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Tag: Millennials

  • A Gen Z Kind of Daftness: On Billie Eilish’s Lack of Awareness of Taylor Swift Singing “Picture to Burn” or What “Burn” Even Meant Within the Context

    A Gen Z Kind of Daftness: On Billie Eilish’s Lack of Awareness of Taylor Swift Singing “Picture to Burn” or What “Burn” Even Meant Within the Context

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    With each new generation that “comes up,” there is the constant accusation from previous ones that there has never been a worse sect of people than the “youthquake” currently dominating. In Gen Z’s case, however, it might actually be true (until Alpha comes along to overtake them). Of course, defendants of the generation would argue that they can’t help what they are, being the first to have grown up entirely in the matrix. Never knowing a world in which the internet didn’t reign supreme. Those who came before them, the millennials, at least have some vague remembrance of a life before being totally “connected” (thereby being, ironically, totally disconnected). And yes, millennials were, once upon a time, the most hated. It was they who were dubbed the “snowflakes” first. But that term is quickly shifting to apply to Gen Z. Not just because of how easily offended they are or how incapable of processing opinions and ideas that don’t fit in with their own algorithm, but because, well, they’re just not equipped to deal with much of anything at all outside the matrix.

    Nonetheless, for a generation as dependent on the internet as Z, they scarcely seem to understand how to use it to its utmost potential. Certainly not for research and fact-checking purposes, it would appear. This much was made starkly apparent by one of the few Gen Z spokespeople thus far, Billie Eilish. For, in an episode of her now-defunct “radio show” (a.k.a. Apple Music podcast), me & dad radio, Eilish unashamedly admits, “I used to love [“Picture to Burn”] when I was, like, four—no, probably older than that. Probably, like, six. It’s crazy. It’s very country. When I listen to it now, I’m like, ‘Wow, I totally didn’t realize how country this was.’ But I loved this song back then because I thought it was so badass. I thought it was so cool and mean. I just loved it.” And yet, she didn’t love it enough to 1) look into who actually sang it and 2) try to understand something as simple as what it means to burn a picture.

    To be “fair,” Taylor Swift was an entirely different person in 2006, when her self-titled debut came out and she was Country Barbie. Eager to neither confirm nor deny the ever-burgeoning rumors that she was a savior to the Aryan race and a God-fearing Republican. So there little four- or six-year-old (she was seven, per the math of when the single was released that Eilish ostensibly can’t do) Billie was, probably right to file away this country singer as someone separate from the Swift we would all eventually come to know. A being so far-removed from her howdy, yee-haw days that it’s understandable someone might not associate her with that girl from “Picture to Burn.” If, that is, said person had no access to the internet and/or was totally detached from interacting with pop culture. Such a person, needless to say, is not Billie Eilish. But her ill-informed, la-di-da statements reveal much about the generation to which she subscribes. One that is so out of touch with anything tangible that she felt no embarrassment in also adding, “I didn’t understand at all what a ‘picture to burn’ meant. The only word ‘burn’ that I knew, that I thought that she meant, was, like, when you burn a CD.”

    While one could say that associating “burning” with CDs is decidedly millennial, in this instance, not so. Eilish’s childhood spent in a world where the trappings of the internet (including downloading songs and, at that time, burning them onto CDs) were pervasive as opposed to peripheral is indicative of a generation that would scarcely grasp (or ever have to) anything related to the physical. That CD burning was, in fact, a “millennial thing” was far more telling of said generation’s lingering attachment to that which was concrete. But, as it turned out, the practice was just a launching point for eradicating all tangibility and turning everything digital with the advent of the first iPhone in 2007 that also combined the key elements of an iPod function for music-listening purposes. In other words, what Gen Z would come to view as more normal than anyone because they grew up with it as their norm. CDs (and records and tapes) be damned.

    Swift, who released “Picture to Burn” in February of 2008 (two years after Taylor Swift came out) offered an accompanying video that Eilish could have easily watched at some point for a keen understanding of what it means to burn a picture. Complete with contextual cues at the beginning of the Trey Fanjoy-directed video that includes Swift holding up a picture of her and her ex and asking her friend, who’s with her in the front seat of her car, “Would you look at how happy we were back then? I can’t believe he turned out to be such a jerk” (by the end, that picture will be up in flames, further “spelling it out” for Eilish). It’s the sort of comment one could imagine hearing in a Britney Spears interlude from Oops!…I Did It Again. And, yes, at that time, Spears was still at the peak of her influential powers, so it’s entirely possible Swift could have been “infected” with a touch of Spears in this regard (even if “Picture to Burn” itself was ahead of Britney’s curve by employing the same style of pyrotechnics as her months before the “Circus” video came out that same year). Unlike Eilish, whose undercover love of Swift all this time never seemed to creep into her own musical style. No overbearing Telecaster guitar strings or vocal warblings about how, “As far as I’m concerned/You’re just another picture to burn.”

    At the same time, some of Eilish’s “we are never ever getting back together” sentiments on Happier Than Ever might be traceable to this moment in her early sonic exposure. For just as Taylor rails against a no-good, low-life type with, “State the obvious, I didn’t get my perfect fantasy/I realize you love yourself more than you could ever love me,” so does Eilish on “Lost Cause” via such lyrics as, “I used to think you were shy/But maybe you just had nothing on your mind/Maybe you were thinkin’ ’bout yourself all the time/I used to wish you were mine/But that was way before I realized/Someone like you would always be so easy to find.”

