Don't you know that banks love you kids?
"Financial institutions going after young adults" by Deirdre Fernandes | Globe Staff October 08, 2014
Zach Bridges keeps an account at Bank of America but does not have much use for it.
The 28-year-old Somerville musician and cook believes the bank is too big, too impersonal, and invested in causes that he does not support, such as the coal industry.
Found himself in the political wilderne$$, did he?
So instead he cashes his paycheck at a Western Union, even though it costs him a 1 percent fee. The Bank of America account is for emergencies.
******
Young adults such as Bridges who came of age during the economic crisis are a big problem for the mainstream financial industry.
What do you mean? Occupy was cleared away, corporations are at record profits, and banks are doing better than ever on the bottom line? WTF?
The 80-million-strong generation known as millennials witnessed parents or other relatives or friends struggle with debt, plunging home values, decimated retirement accounts, and in some cases, foreclosure.
To them, banks and financial companies charge high fees, provide slow service, come off as remote while always trying to sell them stuff, such as credit cards.
In some ways they are a lot like those who grew up during the Great Depression, except young adults today have options that did not exist in the 1930s: They can use mobile apps to pay their rent or split a restaurant check, Bitcoin to buy clothes, and alternative payment networks set up by technology companies PayPal, Apple, and Google.
That's because these kids are living through the GRAND DEPRESSION (as historians like me have recorded it), and this idea that PAYMENT OPTIONS EXIST for people with NO MONEY is DOWNRIGHT DELU$IONAL!
Related: CIA Not Your PayPal
And Google gobbles things up for government, too.
Ironically, many of these new technology services depend on banks to complete transactions for their users.
Meaning they get a PIECE of the ACTION, and the thieving scheme is the only avenue they have left!
But for millennials, part of the point is associating with the new and hip, not the old and stodgy. Indeed, going to an actual bank seems like a concession to a bygone era of doing business.
Do you like backhanded insult in the form of praise, kids?
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More troubling: One-third of young adults do not believe banks will be necessary in the future, according to a survey released earlier this year by a subsidiary of media giant Viacom.
The kids really do have a wonderful vi$ion for the future!!!
“Banks recognize they have a bit of an uphill climb in winning the millennials,” said Greg McBride, a Bankrate analyst.
I'm sure there will plenty of ill-gotten loot below them to push them to the top.
Yet, this group is a potential gold mine for the industry as they build up savings; they will probably have to borrow money for cars and homes or need help with retirement.
They are too busy paying off student loan enslavement from what the ma$$ media has told me, so good luck with that.
So you kids are seen as GOLD MINE by the banks, huh?
“They’re going to need financial services, not in the here and now, but for decades to come,” McBride said.
That is the banker's ultimate goal and ma$ter plan.
So how do traditional financial institutions overcome their reputation as corporate relics to win over millennials?
I'm so glad the Globe is so concerned about future bank bu$ine$$. What a $hilling mouthpiece for that blood-$ucking indu$try, huh?
And you wonder why I view the Globe as a piece of $hit? It's written of and for the elite of Bo$ton, none other. Thanks, John Henry.
******
Sometimes you have to bring the bank to the millennials. Capital One, for example, has partnered with local coffee shops to transform its branches into java joints, with the financial services counters tucked in a corner.
I know who I would like to tuck it to: What's In Your Wallet?
At least Capital One's profits increased to $842 million over the holidays.
Did you closely check your statements?
MassMutual, the Springfield financial giant, has opened a storefront in Brookline’s busy Washington Square, where it will offer financial education classes targeted at young adults. Sounds dull? How about wine tastings, comedy performances, and supper clubs mixed with “painless” workshops on managing college debt and primers on subjects such as writing a will?
Dubbed the “Society of Grownups,” MassMutual bills the storefront as a “place to learn how to deal with adult responsibility without losing your soul or sense of adventure along the way.”
This condescending arrogance coming from those that have lo$t their $ouls!!!
Gareth Ross, vice president of advanced analytics, said MassMutual wants to use the feedback from the classes to design financial products that meet this generation’s needs.
Translation: How can we $cam more money out of them?
“It’s a generation we didn’t know and had needs we didn’t understand,” Ross said.
See: Mutual In$urance
Under$tand now, kids? I think you do.
They face a skeptical audience, as millennials seem wary of financial institutions using any excuse to sell them financial products they do not want....
You know what I no longer want?
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