I was reading an article today titled “Serving Gen Y Now: Advice on branding, service and capturing Gen Y – and its assets – now” in the August 2010 edition of Investment Advisor and it got me to thinking do I follow the mold of what people perceive Generation Yers to be? Generation Yers are those born in the mid 70s up until 2000.
According to Alexa, I seem to have a lot of Generation Y readers, so I figured I’d bring my thoughts to everyone. The article provides some interesting quotes stereotyping the generation:
…Gen Y’s view on wealth is different from that of their parents and grandparents: “Their value proposition has shifted from the single bottom line of profit to the new bottom line of ‘planet, people, and profit,’
Gen Y clients are also actively seeking financial advice, she says, yet advisors and institutions have not really caught on to this and the space remains grossly underserved.
First and foremost, advisors must understand the importance of the Three Ps—planet, people, and profit, Nickles says. She says that most members of Gen Y won’t take jobs simply because they want to make money, for example, and they would readily shun companies that are not socially or environmentally responsible for their actions, she says. The same applies for the investments a Gen Y person would want to make with her money, so “any advisory or investment program must take into account that the motivation is not money alone and must be constructed around the idea of social responsibility.”
Finally, and perhaps most importantly, advisors and institutions must pay attention to the idea of branding. “This is a quick-shifting generation and if you haven’t connected with them on a brand level by the time they are 30, they will leave your brand,” Nickles says.
I actually don’t agree with the plant and profit part of it. I understand that stereotypes don’t apply across the board, so I went searching for a different article generalizing people born in 25 year bands. I found a recent Huffington Post article that had some “great” generalities that I do agree with (and I usually don’t agree with Huffington)
Unlike other generations, Gen Y never really rebelled. Many of its members listen to their parents’ music, love the movies their folks grew up on and use the same products.
Its members may communicate differently – through social media and texting instead of phone calls and email – but they want to be spoken to as adults not “young people.” Old world values matter to them.
One major area in which Generation Y differs from its parents is its focus on experiences as opposed to material things.
These seem to fit me better. I love Billy Joel, I go bananas when someone talks down to me, and I care less about rocking out a house in the right town as compared to my parents do.
Which stereotype article is more your speed?
For those not in the generation do you think these all apply to “us” people?