    However, by this estimation, everything of “value” Gen Z has to “give” (read: repurpose and pass off as their own) was ultimately gleaned from millennials through internet osmosis. A phenomenon that’s only worsened thanks to TikTok and the increasing lack of “crediting original sources.” Leading one to believe that civilization truly has reached a “wall” in terms of everything having been done before (something Barenaked Ladies confirmed in 1998). And rather than being, at the very least, done in a better or more thoughtful way in the present, it seems that the “reinvention” of the same thing only gets worse in its presentation over time. Making one simply want to burn it all to the ground. Surely Eilish must know what “burn” would entail in that sense.

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    Genna Rivieccio

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  • Blavity Inc. Launches ‘Home & Texture,’ First-Ever Curated Home, Interior Design and Commerce Hub for Black and Multicultural Millennials

    Blavity Inc. Launches ‘Home & Texture,’ First-Ever Curated Home, Interior Design and Commerce Hub for Black and Multicultural Millennials

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    Home & Texture Roll Outs Editorial Storytelling, Shoppable Content, and Creator Partnerships to Best Reflect the Individuality, Lifestyle and Cultural Heritage of Consumers

    Press Release


    Feb 16, 2023 06:00 EST

    Blavity Inc. – the corporation that builds solutions for Black and multicultural audiences and enterprises who want to reach them and reaches more than 250 million monthly consumers across its media portfolio, including 21NinetyTravel NoireShadow and Act, and Blavity.com – announces the launch of its newest lifestyle brand and commerce vertical Home & Texture. 

    Home & Texture marks the first-ever curated home, interior design, and commerce hub dedicated to Black and multicultural consumers. While the home decor market is forecasted to hit $202 billion by the end of 2024, and this consumer segment makes up 60% of the growth in the home improvement category in the U.S., it is historically underserved with relevant home, DIY, and buying content and resources. Additionally, as more multicultural millennials are aging and buying homes, Home & Texture fills a current void in the publishing space by providing storytelling and shoppable content that reflects their individuality, lifestyle, and cultural heritage.

    Merin Pasternak, the Senior Vice President of Commerce & Consumer Media, and Melody Bostic Brown, the Associate Vice President of Consumer Media at Blavity, will lead the home brand. The team will drive the content strategy for Blavity’s commerce-first lifestyle brands 21Ninety and Travel Noire, and will lead Home & Texture’s curated editorial storytelling and commerce to inspire and engage audiences in a way that consistently drives action. With millennials transitioning into home ownership and growing their families, Blavity Inc. will leverage its trust with consumers to drive inclusive change in media.

    “Blavity was founded to fuel inclusivity across all business and lifestyle categories, specifically for Black and multicultural millennials. Home & Texture is a category disruptor – providing much-needed information and shoppable content that is curated to speak authentically to this underserved consumer segment, which is among the fastest growing in this category,” said Morgan DeBaun, CEO and Founder of Blavity Inc. “We’re excited to expand our growing media portfolio with this launch and guide readers as they put down their roots, raise families and turn houses into homes.”

    Home & Texture launches with content franchises and key tentpoles featuring creators, entrepreneurs, and community-driven content, including:

    • House Tours: House tours profile entrepreneurs, creators, and single parents, including Carmeon HamiltonDavid Quarles IV, and Laquita Tate. The franchise looks at home designs and decor inspiration from the Black and multicultural community.
    • My Homebuying Experience: This UGC and influencer-driven content discusses the joys and unexpected scenarios around becoming first-time homeowners, as well as design hacks and product reviews.
    • Bad to Bougie: This franchise covers transforming old, unattractive pieces into fabulous accent pieces. It shows how to maximize your budget and reimagine furniture and decor sustainably.
    • D-I-WHY: This tentpole explores the “why” vs. the “why not” approach to home renovations and refreshes. It provides insights and how-tos around specific home projects that are worth taking a hands-on approach and defines those that are best left to the professionals.
    • Everything Must-Go…Into Your Home: This tentpole leverages an organic beginning-of-the-year refresh buzz with the best deals on home furnishings and appliances through “everything must go” clearance sales. In addition, we’ll highlight product reviews and listicles about home furnishings and appliances and offer UGC-driven contests.
    • First Time Around: This tentpole touches a vital segment of the Home & Texture audience and buyers — first-time homeowners. For BIPOC millennials, creating a beautiful home is exciting, yet it also presents a lot of unknowns and discoveries. We offer them guidance.

    For more, visit HomeandTexture.com.

    ABOUT BLAVITY INC.

    Blavity Inc. is a corporation that builds solutions for Black and multicultural audiences and enterprises who want to reach them. Founded in 2014, Blavity Inc. is home to the largest network of platforms and lifestyle brands serving millennials & Gen Z through original content, video, and unique experiences. The company has grown into a market leader for Black-owned media, reaching over 250 million millennials and Gen Z per month through its growing brand portfolio, including Blavity, 21Ninety, Home & Texture, Travel Noire, AfroTech, Shadow & Act, and Blavity TV.

    Source: Blavity Inc.

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  • What Millennials Want In Their Products, As Told By A Millennial.

    What Millennials Want In Their Products, As Told By A Millennial.

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    Opinions expressed by Entrepreneur contributors are their own.

    I’m a millennial. And we’re now an influential and rapidly expanding demographic, so understanding our views on product life cycles is essential for any business. Indeed, products that previous generations may have favored may be viewed differently by us, affecting the decisions of manufacturers, retailers and other stakeholders in the industry.

