It’s easy to imagine that the money you keep in your savings account, checking account or certificate of deposit is just waiting for you to use it. Other banks or credit unions might be committed to equity goals by providing financial literacy programs to their communities or by giving more loans to minority-owned small businesses. For an eco-conscious bank or credit union, that might mean it doesn’t invest in oil pipelines, deforestation or fossil fuels, or it might invest in alternative energy, plant trees or buy carbon offsets. In the banking industry, social responsibility refers to the ways banks can reduce harm or create opportunities for good. Now is a great time to consider becoming a customer at a socially responsible bank.Ĭorporate social responsibility is the self-regulation that businesses do to help promote a positive impact on environmental or social issues, such as racial equity. If you’re overwhelmed by your banking options, think about your ability to shape social change with your money. And the worst part was that no one really knew what to do about it.It has never been easier to open a bank account, especially with the spread of online services, but there has also never been so much choice about where to put your money. The milestones we use to define success - like a promising career and financial stability - hadn’t changed, but the ability to procure those things had. Everyone hopes to graduate college with a good job and a bright future ahead of them, but as the oldest millennials entered the workforce, that possibility was increasingly scarce. The stock market crash of 2008 changed all of that forever. With that, we’ve also lost the expectation that you can buy a decent house relatively early, enjoy your status as a homeowner, and work one steady job until you’re ready to retire and live comfortably off a combination of your savings and investments. ![]() Gone is the climate of the 1950s, where you could expect to land a good job in your field following your college graduation. So, not all young people are millennials!īut what makes millennials different from other generations? As you’ve probably already guessed, one of the big distinguishing factors is the obstacle course they have to navigate to achieve financial success. So, even though you might want to rant at your 16-year-old granddaughter for being “such a millennial” because she’s always on her phone, as of 2020, the youngest millennials will only be between 23 and 24 years of age. ![]() That’s because the term “millennial” actually applies exclusively to people who were born between 19. Although “millennial” has become a synonym for “young person” and is often used in a derogatory context, the term can’t be applied with such broad brushstrokes. But now that we’ve addressed some of the most common misconceptions we might have about millennials, let’s take a closer look and develop our understanding of millennials in relation to America’s economy. So, if they seem to find a lot of enjoyment in seemingly frivolous things like Netflix and memes, can you blame them? At the core, these are really just harmless coping mechanisms and not, as some baby boomers might assume, indicators of laziness or stupidity. This is the economic landscape millennials have been forced to navigate, often with little or no support.
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