Note: portions of this project were later incorporated into "New World, New Ways: Attracting, Recruiting, and Retaining Young Professionals" as part of the overall framework and material.
Proposal for Article Series: A Byline to Gen Y
by Jarod L. Cerf
When Gen Y gives birth to their first ‘Gen Z’ child, they will not close themselves
off to the world, they will post pictures, videos, and anecdotes not only to share
their happiness, but to elicit tips from their social grid on how to deal with the
challenges of parenthood. The same goes for other aspects of their life: Which car
to buy? Which recipe to use? Which book to read or movie to watch?
--Matt Gallivan, National Public Radio (US) [1]
by Jarod L. Cerf
When Gen Y gives birth to their first ‘Gen Z’ child, they will not close themselves
off to the world, they will post pictures, videos, and anecdotes not only to share
their happiness, but to elicit tips from their social grid on how to deal with the
challenges of parenthood. The same goes for other aspects of their life: Which car
to buy? Which recipe to use? Which book to read or movie to watch?
--Matt Gallivan, National Public Radio (US) [1]
Most Gen Ys feel that they lack knowledge about various financial products. They
know what life insurance, stocks, and mutual funds are, but they know only the “bare minimum to get by."
--Mary M. Art, Research Dir., LIMRA 2
know what life insurance, stocks, and mutual funds are, but they know only the “bare minimum to get by."
--Mary M. Art, Research Dir., LIMRA 2
The Current Situation
Although they constitute a growing portion of current economic behavior, Generation Y, and in particular, those ages 18-29,express significant uncertainty in regard to their financial future [3]. When one considers that Gen Y as a whole possesses greater discretionary income than its predecessors—due, in part, to phenomena such as “boomeranging,” recession-based spending habits, and the lack of their own households—the issue of what to do with such assets magnifies in importance.
The irony is that most Millennials (~70%) still want to achieve the traditional goals of career success, child-bearing, and marriage [4]. Likewise, in recent surveys conducted by LIMRA, the majority of results indicate that Gen Ys are highly focused on planning and preparing for the many challenges that life has to offer (affordability, protection of family, etc.). The difficulty for them, however, lies in the multitude of solutions proffered, both simultaneously and with greater immediacy than ever before. [1]
It should come as no surprise that most will turn to longstanding advisors within their circle of family and friends. The reasoning is simple enough and efficient. Such individuals, by their nature and role, have already satisfied the three essential criteria of trustworthiness, reliability, and appropriateness. Or, in financial shorthand:
Referrals are still king.
The question is: "How do we satisfy the standards above and become a part of Gen Y's inner ensemble?
One Possible Solution
The demands of Gen Y ( in paraphrase):
1. Share a story that's memorable.
2. Show how it relates to them.
3. Tie it in to an affordable solution.
--Marketing to Generation Y: Messages that get their Attention [5]
If there’s anything that social media reaffirms, it’s the fundamental need of individuals to converse with their peers and their trusted allies—parents, friends, advisors—in a manner that is open, direct, and meaningful. Accurate, timely and reliable information are the important currencies here.
What Gen Y needs now, and what we can offer in abundance, are frameworks to guide them through a lifetime: what they crave is a story, one where life insurance and other financial decisions are an essential component of living, rather than something that they consider on occasion.
So why not show them how the simple, everyday aspects of being—sporting events, travel, school, shopping, work and marriage—are affected, improved upon, evolved even, by a few thoughtful and deliberate choices? How the acquisition of a whole life policy can serve as a supplement means of college funding, for example.
Give them a name worth forwarding (to Facebook, to Digg, to Twitter), I say. Provide for them a series of by-lined materials to share with their cohort, and make both the details and the solutions pertain to their lives as they are now. Work from actual events in the experiences of the authors (I would recommend 2-3 in total) and design articles with the aid of Company experts in the related fields.
