What generation are you from?
- The Silent Generation: Born 1928-1945 (74-91 years old)
- Baby Boomers: Born 1946-1964 (55-73 years old)
- Generation X: Born 1965-1980 (39-54 years old)
- Millennials: Born 1981-1996 (23-38 years old)
- Generation Z: Born 1997-2012 (7-22 years old)
With everything happening in the world, we think it is safe to say that time has flown by very fast! When thinking back about our past, it can be sad and kind of scary how we at times didn’t appreciate things or didn’t know that an event/activity would be the last time with certain people. So, never take anything for granted, and cherish waking up every day ready to face a new beginning.
Boomers and Gen Z for example have undergone many changes within the industry such as purchasing a house, buying a car, or saving money. Since everything is so expensive now, it may be harder for a Gen Z person to make a big purchase than what a Boomer had to endure. As a Boomer, everything was a lot cheaper “back then” than it is now, as buying a house today costs 39% more than 40 years ago! With how high the market prices are, Gen Z knows they will own a house in the future, but can’t afford it now.
We have to understand that with the two different generations, Gen Z are living in a time where they are more educated on what products they want, and how to get around to not paying the big bucks. Even when wanting to make a big purchase, Gen Z will exhaust all options before spending their money, which is a great way to save in an economic downturn. On the other hand, the Boomer generation are the type to go with the flow and if a sale seems reasonable, then they will most likely make the purchase.
It can all be stressful, we know that. That is why we at Oak Tree offer compliant forms for credit unions across all 50 states. We understand that during this time, there are many people who are in certain stages of their lives, who are ready to take on the next or maybe first big purchase. So, we are here, ready to stand by your credit union to support any needs they may have. With products from membership documents, consumer lending, business/commercial lending, home equity lending, Spanish forms, and marketing services, we offer training and other services to ensure that your staff is comfortable and ready to take on better forms fit for your members. Call us today at 1-800-537-9598, or head over to our contact page if your credit union has any questions! We look forward to hearing from you!
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