Fast Facts: Student Loans

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/   Insights

The Financial Services Roundtable recently released another iteration of its Fast Facts, reliable, bullet-point research about issues facing the financial services...

What We’re Reading

May 5, 2011
/   Spotlight

Below are interesting stories the staff has been reading over the past week. What have you been reading? Let...

According to new numbers released by Moody’s Analytics, most adults under the age of 35 have a savings rage of negative 2 percent. Looking at this and other data from the study, the of sought-after millennial generation seems to be saving very little. To find out how to combat this behavior, we spoke with Nicole Mayer, AIF, CDFA of RPG-Life Transition Specialists. Should banks and credit unions be alarmed by news that millennial savings is at a serious low? What can they do to encourage saving?

Nicole Mayer: They should be alarmed by this. The financial services model is broken and this is where banks, credit unions and financial advisers need to educate millennials on the importance of saving and starting a plan early. Everyone is trying to sell something — instead let’s educate the generation to make better decisions. They will then buy products or services around savings and investments and be educated — not scared.

Is there one critical touch point or message that you think financial institutions are missing here?

Absolutely! Education! Financial institutions want to sell something instead of educating.

Why do you think millennials have stopped saving as much in past years?

People forget the 2008/2009 recession. We have short memories, and when you turn on the news or listen to the media about the stock market being at an all-time high and unemployment going down, people think all is OK. In fact, we are in the same position we were in 2007 with the stock market at all-time high. This is where we should be more conservative with our savings and make sure we have a “rainy day fund” set aside for when the market drops again and the job market slumps again.

Do you have any predictions in how this will change in 2015?

Hopefully, there will be a much needed market correction, which will remind people of the importance to save especially the millennials.


What do you think? Let us know by tweeting at us or posting in the comments below.


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Andy Brown

Andy is marketing director for payments at NCR. He has nearly 30 years' experience in e-payment systems from the delivery and support of systems in the Far East and Europe, from both the product management and marketing perspectives. Based in the UK, Andy is responsible for marketing NCR payment solutions.

Dena Hamilton

Dena is NCR's Director of Enterprise Fraud & Security Software Solutions. She specializes in fraud, risk, compliance and security, with over 35 years of experience in the financial services space. Her focus is the development and deployment of enterprise financial crime solutions optimized in prevention, detection and back office efficiency.

James W. Gabberty

Gabberty is a professor of information systems at Pace University in New York City. An alumnus of the Massachusetts Institute of Technology and New York University Polytechnic Institute, he has served as an expert witness in telecommunication and information security at the federal and state levels and holds numerous certifications from SANS & ISACA.

Neill Harris

Neill Harris is product marketing director for ATM solutions at NCR. He travels extensively to many of the world's leading banks and financial institutions, articulating how self-service technology and innovation can inform and support strategies and solve challenges.

Zachary Ehrlich

25-year-old writer, and as a native San Franciscan, I am unreasonably loyal to Bank of America, if only for their superhero-like origin story, involving the 1906 earthquake and Italian fruit vendors.

Marisa Mann

Marisa Mann brings over 15 years of experience in consulting and financial services industries to the Solstice team, working on large scale enterprise initiatives across many technologies, including specializing in the digital space – Internet and mobile. Mann is passionate about mobile and the endless possibilities for the enterprise, delivering business value through strong brand recognition and driving to excellence in the consumer experience. Prior to Solstice, Mann worked at JP Morgan Chase, Diamond Management and Technology Consultants, Washington Mutual, Inc, and Accenture.

Brad Strothkamp

Cleopatra Mavredis

Cleopatra is NCR’s Global Marketing Manager for Channel Solutions and has more than 20 years of experience in the ATM industry. NCR’s channel solution portfolio is comprised of APTRA Vision, Inetco Insight and OptiSuite solutions.

Edward Wade

Edward is a freelance writer from Sheffield. Now living in London, he focuses on business and finance.