Like any company that provides technology to make life easier, we examine the millennial demographic. They are the population sector interested in options – from ways to communicate, to ways to bank.
In their April 2016, article, Pew Research Center cited estimates by the U.S. Census Bureau that millennials have now “surpassed Baby Boomers as the nation’s largest living generation”.
A powerful consumer force, the members of this group are working “real jobs” and building careers. They are open to alternatives. They also need them as they don’t typically comply with traditional banking methods.
Per rapid! PayCard’s October 2016 article about banking options for millennials and the flexibility of getting paid:
Most have likely not written a physical check, never mind being paid by one. And what about direct deposit? A convenience staple appreciated by employees worldwide, it necessitates an account to receive the funds.
For all the flexibility of the paycard alternative, the payroll evolution has coincided at the perfect time to intersect with the demands of a younger generation.
National Teach Children To Save Day
Speaking of a younger generation, it is never too early to begin an education about money.
Financial Literacy Month is observed in April and is capped off with National Teach Children To Save Day, celebrated this year on April 28, 2017.
In observance, area bankers visit local schools to convey the fundamentals of finances to young students. The value of a lifelong commitment to saving money is taught to children in a way that is impactful and easy to understand.
Sponsored by the American Bankers Association (ABA), this annual event is in its 20th year.
By opening an awareness to children at these impressionable ages, a rudimentary understanding takes shape that can literally help support them during their earning years and into retirement planning.
Janet Bodnar, Editor of Kiplinger’s Personal Finance penned some suggestions, (in a post from April of 2008), about how to teach young children to save. Lessons still relevant today:
1. Start early
2. Start small
3. Keep it simple
4. Make it fun
5. Set a goal
6. Reward your children’s efforts
Walking the Talk
As any parent or guardian knows, this is a lesson best learned by example. Young children absorb much more than they are often given credit for: saving for the future is a message transmitted by how you conduct your own financial life.
Do you talk about saving? Compare prices? Weigh decisions based on value for the dollar? Take the time to explain about living within one’s means and how to shop responsibly?
Once they are of “allowance age” and your child needs to dip into his or her own savings to buy something they want – another valid lesson about saving versus spending will be learned.
Here at rapid! PayCard, we are committed to improving efficiencies of payroll processing while helping to reduce costs.
We also provide means for the unbanked/those looking for alternative banking solutions to be able to shop and pay bills online with a paycard replenished by their employer.
With access to your savings account, you can watch that nest egg grow as you reap the benefits of a healthy financial life.
The information contained in this article and any other article do not reflect the views of rapid! PayCard®. The opinions, conclusions and other information expressed are neither given nor endorsed by rapid! PayCard® or its representatives, but provided for the sole purpose of presenting updates on current research in this sector.
The rapid! PayCard® blog and any information contained within do not reflect the views of MetaBank® or Mastercard®, nor are they endorsed by MetaBank or Mastercard.