan admits that he didn’t think much about saving for retirement when he was in his 20s, but he can’t understand how younger bankers are missing a sure thing. Capital Bank offers a 50% match on the first 6% that workers put into the 401k. “Where else are you going to get 14 | ABA BANKING JOURNAL | JULY 2013 that kind of investment yield?” asks the puzzled Hanrahan. Meanwhile, he sees America’s senior citizens “getting the short end, thanks to current monetary policy.” They worked hard and saved hard, he says, and reasonably expected a return of 4% or 5% on their CDs. Instead, “they’re getting plucked right now, to the extent that they are having their lifestyles affected.” Hanrahan and six other bankers from ABA’s Community Bankers Council recently discussed savings trends in their communities, and they are finding some common trends— even some contradictory developments. Consumer attitudes towards lifestyle priorities and timing, feelings about the future, and a surprising lack of financial sophistication seen around the country and across the demographic arc all hold implications for the industry. Looking ahead, the bankers also are wondering when today’s cheap deposits will morph into more-expensive and more-elusive funding. In today’s market, the relative dearth of loans dominates many banker PHOTO: ERIKN/ SHUTTERSTOCK.COM

Table of Contents for the Digital Edition of ABA Banking Journal - July 2013

ABA Banking Journal - July 2013
Contents
Chairman’s View
Editor’s Column
The Economy
Bank Notes
Picture This
Community Banking
Pass the Aspirin
Tech Topics
Cover Story: Pay Choices
State Association Roundtable
Compliance Inbox
ABA At Your Service
First Person

ABA Banking Journal - July 2013

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