Be sure to interview agents that serve Gen Y primarily. Interview their clients, too. Ground all of this material, as well as a means for Gen Yers to integrate their considerable social media assets, to the Company’s young professionals’ site. Have access to professional advisors who are readily available.
In short, be genuine, real, and authentic.
The demands of Gen Y ( in paraphrase):
1. Share a story that's memorable.
2. Show how it relates to them.
3. Tie it in to an affordable solution.
--Marketing to Generation Y: Messages that get their Attention [5]
If there’s anything that social media reaffirms, it’s the fundamental need of individuals to converse with their peers and their trusted allies—parents, friends, advisors—in a manner that is open, direct, and meaningful. Accurate, timely and reliable information are the important currencies here.
What Gen Y needs now, and what we can offer in abundance, are frameworks to guide them through a lifetime: what they crave is a story, one where life insurance and other financial decisions are an essential component of living, rather than something that they consider on occasion.
So why not show them how the simple, everyday aspects of being—sporting events, travel, school, shopping, work and marriage—are affected, improved upon, evolved even, by a few thoughtful and deliberate choices? How the acquisition of a whole life policy can serve as a supplement means of college funding, for example.
Give them a name worth forwarding (to Facebook, to Digg, to Twitter), I say. Provide for them a series of by-lined materials to share with their cohort, and make both the details and the solutions pertain to their lives as they are now. Work from actual events in the experiences of the authors (I would recommend 2-3 in total) and design articles with the aid of Company experts in the related fields.
Be sure to interview agents that serve Gen Y primarily. Interview their clients, too. Ground all of this material, as well as a means for Gen Yers to integrate their considerable social media assets, to the Company’s young professionals’ site. Have access to professional advisors who are readily available.
In short, be genuine, real, and authentic.
Sources
1:Pew Research Center (2010). Millennials Will Make Online Sharing in Networks a Lifelong Habit. Pew Internet and American Life Project. Washington, DC: Quitney, J.
2: Art, M. M. (2010). TheFinancial Lives of Gen Y: A Qualitative Perspective. LIMRA Research Briefings.
3: PricewaterhouseCoopersLLP. (2010). The New Consumer Behavior Paradigm: Permanent or Fleeting?. Retail and Consumer Insights. McPartin, S., Dugal, L. F., & Whitfield, M. B.
4:Pew Research Center (2011). For Millennials, Parenthood Trumps Marriage. Pew Social and Demographic Trends. Washington, DC: Taylor, P., Passel, J. S.,Wang, W., & Velasco, G.
5: Art, M. M. (2009). Marketing to Generation Y: Messages that Get their Attention. LIMRA’S Marketfacts Quarterly, Winter,16-21.
1:Pew Research Center (2010). Millennials Will Make Online Sharing in Networks a Lifelong Habit. Pew Internet and American Life Project. Washington, DC: Quitney, J.
2: Art, M. M. (2010). TheFinancial Lives of Gen Y: A Qualitative Perspective. LIMRA Research Briefings.
3: PricewaterhouseCoopersLLP. (2010). The New Consumer Behavior Paradigm: Permanent or Fleeting?. Retail and Consumer Insights. McPartin, S., Dugal, L. F., & Whitfield, M. B.
4:Pew Research Center (2011). For Millennials, Parenthood Trumps Marriage. Pew Social and Demographic Trends. Washington, DC: Taylor, P., Passel, J. S.,Wang, W., & Velasco, G.
5: Art, M. M. (2009). Marketing to Generation Y: Messages that Get their Attention. LIMRA’S Marketfacts Quarterly, Winter,16-21.
Voice and Copy Samples
1. A Whole Life Ahead of Me:
Why You Only Have Invulnerability Once…
“Nuh-uh. I’m invincible.”
No one invites you to their superhero games after that one.
It’s cruel. But true.
If you’re lucky, you can stay delusional about it until you’re eight or nine.
If you’re not, you can thank whatever you want that the alcoholic driving the car you're in had enough sense to miss the toll booth.
I know I am. Lucky, that is.