    Millennials’ preference for short-term products can be attributed to our aversion to the effort, cost and time needed to maintain and repair long-term items. Convenience and immediacy of use are also desirable qualities in a product, as we want something we can access quickly without investing in its upkeep.

    Our generation is used to having access to the newest gadgets without making large purchases. Therefore, when it comes to product life cycles, millennials tend to favor short-term options that don’t require too much commitment or financial burden. Short-term items are typically seen as disposable or single-use items that don’t need regular maintenance or repairs over time. This makes them ideal choices for people who want something readily available but don’t have the resources or capacity for a long-term investment.

    Related: How to Create a Hybrid Work Environment That Works for All Generations

    Planned obsolescence

    Businesses should consider the impact of planned obsolescence when creating products if they wish to maximize appeal among millennials. Planned obsolescence is the intentional design of products with limited lifespans for customers to frequently replace them with newer models so companies can stay competitive and profitable.

    This strategy has been widely employed by many tech companies recently, as it helps keep their brand current and allows them to target an increasingly fickle tech-savvy audience who always wants the latest version of whatever product they’re using at any given time.

    In contrast to short-term items, longer-term or high-quality products often require more maintenance and support from service providers or technicians to last for years with minimal maintenance cost. This can be costly and time-consuming in the long run, so millennials prefer brands that offer longevity without requiring too much upkeep.

    Related: Bad Business Tactics that Business Owners Should Avoid

    Eco-friendly options

    Many of these brands now offer eco-friendly designs and reusable components that minimize waste yet still provide better performance over a more extended period. This is attractive to millennials as it gives a more sustainable option that won’t soon become outdated due to changing technology trends or market demands.

    These features often come with extended warranties and repair services, which give customers peace of mind when investing in long-term products. Many of these brands partner with certified service centers with knowledgeable technicians who can provide regular maintenance and repair services for the product at an affordable cost. This ensures that users can keep their products running well even after the warranty period has expired, reassuring them of having access to a reliable product for many years.

    Companies should also consider offering different payment plans or leases on their products to suit different budgets. This would give millennials more options for purchasing quality items without worrying about committing to large upfront costs.

    Related: 5 Tips for Creatively Going Green With Your Business

    Availability

    On top of this, the availability of parts, repair services and even warranties must be considered when looking at a product life cycle. If a particular item requires repair, but parts needed for it aren’t readily available, customers may view investing in it as a poor decision, as repairs could become costly if parts can’t be sourced easily.

    Additionally, if warranties offered by brands only cover certain aspects, customers may opt-out from buying their offerings due to the lack of assurance regarding performance over its life cycle time frame. In such cases, brands must provide comprehensive support options such as replacement warranties and access to trained technicians who can assist with repairs should an issue arise.

    Connectivity

    Modern businesses need to consider connectivity in their product offerings to maximize appeal among millennials. Items like smartphones require regular updates, making them feel outmoded quickly if they aren’t updated. This means having access to compatible networks is central to guaranteeing that users can benefit from the latest features offered by these products throughout their lifespan.

    Businesses should ensure that their products are compatible with a wide range of services and applications for customers to get the most out of them over their lifetime. Many companies now provide cloud services and integrations that allow for more convenient usage and better performance when it comes to keeping devices updated and taking advantage of new features and capabilities.

    Related: The 3 Stakeholders That Make for Meaningful Connectivity

    Overall it’s clear that product life cycles are an important consideration when looking at purchase decisions made by millennials — from length and features to availability and connectivity — as all these factors influence what kind of value each item has in the eyes of buyers. With this knowledge, companies now understand what appeals most to their younger target demographic and can optimize their offering to maximize conversions while appealing to Millennial consumers’ sensibilities. Now get out there and sell me something.

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    Christopher Massimine

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  • Viral TikTok Praises Millennials in Management Positions

    Viral TikTok Praises Millennials in Management Positions

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    For those looking for a new job, it might do you well to make sure you’re working for a millennial, according to one TikToker who’s gone viral.

    In a video that’s been viewed more than 1.8 million times, 28-year-old realtor Kristen Mahon shares an email exchange with her boss, who she estimates is 6 to 7 years older than her.

    Mahon begins by saying that in the past, she has worked for “narcissistic, psychotic” bosses who were a boomer and a Gen Xer and that her current boss is a millennial.

    “I wrote an email to her very professionally, very courteously, just stating, ‘Hey, while I do appreciate you commenting those things to the clients blah blah blah I do feel that you were undermining me, and it could damage my relationship with these clients,’” Mahon told viewers of a note she sent to her boss following an email incident. Mahon CC-ed her boss on a client email “out of professional courtesy,” but it ended in her boss giving her professional feedback in front of the clients.

    @drowningabovewater94 #stitch with @Joshua Turek #millennialboss #bestboss #bossstory #goodboss #communicationiskey #realestate #genxboss #boomerboss #bossstory #thankful ♬ original sound – DrowningAboveWater94

    To Mahon’s surprise, her boss responded swiftly — and her response was not at all what she had expected.

    “I see your point, and I apologize. I apologize for the way I approached that. I did not mean to undermine you in any way. For future emails that I’m CC-ed in, I won’t reply unless I’m addressed to or asked a direct question,” Mahon read from the reply. “I apologize for the way that I approached that, and I have 100% trust in you in the way that you are handling this file. The clients have been great clients for me, and I may be a little too attached because of it. I definitely need to learn to let go and trust. I also appreciate your email, and I appreciate you writing to address the way you felt right away instead of keeping it inside.”

