3 priorities for the “Panini Generation”
We’ve all heard of the Sandwich Generation—those balancing the dual responsibilities of caring for aging parents while raising children of their own. Rather than a generational cohort, like Boomers or Millennials, this is a phase of life that usually hits in the mid-30s and lasts into the late 50s. Today, this group of almost 80 million Americans is getting squeezed more than ever. Those going through this phase now are experiencing more than a mere sandwiching: they have become the high pressure Panini Generation.
For credit unions, understanding and supporting those living through their Panini years presents an opportunity to establish lifelong, even multigenerational, member relationships. And multigenerational banking should be a top strategic priority for credit unions as they work to attract younger members and reduce the average age of their membership (in addition to strategies aimed at Gen Z specifically).
By focusing on the unique needs of Paninis, credit unions can unlock lifetime value, fostering loyalty and financial stability across multiple generations. Here are three key offerings to bank Paninis’ families across generations:
Youth & teen accounts: Introducing financial literacy early is a cornerstone of multigenerational financial health. Youth savings accounts not only teach children the value of saving but also create opportunities for parents and grandparents to mentor the younger generation. These accounts often come with engaging tools like gamified savings trackers or educational apps, helping families bond over shared financial goals. In the teen years, new drivers in the household need next level learning opportunities and support—opening families up to fresh conversations. Being a proactive partner in this phase can earn credit unions additional product consideration from parents beyond first time car loans for the kids.
Family friendly home loans and refinancing: Homeownership often involves multigenerational support, whether parents are co-signing loans for first-time homebuyers or families are pooling resources to purchase a home together. Financial institutions offering flexible mortgage options, competitive refinancing, and personalized advice create opportunities for families to achieve shared milestones while strengthening their financial foundation.
Trust and estate planning services: Preserving wealth and ensuring its smooth transfer is a key concern for many families. Trust and estate planning services help members secure their legacies while fostering open conversations about financial priorities. Financial institutions that offer educational workshops and one-on-one consultations empower families to navigate these critical decisions together.
Finally, it’s worth remembering that—while they share common pressures—every Panini is unique. They need a personalized experience, which starts with insight into your current membership, and your market area, through a data-driven lifestyle segmentation strategy.
Credit unions must step up to their vital role of supporting the Panini Generation. By addressing their unique pressures and leveraging their economic power, credit unions can build strong, long-term relationships that span multiple generations.
Originally published by CUInsight.