“The Sky is Falling!” or “Money Talk with Gen Y”
While writing a different post about “learning something new about Gen Y,” I just saw this tweet from Howard Kurtz:
Dow is now down 500-plus points. Twitter can barely keep up. Thanks, Athens.
HowardKurtz
HowardKurtz
What? It made me pause because I realized (1) I really do not have a metric to understand why or how the Dow is down that many points, and (2) how does this affect me?
However, I think the real question you’re asking is, “Why did you go to Twitter to learn the latest stock market news?” I think this is probably the most important question of all. In the age of countless iPhone applications, more Gen Y’ers go to social networking sites for breaking news and vital information about complex subjects.
Over the course of 30 minutes, Kurtz posted eight “timely bits of information” to his audience of more than 25,000 followers about the unsuspected stock market drop. It gave me a small picture of what was happening. My own curiosity made me search for credible sources to confirm the news of the plunging Dow points. No luck, which surprised me because of the dramatic change in numbers.
However, the information I found that was most helpful was the Google Finance bar graph. It led me to understand a bit more about the difference in how employers and Gen Y approach finances – or anything with numbers, for that matter.
Here are two tips on how to break through to Gen Y about the finer parts of the financial world:
Mentor
The best way for Gen Y to understand why the Dow dropping 900 points is a substantial event is to sit down and talk about it. Emily Schult, Generation Y communicator for an international non-profit organization, explained that her parents are the best people for her to ask about financial topics. “My dad is in finance, so he is my first line of information when I have a question,” says Schult. “He explains the issue in a way that is easy for me to understand.”
Even though Generation Y has the stereotype that they need information in140-character pieces, most would opt to sit and have a longer conversation about a more in-depth subject. However, it is important for employers to know when to respect boundaries on these types of conversations. While it may not be completely illegal to discuss financial issues, definitely steer away from phrases such as “If I were you, I would invest in a Roth IRA,” or “Without seeing your financial statement, I can see that you should do X, Y or Z.” Gen Y’ers might believe your advice is golden, take it, and have it not work out. Bad advice burns bridges.
Graphics
It is true that “seeing is believing,” especially when it comes to a complex subject like money. Just like what I alluded to before, if Gen Y can see the money on a graph, they will have a better grasp on how political issues overseas cause fluctuations in a stock market, therefore increasing or decreasing their mutual fund. A pie chart that explains the ratio of private money versus government grants that come into a non-profit organization can explain much more than words on a page.
What other helpful hints would you give about reaching out to Gen Y about financial advice?
About the Author
Amy Liz Martin is a PR professional whose work centers on social media, media relations, corporate relations, publicity and cause-related PR campaigns. Amy was a fundraiser and event communications chair for the American Cancer Society, ran small development and communications campaigns for the International Center for Journalists, and led social media publicity efforts for artists at EMI CMG Label Group. She earned her master's degree in mass communications/public relations at Louisiana State University and is a member of the Public Relations Society of America.