    Related: 6 Things Gen Z Employees Want Their Managers to Know About the Workplace in 2023

    Thousands praised Mahon and her boss in the comment section, with many doubling down on the notion that millennial bosses are hard to beat when it comes to positive communication and effective management styles.

    “That’s not a boss honey,” one user wrote. “That is a LEADER.”

    “Millennials out here DOING THE WORK,” another exclaimed. “Healed people heal people.”

    Mahon agreed with the sentiments of viewers, saying that she was “gobsmacked” in a good way at how professionally the situation was handled and respected how well her boss acknowledged her wrongdoing.

    “This is a boss. This is how you communicate with your employees. This is how you take accountability,” Mahon said. “This should be the norm. This should be how work communication goes, and it’s not. It’s so f**king refreshing — work for a millennial!”

    A Payscale and Millennial Branding survey in 2022 found that a whopping 72% of millennial workers value career advancement opportunities and that the generation is more likely than boomers and Gen Xers to want friendly managers who provide a lot of feedback on their performance at work.

    Related: How to Create a Hybrid Work Environment That Works for All Generations

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    Emily Rella

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  • 92% of millennial homebuyers say inflation has impacted their purchase plans, but most are plowing ahead anyway, study shows

    92% of millennial homebuyers say inflation has impacted their purchase plans, but most are plowing ahead anyway, study shows

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    Lifestylevisuals | E+ | Getty Images

    It may come as no surprise that among millennials who have intended to buy a house this year, 92% said in a recent survey that inflation has impacted their goal.

    Yet most of them aren’t letting it serve as a roadblock, according to the survey from Real Estate Witch, an education platform owned by real estate data firm Clever.

    While 28% of those millennials are delaying their buying plans, the remainder say they’re responding by saving more money for the purchase (59%), spending more than expected (36%), buying a fixer-upper (26%) and buying a smaller home (25%). 

    More from Personal Finance:
    Tax filing season is here. How to get a faster refund
    Gen Xers carry the most credit card debt, study shows
    Here’s what it takes to get a near-perfect credit score

    Millennials — who are roughly ages 27 to 42 — are in their prime homebuying years. The typical first-time buyer was age 36 in 2022, up from age 33 in 2021, according to the National Association of Realtors. 

    Last year, first-time buyers made up 26% of home purchases, compared with 34% in 2021. The combination of year-over-year double-digit price jumps for much of 2022 and rising mortgage rates created an affordability problem for many buyers.

    Home prices continue heading down from their highs

    However, the situation is gradually improving as home prices continue sliding. The median price for an existing house was $366,900 in December, just 2.3% higher than a year earlier and down from $370,700 in November, according to the Realtors association. Last June, the median price was $416,000 — 13.4% higher than in June 2021.

    Additionally, interest rates on mortgages have eased. The average for a 30-year fixed-rate loan is 6.21% as of Jan. 24, according to Mortgage News Daily. That compares with 7.32% in late October. As buyers know, the higher the rate, the more their monthly payment is.

    5% or 6% may be the ‘new normal’ for mortgage rates

    “Those were unusual circumstances,” said Lawrence Yun, chief economist for the National Association of Realtors.

    “Buyers should have the mindset that the new normal is a rate of 5% or 6%,” Yun said. 

    Houses are still selling quickly

    One headwind that buyers may face is limited choices.

    As of last month, there was a 2.9-month supply of homes — meaning at the current sales pace, that’s how long it would take to sell all listed houses if no more came on the market. That’s down from 3.3 months in November but up from 1.7 months in December 2021. A balanced market involves a supply of four to five months, according to Redfin. 

    “There’s not that much inventory in the marketplace,” Yun said.

    “Even with the housing slowdown, days on the market are still less than a month,” he said. “That implies that people in the market to buy are finding a listing they want and snatching it up quickly.”

    Homes that sit on the market longer may be a buying opportunity

    If you’re hoping to find a seller who’s more likely to come down on price, one strategy is to look for homes that have been on the market longer.

    “There’s usually a lot of competition for new listings,” he said. “If you find a home that’s been on the market for at least a month or two, it’s a great opportunity … sometimes sellers will take 10% to 15% off the list price.”

    Additionally, be aware that while sellers had been less likely to go under contract with a contingency — i.e., making the final sale contingent upon, say, a home inspection — that dynamic has largely changed.

    “Waiving the appraisal and waiving of inspections really walked hand in hand with low interest rates,” said Stephen Rinaldi, founder and president of Rinaldi Group, a mortgage broker based near Philadelphia.

    Except for in premium areas, in most cases sellers are back to allowing contingencies.

    Stephen Rinaldi

    founder and president of Rinaldi Group

    “Except for in premium areas, in most cases sellers are back to allowing contingencies,” Rinaldi said.

     Also, if you’re looking at homes close to a city, it may be worth expanding your search radius, Yun said.

    “There are always more affordable houses further out,” he said. “And those homes tend to stay on the market for a longer period.”

    An adjustable-rate mortgage may be an option

    It may also be worth considering an adjustable-rate mortgage if you’re trying to bring the cost down, Yun said.

    With an ARM, the appeal is its lower initial rate compared with a traditional fixed-rate mortgage. That rate is fixed for a set amount of time — say, seven years — and then it adjusts up, down or remains the same, depending on where interest rates are at the time.

    “Usually the first home isn’t owned for a long period, usually it’s five or seven or 10 years,” Yun said. “So with that in mind, an ARM might make more sense because it offers a lower rate and by the time it’s set to adjust, it’s time to sell the house.”

