The media is currently saturated with stories about Millennials and depending on the spin, they’re either the problem, the solution, or the victim. Marketers want to understand them and Baby Boomers fear them. But what about the Gen Xers? Unfortunately, they are becoming known as the forgotten generation. Stuck in the middle between the Baby Boomers and Millennials, Gen Xers are facing challenges from both sides of the generation gap with little acknowledgement or support. Much has been made of the economic struggles facing the younger generations, but Gen Xers are also becoming increasingly concerned about their economic future.
The Struggle is Real
Being caught in the middle can create unforgiving financial burdens – something The Toronto Star writes about in their article “Gen X and millennials fret over savings.” The article recognizes that while Gen Xers are less likely to overspend than their older and younger counterparts, they are just as concerned about their finances and still “grapple with saving for retirement, children’s education and holidays, while paying off mortgages, loans and credit card debt.”
The reality is that Gen Xers have shed the image they inherited in the late 1980s and early 90s, and have worked hard to create savings amidst their growing responsibilities. Tired of being overlooked by the government and the big banks, a growing number of Gen Xers are now turning to credit unions to help protect their financial future.
The Credit Union Solution
Gen Xers are not only tired of being ignored, they’re also tired of being taken advantage of. A recent CBC Go Public report has underlined how big banks view their customers as little more than a profit source. The exposé featured several longstanding bank tellers, who claimed that they were pressured to “squeeze profits from customers by signing them up for products and services they don’t need.” Member-owned, credit unions have long been perceived as the alternative to this profit-driven model, where the members are the sole benefactors of the profits themselves. Known for keeping their members’ personal interests a priority, credit unions have caught the eye of many financially savvy Gen Xers for this very reason.
Keeping Your Interests in Mind
Because credit unions are collectively owned by the very people who belong to them, it’s easy to see who they answer to. Notably, all credit union profits go directly back to their members and the local economy, instead of the big banks and their shareholders. There’s no doubt that Canadians appreciate the thoughtful and attentive service they get from their credit unions; for twelve straight years, they’ve ranked credit unions first in customer service, along with numerous other awards ranging from online and mobile banking to financial planning and advice.
Directing profits towards rewarding members is what makes banking with a credit union a financially preferable alternative to the big banks. If this wasn’t motivation enough, many Gen Xers are also choosing to bank with credit unions because they have substituted high pressure sales tactics with honest financial advice provided by top financial advisors. What’s more, Ontario’s credit unions are committed to growing their members’ financial literacy through sound guidance, and helping Gen Xers struggling with debt make smart financial decisions to combat the province’s rising cost of living.
Supporting More Than the Bottom Line
Another enticing reason to choose credit unions over a big bank is their commitment to supporting local Ontario communities, as well as small businesses development across the province. Credit unions and their members hold shared values which prioritizes community engagement, the environment, and prosperity for the people of Ontario. Credit unions believe in profiting from responsible investments, which means you can feel secure knowing your money is doing good work.
Gen Xers are beginning to see that choosing to bank with credit unions in Ontario means choosing to prioritize their bottom line over the banks, while contributing to local communities and making their voices (and their values) heard.