Sorry Boomers, as FinTech rises, Millennials now main focus of financial industry

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Millennials word on a product or package box to illustrate marketing and advertising to the youth in Generation Y

As I recount on page FP3 of today’s Financial Post, the baby boomers are fast becoming supplanted by the Millennial generation when it comes to attracting the attention of the financial services industry and in particular the rise of the fintech industry.

For online version, see Sorry boomers, the focus is shifting: Millennials are fast becoming new apple of financial industry’s eye.

Certainly, much of the action around so-called “Fin-Tech” is oriented to the Millennial market, with many of the firms also founded or cofounded by Millennials. The big three fintech categories are online lending, robo-advisers and payment technology.

Note the New York Times had an interesting piece this week on fintech and blockchain: Envisioning Bitcoin’s Technology at the Heart of Global Finance. Also note my Hub review of Don Tapscott’s groundbreaking book on blockchain, with a link to a video: Book Review: Blockchain Revolution.

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YOLO: the new Millennial motto?

Also in the FP package today is a review of a book written by a Millennial that addresses Millennials: You Only Live Once, otherwise known as the popular millennial slogan YOLO.

For the review, click on You Live Only Once: A Motto for a Generation and a Decent Starting Point for a Personal Finance Philosophy.

It so happens that in addition to many of the fintech firms being started by millennials,  they also tend to hire mostly Millennials as well. That’s why the main FP piece suggests the Boomers are gradually disengaging from the full-time workforce, whether voluntarily or not.

Not necessarily to retire permanently of course, but to embrace “Portfolio” or encore careers, as summarized in the book Mike Drak and I are about to publish: Victory Lap Retirement. You can find an excerpt of the book in the recent Retirement issue of MoneySense magazine or preorder at www.victorylapretirement.ca.

We also ran one of Mike Drak’s recent blogs earlier in the week here at the Hub: Rediscovering Your Inner Child in your Victory Lap.

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