I have heard this question over and over again as the fall conferences begin to set up their speakers and there seems to be an invigoration of research on the so called generation Y. The quick and simple answer is yes. The youth of our society is important in every way, not only the success of banks and credit unions but in the continued lifestyle that Americans have come to expect. If we (as a society) ignore or continue to coddle this generation how will they learn to make decisions, manage the budget ( theirs, yours, the state or the federal government) and just survive.

A crucial aspect to survival is financial success and management. So yes, the kids are important and the banks and credit unions need to step up and be involved in the development of this generation. Banks and credit unions need to work with the parents and the educational system to help our young people understand the basics of budgeting, savings and transacting. The involvement of financial institutions in the lives of these young people will benefit society and will benefit the institution as well. The development of a relationship with a bank or credit union earlier in life will make them more knowledgeable and more profitable members of the banks, credit unions and society.