Large Financial Corporations: The Baby Boomer Generation

“Only 24% of Baby Boomers are confident they will have enough savings to last throughout retirement, down from 36% in 2012.” (Frankel) This is the reason more Baby Boomers are working longer before retiring. At the same time the Millennials were growing up through the recession, acquired student loan debt and were entering a very competitive job market. Robin Lewis captured this reality through this quote. “This is a generation that is bigger than the boomers in population, but their wallets are smaller, and they are more into the style of life than the stuff of life.” This backs up a study conducted by Bank of America Merrill Lynch that shows “A whopping 82% of millennials are investing in a retirement savings account and 75% of the baby boom generation does so.” (Abrams) The main reason for this pattern is the Millennials are investing in retirement accounts at work many of which have matching programs and Baby Boomers are skitish of the market and losing more of thier retirement.

Trends in the market include the growing number of people within the 15-29 age range. Also, phones are being used for much more than just calling, other functions like texting and music playing capabilities have dominated much of a user’s data usage. As for market characteristics, the mobile industry has reached almost 50% penetration with about 130 million subscribers, and reaching its maturity. The cost structure has been very confusing for consumers, with hidden fees, overcharges, and lacks to reward users who do not use their plans to the max. And finally, channels include all service provider stores and retail consumer stores, for example, Target, Walmart, and Best Buy.

Based on the information presented in the PBS documentary and the TIME article, describe how the behaviors of corporations, such as Ford, Firestone, and the financial institutions on Wall Street, could or should be understood as crime whether or not they have been prosecuted? How do these activities differ from those involved in “typical” street crimes?

The so called millennial generation, also referred to as Generation Y and commonly called the Net generation, due to the effect of the internet, are made up of citizens in the United States born between the years 1978 and 1999. This generation has become very familiar with technology because they have grown up with it. They were raised with this new technology such as e-mail’s, instant messaging, and even cell phones. Not all of these new devices have been helpful. In the workforce specifically things have changed especially with communication. Many business had to change their ways of “running the firm” to adapt to the new generation. Business are struggling to adapt to their technological ways, and the effects

The article is about why young Americans (millennials) are afraid of credit cards, and why they do not use them. Americans with credit card debt under the age of thirty-five has dropped to the lowest since 1989. Since the financial disaster in 2008, older Americans have lowered their credit card debt. However, millennials’ credit card debt has dropped faster than any other age group. Young people became scared of credit cards because they do not want to owe money to companies like their parents were or are. If millennials continue to use credit cards less, this will hurt the economy’s growth and the financial system. Since millennials refrain from using credit cards, they will lose out on building credit. Building credit brings advantages like

According to the most recent Federal Reserve study; most of us haven’t set foot in a banking hall in ages. It is a lost battle to banks that opt to use traditional methods to conduct their banking transactions (Gup 2003). By December of last year, close to half of all smartphone users in the United States had transacted some or all of their banking on their phones and iPhones. In the United Kingdom alone, rates of mobile banking transactions doubled over the course of a single year (Scn Education 2001). A banking business that invests in this type of technology gets assured of increasing their customer base.

In 2016, e-Marketer estimates that 37.5 million people in the U.S. (19% are smartphone users) will transact using their phones, by the end of 2016, mobile payments are expected to exceed $27 billion. Predictions are that by 2017, U.S. mobile commerce will have increased so much in popularity that it will account for 50% of U.S. total digital commerce revenue (Mobile ecommerce, 2016).

Given their love of technology, it comes as no surprise that millennials are gravitating towards financial technology. Young investors are accustomed to using technology for every aspect of their lives and investing is no different. Their relationship with technology makes digital asset management more appealing. Young adults are more inclined to make choices via a smartphone over in person interactions. Not only do millennials prefer accessible apps and web based platforms, but automation has played a major factor in the success of robo-advisors. Millennials are accustomed to subscribing to all their services electronically. To them, investing is another service that should be automated.

Saddled with student loan debt and dealing with stagnant wages, more and more Millennials are saying no to credit cards. According to a Bankrate survey compiled by Princeton Survey Research Associates International, 63 percent of millennials ages 18 to 29 do not have a credit card. That means more than two-thirds of millennials are shunning credit cards in favor of debit cards and cash.

Blades’ article discusses how Aflac took a survey of millennials in Atlanta and the result they got was astonishing. Every generation before millennials describes millennials

In Paul Angone’s article “3 Major Challenges Facing Millennials” he talks about how millennials have more problems now than prior generations. Angone explains about how competition is greater now than before because opposed to a high school diploma, the minimum requirement for major companies and corporations is a college degree. Angone states that, “Millennials are the Largest, Most Educated Generation in History.” As a result, millennials have higher debts due to college loans. Angone believes that millennials are not entitled to success, yet they have worked harder than all the other generations, aiding to their high levels of anxiety and depression. Angone concludes the article with the words of wisdom, elaborating to millennials to continue

. Mobile payment users >190 MM in2012, which is over3 % of total mobile users worldwide a level considered as "mainstream”

In many developing countries it's common for a person to have a mobile phone but not a bank account. In fact, more than 1 billion people fit this description, and the number is only likely to increase. To that end, many companies are considering how to give residents access to banking services via their handsets. The GSM Association predicts that by 2012, nearly 300 million of the previously "unbanked" will be using some form of mobile banking.

Technological advancement has had a gigantic effect in the banking industry. Over the past few decades, the financial services industry has changed considerably with banking transforming from the pen and paper method to the computers and internet method. The pen and paper method took weeks or even months for the transaction to be eventually completed, and then the dramatic introduction of the computer and internet method which changed that time frame to only a matter of seconds to be completed, which reduced the amount of time and labor needed to complete a transaction significantly. Banking is considered one of the most important economic sectors with it being severely influential and responsive to any little change, whether it is domestic or international. Some extreme changes that were brought about by the development of this new technology turned into a globalized nature for the financial services industry. One stroke of a key on a computer could and would change a person 's life extensively or even have a global impact. The new technologies that were created and introduced changed how the consumers managed their money from that time on. Technology has helped to protect peoples’ hard earned money and make it much more impossible for people to be able to write out bad checks or even holding up a bank. The advancement in technology however, also came with some security risks as most things do, that could affect the money that people trusted with the bank and

The last decade has witnessed a lot of growth of mobile communication devices and wireless technologies across the globe. This has led to a change in the way many activities are conducted and opened the way for m-commerce, which is e-commerce's next evolutionary stage. The significant power of m-commerce is primarily as a result of the ability to connect wireless devices anytime, anywhere (The Future of Mobile Payment Systems : Rise of the Mobile Wallet 2012-2017 [Electronic version], 2011).