For the purposes of writing a column I ended up reading materials written by the financial industry PR specialist Makovsky and found this nugget. A Makovsky executive was interviewed about Millennials and he explained the finance industry’s perspective on that group. Millennials have been leading victims of financial fraud and the resultant Great Recession so they have no love of financial firms: “the four major banks in the U.S, were ranked in the 10 least loved brands among Millennials according to Viacom.”
The Millennials’ disdain for big finance is terrifying to finance for an excellent reason that Makovsky quantified.
[M]illennials [are] larger than the Baby Boomers and when it comes to wealth transfer they are expected to inherit more than $30 Trillion in the future. One thing that makes banks, financial advisors and brokerage firms very nervous is money changing hands because it usually doesn’t stay. A disconnect with Millennials puts financial brands at a great disadvantage and potentially missing the boat.”
Millennials are expected to inherit more than $30 trillion, most of it coming directly or indirectly from Baby Boomers. Pete Peterson, in his never ending quest to privatize Social Security and make Wall Street even wealthier, is sending groups to campuses trying to convince college students that their parents are the enemy and that austerity and privatization are their only means of staving off poverty. The reality, as Makovsky is stressing to bankers is the opposite of Peterson’s propaganda.
We’ll also have to root out propaganda efforts financed by big finance designed to seduce the Millennials. The Makovsky PR official was proud of these efforts.
“Bank of America’s recent partnership with Kahn Academy could be a new approach to educating Millennials and money, credit, lending and investing.”
Yes, a “new approach to educating” Millennials about finance that is shaped by the Bank of America is just what the world needs. I trust that they call their course “The Big Kahn” (funded by Bank of America).