    While there’s a limit to how much the rate can change, experts recommend making sure you’d be able to afford the maximum rate if faced with it down the road. 

    You may be able to find an ARM whose introductory rate is at least a percentage point below fixed rates, Rinaldi said.

    “I think it’s worth evaluating, depending on the person’s situation,” he said.

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  • Why Is Gen Z Saving More for Retirement than Millennials and Boomers?

    Why Is Gen Z Saving More for Retirement than Millennials and Boomers?

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    With inflation and the possibility of a recession on everyone’s mind, many are eager to safeguard their personal finances, especially retirement accounts.

    It turns out that Generation Z workers are taking those retirement savings particularly seriously — more so even than older generations, including millennials, Gen Xers, and baby boomers, per new research from BlackRock, and there are likely several contributing factors.

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    Amanda Breen

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  • Top 3 Mistakes Organizations Make When Developing Their Millennial Talents

    Top 3 Mistakes Organizations Make When Developing Their Millennial Talents

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    Opinions expressed by Entrepreneur contributors are their own.

    As the largest generation in the workforce, millennials and their characteristics are the focal points of many reports and statistics. Employers and HR hope to find the right pieces among that research to solve the puzzle of what their millennial employees need. But much of this research is based on incorrect assumptions about millennials and their work habits.


    Hinterhaus Productions | Getty Images

    Yes, as Gallup notes, “Millennials care deeply about their development when looking for jobs and — naturally — in their current roles.” But that’s not all millennials care about. Here are the top three mistakes organizations make when managing and developing their millennial employees and what they can do instead.

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    Clair Kim

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  • As the cost of living skyrockets, nearly 1 in 3 adults rely on their parents for financial support

    As the cost of living skyrockets, nearly 1 in 3 adults rely on their parents for financial support

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    As the cost of living skyrockets, many adults are turning to a familiar safety net: mom and dad.

    Nearly a third of millennials and Gen Zers, over the age of 18, get financial support from their parents, according to a new survey by personal finance site Credit Karma. The site polled more than 1,000 adults in October.

    More than half of parents with adult children said their kids are living with them. Another 48% said they pay for their kids’ cell phone plan, car payments or other monthly bills. Nearly a quarter also said they provide their adult children with a regular allowance, pay some or all of their rent or have them as an authorized user on their credit card, the report found. 

    “What used to be paying your kid’s cell phone bill every few months has now turned into a much more extensive set of expenses for many parents,” said Courtney Alev, Credit Karma’s consumer financial advocate.

    More from Personal Finance:
    1 in 5 young adults have debt in collections, report finds
    Gen Zers are home for the holidays on mom and dad’s dime
    63% of Americans are living paycheck to paycheck

    Multigenerational households can be a way to save

    During the pandemic, the number of adults moving back in with their parents — often referred to as “boomerang kids” — temporarily spiked to a historic high.

    Most said they initially moved in with their parents out of necessity or to save money. Hefty student loan bills from college and soaring housing costs have put a financial stranglehold on those just starting out. The surging cost of living and sky-high rents are making it harder to move on.

    The number of households with two or more adult generations has quadrupled over the past five decades, according to a separate report by the Pew Research Center based on census data from 1971 to 2021. Such households now represent 18% of the U.S. population, it estimates.

    Finances are the No. 1 reason families are doubling up, Pew found, due in part to ballooning student debt and housing costs.

    Now, 25% of young adults live in a multigenerational household, up from just 9% five decades ago.  

    In most cases, 25- to 34-year-olds are living in the home of one or both of their parents. A smaller share live in their own home and have a parent or other older relative staying with them.

    Not surprisingly, older parents are also more likely to pay for most of the expenses when two or more generations share a home. The typical 25- to 34-year-old in a multigenerational household contributes 22% of the total household income, Pew found. 

    How to achieve financial freedom

    For parents, however, supporting grown children can be a substantial drain at a time when their own financial security is at risk.

    In an economy that has produced the highest inflation rate since the early 1980s, the cost of providing support has risen sharply. According to Credit Karma, 69% of the parents who help their adult children said it causes them financial stress.

    “It’s essential that parents do what they can to first take care of themselves financially, before offering financial support to their adult children,” Alev said.

    “Like with anything, make a budget for your income and expenses, factoring in savings, debt repayment and, if possible, contributions to a retirement fund,” she advised.

    “Once you’ve done that work, see how much you have left over to feasibly help your adult kids and set that expectation with them. You might even consider setting an expiration date to give your adult children a timeline for when they need to be back on their feet.” 

    Subscribe to CNBC on YouTube.

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  • Pickup trucks: America’s favorite wheels

    Pickup trucks: America’s favorite wheels

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    Pickup trucks: America’s favorite wheels – CBS News


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    Pickup trucks account for three of the industry’s Top five bestselling vehicles this year. And they’re not just popular in farm states; millennials are buying the most new trucks these days, many with no desire to haul anything more than a bag of groceries. Correspondent Lee Cowan looks at how the humble pickup is evolving, growing, and hauling in a new generation of fans.

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  • What Millennials and Gen Z Users Expect from Their Online Experiences — and How to Give It to Them

    What Millennials and Gen Z Users Expect from Their Online Experiences — and How to Give It to Them

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    Opinions expressed by Entrepreneur contributors are their own.

    Time is the catalyst to change. Whether it is a push for new standards, a sudden switch in trends or new ideas that pertain to established rhetoric, time is never static. In the UI/UX digital design world, innovation and industry standards are ever-changing, and designers and developers are often seeking new modes of ingenuity to enhance experiences and digital products. With the change in preferences, come new generations of users who are more vocal about the changes and standards they wish to have within a design.

