As Baby Boomers Retire, How are You Protecting Your Business by Building Products & Experiences for Younger Generations?
Since 2020, more than 3 million people have retired. Many of these were Baby Boomers who were expected to retire earlier, but, due to the 2008 economic crash, they lost so much home equity that they delayed retirement until housing prices regained pre-2008 levels—which happened in 2019. With the rise of COVID-19, many Baby Boomers saw that as the time to retire. What we experienced as 3+ million people left the workforce were the first pains of a tightening labor economy, but that is nothing compared to what’s coming with 75 more million people expected to retire over the next 6 years.
What are you doing to grow your customers by attracting and retaining Millennials and Gen Z customers?
Here are some things to think about:
Millennials and Gen Z are in debt and want to understand more about what they can be doing to have a healthier financial outlook and secure their financial futures. This could be golden content you can use to attract them, but you need to think about the channels they use and how they consume content. With an average of 6 seconds of attention span for written content, short video content is best. They also prefer to consume content on channels like Tiktok, but with current U.S. laws, you may want to expand your reach into other channels.
Gen Z and Millennials are mobile-first, so it is critical that your digital experiences are also mobile-first. Responsive design is not enough. You need an experience built from content-first which is an inside-out approach to drive the best mobile-first experience.
Gen Z and Millennials are faster adopters to new technology, so when you think about how you introduce newer technologies, such as conversational AI, into your website, research will help you define how to build a conversational bot experience that supports and engages them.
Further, because they’re digitally savvy consumers, they have strong opinions about the technology they use and what they expect an online experience to deliver. They expect mobile-first, seamless experiences which allows them to transact quickly, find support independent of an agent, and easily transition from self-service to agent-assisted service with all their information delivered upfront. Gen Z, in particular, has such limited tolerance for bad technology that they will even choose their jobs based on what type of technology they’ll be using.
But, beyond seamless, personalized, 24x7 digital experiences, Millennials and Gen Z are also going to need services and programs catered to their financial situations which, if you’re in the financial services industry, could include:
Providing online financial literacy classes or short educational videos
Insurance products specifically designed to cover periods of job transition
Tailoring low-interest loan programs to Millennials and Gen Z to help them pay off credit card debt
If you’d like to learn more about what you could be doing differently to build your customer base with more of the customers who’ll be the majority of the labor force in just 5 years, contact us.