Independent Banker - December 2024 - 45

to talk about money is something that hits close to home for many community
bankers, whether they're working to expand their customer base
or talking to their own kids.
This group is already having a big impact on the banking sector. The
Gen Z population-ranging from ages 12 to 27-now makes up nearly 20%
of the U.S. population and boasts more than
$360 billion in spending power, according
to research by Adrenaline.
In addition, nearly half already have
some type of account with a bank, credit
union or neobank, and they are forecast to
continue opening new accounts at a rate
of roughly 4 million per year in 2025
and 2026.
Despite a desire to court younger
customers, bankers are still trying to
figure out how and where to connect with
members of this generation, who seem to
live much of their life in the virtual realm.
" This generation are such good
multitaskers that you need to provide them
that information quickly, " says Scott Auen,
executive vice president of retail lending
and CRA off icer at $1.5 billion-asset Cornerstone Bank in Worcester, Mass.
" They want as much as they can without having to go to other screens. It
has to be very accessible. "
Bankers also are focusing on exactly what to talk about with their youngest
customers. Here are some of the financial goals on Gen Z's minds.
Gen Z financial goal #1:
Many Gen Zers are doing a good job of
building credit. Experian says credit scores
for this generation are on the rise, with an
average FICO score of 680-not far below the
national average of 715. At the same time,
others in this generation have no idea what a
FICO score is or why it's important.
" There's a lot of misinformation out
there, " says Leslie D. Crabill, executive
vice president and director of wealth and
investments at $843 million-asset Bank of
Charles Town (BCT) in
Charles Town, W.Va. Often,
credit card companies target Gen
Z students, and then once they get
one card, they get inundated with off ers
for additional cards and balance transfers.
Crabill recently had a meeting with a Gen
Z client who had inherited money from his
grandparents. He was carrying $5,000 in
credit card debt and paying 20% in interest
on the balance, because he thought he
independentbanker.org // 45
Illustration (opposite): CACTUS Creative Studio/Stocksy
http://www.independentbanker.org

Independent Banker - December 2024

Table of Contents for the Digital Edition of Independent Banker - December 2024

Contents
Independent Banker - December 2024 - Cover1
Independent Banker - December 2024 - Cover2
Independent Banker - December 2024 - Contents
Independent Banker - December 2024 - 2
Independent Banker - December 2024 - 3
Independent Banker - December 2024 - 4
Independent Banker - December 2024 - 5
Independent Banker - December 2024 - 6
Independent Banker - December 2024 - 7
Independent Banker - December 2024 - 8
Independent Banker - December 2024 - 9
Independent Banker - December 2024 - 10
Independent Banker - December 2024 - 11
Independent Banker - December 2024 - 12
Independent Banker - December 2024 - 13
Independent Banker - December 2024 - 14
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Independent Banker - December 2024 - 16
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Independent Banker - December 2024 - 18
Independent Banker - December 2024 - 19
Independent Banker - December 2024 - 20
Independent Banker - December 2024 - 21
Independent Banker - December 2024 - 22
Independent Banker - December 2024 - 23
Independent Banker - December 2024 - 24
Independent Banker - December 2024 - FIS1
Independent Banker - December 2024 - FIS2
Independent Banker - December 2024 - FIS3
Independent Banker - December 2024 - FIS4
Independent Banker - December 2024 - 25
Independent Banker - December 2024 - 26
Independent Banker - December 2024 - 27
Independent Banker - December 2024 - 28
Independent Banker - December 2024 - 29
Independent Banker - December 2024 - 30
Independent Banker - December 2024 - 31
Independent Banker - December 2024 - 32
Independent Banker - December 2024 - 33
Independent Banker - December 2024 - 34
Independent Banker - December 2024 - 35
Independent Banker - December 2024 - 36
Independent Banker - December 2024 - 37
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Independent Banker - December 2024 - 39
Independent Banker - December 2024 - 40
Independent Banker - December 2024 - 41
Independent Banker - December 2024 - 42
Independent Banker - December 2024 - 43
Independent Banker - December 2024 - 44
Independent Banker - December 2024 - 45
Independent Banker - December 2024 - 46
Independent Banker - December 2024 - 47
Independent Banker - December 2024 - 48
Independent Banker - December 2024 - 49
Independent Banker - December 2024 - 50
Independent Banker - December 2024 - 51
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Independent Banker - December 2024 - 53
Independent Banker - December 2024 - 54
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Independent Banker - December 2024 - 68
Independent Banker - December 2024 - Cover3
Independent Banker - December 2024 - Cover4
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