This Just In: Financial Institutions are SNEAKY!

I am completely appalled by an article on Gen Y from the Financial Standard. After doing a Yahoo! Search for an article for today's blog, I stumbled upon this. The idea for the article is great, but the execution of the article is terrible.

As Gen Y enters the workforce, we are starting to become aware of financial issues. The article encourages financial institutions to hook the Gen Y's through their baby boomer parents.

“You’ve ridden the baby boomer wave, you now need a relationship with their kids.”

I understand this all business. Personally, I do ask my father for financial advice. If he suggested a certain investment or encouraged a financial decision I would most likely heed his advice.

“All parents will be keen for their children to learn about long term financial planning, they’re on your side. If you have a strong relationship with the baby boomer parents and they drop dead and their children don’t even know you exist, that’s a wasted opportunity.”

This quote absolutely disgusts me! I understand financial institutions are out to make money, but I would rather bank with someone I trusted and didn't think they would take TOO much advantage of me or my financial decisions.

Well, if this is the new strategy to get to Gen Y by way of their parents, they are on to something. As I said previously, I would ask my father for financial advice. Since I am on the edge of my college career, these things tend to worry me at times.

As sad as this article is, it's quite true. To grab hold of Gen Y for financial investments and suggestions, these same institutions must generate interest and trust from our baby boomer parents. We are more likely to trust our parents' words and opinions on our financial investments.