    We are living in an epoch in which our society is saturated in everything digital, thus standing out from the crowd has become a new angle of competitive marketing, and the greatest asset is the newest generations that are attuned to not wasting time on a web design or digital interface that does not propel their experience. Younger generations of users that have grown up with exposure to the online world — millennials or Gen Z users specifically — have higher standards for their online experiences, and ensuring your brand matches their energy with experiential and human-centric digital products is what is allowing companies to have that competitive edge. How then, can brands design their websites, mobile applications and even copy to align with a newer generation of users? Frankly, it begins with paying attention to your target audience.

    Related: Good Design is Good Business

    Convenience is key

    Modern digital ecosystems are made to be quick, convenient and highly usable to boost the overall experience. For newer generations of users, these three features are instantly noticeable, and if it lacks one of the three, that is also highly noticeable, which can sway your users away from a design. The online world has postured many users to expect speed in every digital product they engage with as today’s attention span to these digital experiences is reportedly around 8 seconds. If their interest isn’t captured within that small window, many users will seek an alternative that quells their impatience. Further, the modern user expects any website to be responsive to mobile or tablet, for immediate results on the go. In fact, 55% of worldwide online visits come from mobile, as opposed to 43% that come from desktop interactions.

    Thus, ensuring that your brand’s online presence is made for mobile is a key factor that shouldn’t be placed on the back burner. Modern audiences expect their searches to extend to mobile and be fully usable as they would on a desktop. No matter the services offered, information shared or ecommerce products sold, your website should be highly responsive to any propel conversations and be in tune with modern expectations. If your website caters to an ecommerce platform, ensuring your users are able to browse, shop and check out without interruption is pivotal. Further, ensuring that your visual hierarchy is built for mobile will also seamlessly make an impactful experience. Lastly, certifying that your content — whether visual or readable — is easily digestible and straight to the point is what modern users prefer most.

    The influence of social media

    It’s no secret that the rise of social media has not only greatly shifted our daily interactions but our exposure to new brands as well. Currently, many social media outlets carry themselves as tools to communicate with others. However, as of late, it has an opaque undercurrent of marketing strategies, ecommerce and overall brand recognizability. For newer generations of users, social media is a huge part of their everyday interactions and mode of information sharing. Many established legacy brands have emphasized their presence on social media to drive engagement and brand awareness.

    In fact, 88% of companies have hired at least one social media coordinator because of the opportunities it brings forth and the audiences they are aiming to appeal to. Social media outlets allow for faster communication with modern-day users and for ecommerce purposes. When brands engage with their users on social media platforms, it builds a level of authenticity and trust because of these more casual forms of business-to-consumer communication strategies to answer questions or simply converse about their brand.

    With a whopping 78% of Gen Z users and 67% of Millennial users utilizing social media to discover and learn more about brands, attaining a strong online presence has become just as important as having a website online. Social media has become a portal for brands to utilize these “casual” platforms to boost their sales conversions to newer generations of users. Your website needs to easily have modes for users to find your social media platforms and vice versa. If a brand is discovered through social platforms, it is key that the excitement they felt there carries out to your website.

    Related: The Business of Harnessing the Power of Social Media

    A positive experience in and outside of social media interactions is highly valuable to modern users. It is important to remember, however, that when interacting with users on social media, your social media posts and voice align with your brand. These further drive brand recognizability. Newer generations of users prefer a casual, more playful tone of engagement on social media, and if that does not align with your brand or translate well to your brand testimony off social media, it could affect your brand identity. Your brand’s overall identity needs to remain authentic, approachable and engaging to appeal to the new generational mode of marketing, design and recognizability.

    A sincere push for accessible experiences

    In our own digital design agency, we have always been advocates for pushing usability and accessibility for all users, as it should never be an afterthought. Yet not all websites are created equal. Many brands’ websites still lack full AAA compliance by W3C or do not fully have accessible and inclusive standards for users of all abilities. The modern user, however, is highly perceptive if there is a lack of authenticity when it comes to advocating for full accessibility and inclusivity of users. New generations of users are also much more vocal about disparities in equality and respond better to brands that are authentic and trustworthy — 90% of users, in fact. New users, however, expect these usability practices to be carried out, as opposed to stated in a cover-all blanket statement.

    Related: Inclusion and Accessibility in the Digital Space

    To ensure your digital product is usable to all audiences and highly inclusive, and you practice what you preach, incorporating accessibility tools to your online presence can begin with embedding plug-ins such as AccessiBe or ReciteMe, researching color contrast standards, alt-text and more to be fully inclusive. Inclusivity within copy content is also important to make all demographics of users feel welcomed and represented.

    New generations of users are always going to challenge the status quo and disrupt the established norms for the better, and this has become highly evident in the digital design world. Designing and catering for users should be experimental, usable and modern to align with the times and the audience.

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    Goran Paun

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  • These are the best 10 metro areas for first-time home buyers — and how to make it more affordable no matter where you’re buying

    These are the best 10 metro areas for first-time home buyers — and how to make it more affordable no matter where you’re buying

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    The Central Business District of Pittsburgh

    J. Altdorfer Photography | Getty Images

    After bidding wars during the pandemic, demand for home purchases has fallen amid higher mortgage interest rates. That dynamic has made some markets are more attractive for first-time home buyers for 2023, according to a Zillow report released this week.