And that whole life insurance policy, the one that can pay for college or graduate school or an able-minded business venture? I signed it at twenty-two.
You’d think I’d have signed it sooner.
You’re only lucky so often…
[Subhead 2]
2. For the Child In You:
Ensuring the Future Generation…
If you’re like me, then you’ve had a concussion; or two, perhaps, or three, or five if you’re in a particularly stringent form of denial about your own mortality.
I know I am, at times.
If you’re like me, then you’ve probably broken something, or some things.
Multiple. Plural.
If you’re like me, then you’re going to consider the possibility, eventually, that you should stop what you’re doing and try to live differently.
You may even ask yourself, as you reflect upon this new future of yours, how you’re going to protect (much less ensure the financial security of) that little creature you’ve given rise to—middle school, high school, college, graduate school, a wedding…
Terrifying.
[Subhead 2]
3. Relational Advice:
Why Some Things are Better to do When You’re Younger and _____er…
“I got a tattoo.”
“You what?”
“Yeah. Oh, and I went cliff-diving.”
“…How high?”
“I dunno. Oh, and before that I went gliding. Yeah. Gliding, I think.”
“What’s that?”
“It’s-eh-it’s like flying; but, you know, without the engine.”
Yes, My Son, Annuities *Are* For You…
1. A Whole Life Ahead of Me:
Why You Only Have Invulnerability Once…
“Nuh-uh. I’m invincible.”
No one invites you to their superhero games after that one.
It’s cruel. But true.
If you’re lucky, you can stay delusional about it until you’re eight or nine.
If you’re not, you can thank whatever you want that the alcoholic driving the car you're in had enough sense to miss the toll booth.
I know I am. Lucky, that is.
And that whole life insurance policy, the one that can pay for college or graduate school or an able-minded business venture? I signed it at twenty-two.
You’d think I’d have signed it sooner.
You’re only lucky so often…
[Subhead 2]
2. For the Child In You:
Ensuring the Future Generation…
If you’re like me, then you’ve had a concussion; or two, perhaps, or three, or five if you’re in a particularly stringent form of denial about your own mortality.
I know I am, at times.
If you’re like me, then you’ve probably broken something, or some things.
Multiple. Plural.
If you’re like me, then you’re going to consider the possibility, eventually, that you should stop what you’re doing and try to live differently.
You may even ask yourself, as you reflect upon this new future of yours, how you’re going to protect (much less ensure the financial security of) that little creature you’ve given rise to—middle school, high school, college, graduate school, a wedding…
Terrifying.
[Subhead 2]
3. Relational Advice:
Why Some Things are Better to do When You’re Younger and _____er…
“I got a tattoo.”
“You what?”
“Yeah. Oh, and I went cliff-diving.”
“…How high?”
“I dunno. Oh, and before that I went gliding. Yeah. Gliding, I think.”
“What’s that?”
“It’s-eh-it’s like flying; but, you know, without the engine.”
Yes, My Son, Annuities *Are* For You…
A Final Note & Disclaimer:
The above samples are simply to launch the Young Professionals site. As I interview agents, clients, and experts the potential body of material should grow accordingly. Furthermore, I would advise using available technologies such as Skype and WatchitToo to engage individuals in real-time events or in instances where the traveling costs are prohibitive. Additional authors should be added over time, each with a distinctive voice and captive audience.
Likewise, content should be employed into other formats as well, e.g. 140 word bites for Twitter and succinct excerpts for sidebars on other portions of the Company’s site or those of its associates.
The above samples are simply to launch the Young Professionals site. As I interview agents, clients, and experts the potential body of material should grow accordingly. Furthermore, I would advise using available technologies such as Skype and WatchitToo to engage individuals in real-time events or in instances where the traveling costs are prohibitive. Additional authors should be added over time, each with a distinctive voice and captive audience.
Likewise, content should be employed into other formats as well, e.g. 140 word bites for Twitter and succinct excerpts for sidebars on other portions of the Company’s site or those of its associates.
