William Black has an interesting commentary on a seminar being offered by Bank of America in conjunction with Kahn Academy to educate Millennials. Millennials took a big hit in financial fraud, The Great Recession, and are still taking that hit with a lack of jobs. As a result of the economic hard times brought on by The Great Recession, there is no love lost for financial firms and banks which are being ranked amongst the “least favorable brands as measured by Viacom.
”Not only did banks make up four of their top 10 most hated brands; but, Millennials increasingly viewed these financial institutions as irrelevant.
An in-house unit of Viacom, Scratch did a three-year study finding that a third of Millennials believed they’ll be able to live a bank-free existence in the future. In the age of Simple, Square, and Bitcoin; Millennials (defined as those born between 1981 and 2000) overwhelmingly believed that the way they access money and pay for things will be completely different in five years.”
– 33% of Millennials say they will not need a bank.
– 53% of Millennials do not believe their bank offers anything different than other banks.
– 68% of Millennials say in 5 years, the way we access money will be different.
– 70% of Millennials say in 5 years, the way we pay for things will be different.
– 71% of Millennials would rather go to the dentist than listen to what their banks are saying
“The Millennials cohort is larger than the Baby Boomers and when it comes to wealth transfer they are expected to inherit more than $30 Trillion in the future. One thing that makes banks, financial advisors and brokerage firms very nervous is money changing hands because it usually doesn’t stay. A disconnect with Millennials puts financial brands at a great disadvantage and potentially missing the boat.”
According to William Black, “most of the $30 Trillion is coming directly or indirectly from Baby Boomers. In his never ending quest to privatize Social Security and make Wall Street even wealthier, Pete Peterson is sending groups to campuses trying to convince college students that their parents are the enemy, that austerity and privatization are their only means of staving off poverty,” and also gain access to the Middle and Upper classes.
A Makovsky Financial PR Rep was quick to note the disdain for banks and finance which was the opposite result of what Pete Peterson and Druckenmiller were attempting to achieve as I wrote about here: “Ripping Off College Students’ Economic Future
“The news media has been pandering to students promoting a generational war by advocating the theft of student’s futures with such programs as Social Security, Medicare, Medicaid, etc. The Tom Friedmans, James Freemans, and others suggest baby boomers are ripping-off the X, Y, and Z generations with these programs. From the well-heeled segment and do not have to work anymore 1-percenter population, we find Stan Druckenmiller, Pete Peterson, the Koch brothers, etc. spending portions of their $billions advocating the discontinuance of Social Security to save the country, students, and themselves.”
To combat the negative perception by Millennials, Bank of America has teamed up with Kahn Academy to create “a new approach to educating Millennials and money, credit, lending and investing” in a positive manner. Just, maybe our kids and grand kids will avenge us?
William Black: “Yes, a ‘new approach to educating’ Millennials about finance is being shaped by the Bank of America and it is just what the world needs. I trust that they call their course ‘The Big Kahn’ (funded by Bank of America).”