    The real estate site found the “best opportunity” for first-time buyers in metros areas with more affordable rent, less competition and a higher inventory of homes for sale.  

    “The affordability hurdle is very tough,” said Matt Hackett, manager of operations at Equity Now, a mortgage lender in Mamaroneck, New York, that operates in five states. 

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    One of the biggest challenges has been a sharp increase in interest rates within a short amount of time, explained Erica Davis, producing branch manager at Guild Mortgage in Myrtle Beach, South Carolina.

    Mortgage interest rates have more than doubled from early January after a series of hikes from the Federal Reserve to curb inflation in 2022. These rates have recently softened, reaching 6.41% last week.  

    Meanwhile, median home sales prices are higher year-over-year, reaching $454,900 during the third quarter of 2022, according to the Federal Reserve Bank of St. Louis.

    Still, some markets may be more affordable for buyers on a budget, Zillow’s report shows.

    10 best markets for first-time home buyers in 2023

    These are the best metros for first-time home buyers in 2023 based on mortgage and rent affordability, housing supply and the share of listings with a price cut, according to Zillow.

    1. Wichita, Kansas
    2. Toledo, Ohio
    3. Syracuse, New York
    4. Akron, Ohio
    5. Cleveland
    6. Tulsa, Oklahoma
    7. Detroit
    8. Pittsburgh
    9. St. Louis
    10. Little Rock, Arkansas

    First-time buyers may have mortgage ‘knowledge gap’

    While affordability may be a concern, experts say first-time home buyers may have more options than they expect.

    “First-time homebuyers almost always have that knowledge gap,” said Hackett. “They’re not really sure how much they can afford, and they’re not really sure how much they need for a down payment.”

    For example, many first-time home buyers don’t know about mortgages for veterans, which don’t require a down payment, or Federal Housing Administration loans with 3.5% down, he said. 

    You may also qualify for so-called conventional mortgages, backed by Fannie Mae or Freddie Mac, with down payments as low as 3%.

    However, loans with a smaller down payment come with mortgage insurance and higher interest rates, which may be reduced later, experts say. You’ll also have a bigger monthly payment with a larger mortgage.

    First-time homebuyers almost always have that knowledge gap.

    Matt Hackett

    manager of operations at Equity Now

    Davis said lower down payment mortgages may also preserve savings for future home expenses. “There’s less stress if they’re able to close and still have some money in their pocket,” she said.  

    Depending on your income and location, you may also qualify for first-time home buyer grants or programs run by state and local governments to help cover your down payment and closing costs. “It’s definitely a good option,” Hackett said, urging buyers to speak with a local mortgage expert familiar with programs in their area.  

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  • 3 Simple Ways to Keep Your Millennial Employees Engaged

    3 Simple Ways to Keep Your Millennial Employees Engaged

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    Opinions expressed by Entrepreneur contributors are their own.

    “I quit” are two words that could describe the mood of the workforce for the last few years. These words have been literally (or figuratively) uttered by many employees across industries and are dreaded by employers. Most people have not realized that many have or will tender their resignations over the next several years. That’s because they are the largest generation in the U.S. force, making up more than one-third of the workforce, according to Pew Research Center. By the end of 2025, they will make up 75% of the global workforce.

    Millennials — like many other workers — are taking advantage of the employee-friendly job market and making changes all over the country. So, if you are not keeping millennial expectations in mind when creating your , you will alienate most of the talent in the current and future job market.

    If you are shocked by the fact that the workforce is mostly millennials, you are not alone. However, by embracing this reality and making your company reflect it, you can ensure access to the largest sector of today’s candidate pool while retaining the millennial employees who currently work with you.

    Related: Here’s What Millennials Want from Their Jobs

    The changing impact of millennials in the workforce

    Over the last several years, millennials have left their mark on the workplace. Millennials have always demanded more , flexible work schedules and better parental leave. When the pandemic hit, however, millennials’ priorities shifted overnight. Many workers were given and flexible schedules. Suddenly, they could do a load of laundry, walk the dog or help with kids’ homework without leaving the “office” during the workday.

    At the same time, employers were truly engaging with the millennial workforce. Companies realized that millennials were not fresh out of college anymore. Instead, employers began to see millennials as working parents, freelancers, entrepreneurs and digital nomads.

    Millennial expectations changed, and the pandemic highlighted the new generational identity. For instance, where work-life balance used to mean less time working and more time hanging out with friends, it now meant having the time to jet off to stay in another state or hit the road in an RV with the family — while still being able to work each day. Millennials work to provide for themselves and their families and fuel their preferred lifestyles, not the other way around.

    Related: The Millennial Takeover: How the Generation is Shaking up the Workplace

    You can do several things to attract and retain millennial employees and keep them satisfied. Start by asking, “What do millennials want in a job?” A lot of these actions might be simple changes in company policy that can make a major difference. Here are some ways you can engage millennial workers, boost job satisfaction and ensure that they stick with your organization for the long term:

    1. Prioritize remote (or hybrid) work models

    Competitors that offer remote or hybrid work arrangements will be in much better positions to attract top talent than those that do not. Millennials care about working from home and have made it a priority in their job searches. Almost 85% of millennials said remote work was important in an Axios poll.

    At the very least, you could offer a hybrid model that extends work-from-home periods. After all, millennials still want the flexibility to achieve some kind of work-life balance and take care of other responsibilities during the day.

    Adding flexibility, such as remote work, is a great way to retain current employees as well. According to the ADP Research Institute, 64% of workers would look for a new job if they were asked to work from the office full-time. All it takes to avoid this risk is to evaluate remote working models and then make the shift when the timing is right. Be aware, though, that the time is now for millennial workers.

