Generation Z, Millennials, Generation X (which includes me) and Baby Boomers deal with important financial decisions differently and whilst this analysis focuses on front end credit - it will follow through to the back end when customers are faced with challenges and unable to make payments, the ability to engage and serve all customer profiles through a range of communication channels and tools will become a must, and more likely an expectation! In Ascent we continue to work hard on developing our capabilities to meet the needs of all our customers, making it easy for them to engage in a way that they are comfortable with, so we can take away the barriers to working together to find a solution.
Despite being the most internet savvy, young people are twice as likely as baby boomers to suffer from personal finance paralysis. 46% of Generation Z (18-24 year olds) and 50% of Millennials (25 – 34 year olds) regularly delay or put off making important personal financial decisions because the process makes them feel overwhelmed and anxious, compared with 22% of Baby Boomers (over 55s).
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