    Related: Hybrid, Remote Work or Flexible Hours? Know Your Team and What Motivates Them

    2. Offer flexible location options

    Millennial employees also want the freedom to move to other cities or states and keep their roles, due largely to the pandemic migration. According to a survey by Bankrate, more than a quarter of millennials relocated either permanently or for an extended period during the pandemic, compared to 16 percent of all adults. Millennials left big cities to be near friends and family, live in more affordable places and seize different career opportunities.

    Spotify met the moment and launched a “Work from Anywhere” program in February 2021, as well as flexible location options to accommodate employees who want to move. The company even offered to pay for co-working memberships for employees who relocate to an area that isn’t near a Spotify office and miss in-office work.

    3. Make the work matter

    When attracting and retaining millennial employees, your company can’t stop at remote work and flexible schedules. You should also help millennials find meaning in their roles. According to Gallup, millennials value specific aspects of the worker experience, including relationships with managers, role clarity, development opportunities and how their work affects their overall health and the well-being of others.

    Aligning with their values is critical. A Deloitte report found that almost 40% of millennials and Gen Zers rejected a job because it did not match their values. Workers who are happy with their employers’ environmental and societal impact and inclusive culture are more likely to stay with their companies for more than five years. In other words, if you can’t connect millennials with the company’s vision and mission, they will look elsewhere.

    At IES, we have all-staff quarterly update meetings where we review the company’s mission, vision and value statements. We’ve also asked employees to help create our mission, vision and values. Team members formed groups to help complete the mission statement and expand on our values to make them more meaningful and accessible to the whole team and build a greater connection to them.

    Related: 3 Smart Investments to Help You Retain Millennial Employees

    When recruiting and building your company culture, remember to prioritize millennials for your organization’s success. Although it’s important to accommodate non-millennials, your company will get left behind without thinking about this generational group. Once you determine what drives millennial workers and incorporate these elements into your culture, you will be better positioned to attract and retain skilled workers from a larger talent pool.

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    Kara Hertzog

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  • Tuberville: US has too many ‘takers’ who don’t want to work

    Tuberville: US has too many ‘takers’ who don’t want to work

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    MONTGOMERY, Ala — U.S. Sen. Tommy Tuberville said this week that the country has too many “takers” instead of workers and suggested that many in younger generations — including people in their 40s — don’t understand they need to work.

    Tuberville, 68, made the remarks while discussing the national worker shortage during a speech to business groups in south Alabama.

    “What’s happening in our country right now, we’re getting too many takers in our country,” Tuberville said Tuesday, according to Al.com. Later, he added, “They don’t want to go to work. We’ve got to get Generation X and these Millennials to understand that you have to tote your own load.”

    A spokeswoman for Tuberville, responding to a question from The Associated Press on Wednesday, said the state’s junior senator misspoke and meant to say Generation Z, which includes people born after 1997, instead of Generation X, which includes people in their 50s. Millennials are generally defined as people born between 1981 and 1996. The oldest millennials are entering their 40s.

    Tuberville made the remarks in Mobile on Tuesday. He was the featured speaker at a Forum Alabama breakfast presented by the Mobile Chamber and attended by local business leaders. He also spoke to news outlets during an appearance at Austal USA after touring the shipyard. The remarks about generational work ethic came two weeks after Tuberville was widely criticized for comments about race and crime.

    Fox10 reported that Tuberville blamed government benefits.

    “We’re getting too many takers in our country,” the former college football coach said. “They’d rather take a (government) check.”

    While the federal government initially sent out trillions in pandemic relief funds, the COVID-19-related extended unemployment benefits and stimulus checks have ended. The last pandemic stimulus check was given out last year.

    Businesses nationwide have struggled to fill positions amid a dire worker shortage, prompting some companies to raise wages or offer perks such as college tuition reimbursement to try to lure workers. Economists have pointed to complex reasons for the worker shortage in the wake of the pandemic, including a rise in early retirements, a shortage of affordable child care and other factors that have contributed to a workforce reshuffling.

    Tuberville’s comments came two weeks after he drew widespread criticism for saying at an election rally that Democrats support reparations for the descendants of enslaved people because “they think the people that do the crime are owed that.”

    In an interview with FOX10 afterward, Tuberville maintained his comments were about crime, not race. “It had nothing to do with race. You know crime has no color,” he said.

    Tuberville rejected calls to apologize. “I would apologize if I meant anything about race, but it wasn’t. Like I said, race has no color. Reparation would have no color,” Tuberville said.

    Al.com reported that Tuberville deflected a question about the controversy.

    “We don’t have enough people right now paying the price for a lot of the crimes that are being made,” he said. “They don’t need to be rewarded for it. They need to understand that we can’t run a country — it’s like a football team. If you’ve got people going in different directions breaking all the rules, you’re not going to win.”

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  • 10 Now-Obvious Trends New Housewife Jenna Lyons Kickstarted In the 2000s

    10 Now-Obvious Trends New Housewife Jenna Lyons Kickstarted In the 2000s

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    This weekend, Bravo’s seemingly endless roster of cast members met in NYC for BravoCon, an annual celebration of everything from Summer House to the entire Real Housewives franchise. In true Bravo fashion, the drama was plentiful. But it wasn’t until a mid-convention taping of Watch What Happens Live that the most surprising and shocking announcement was made: Jenna Lyons is becoming a housewife. A real housewife of New York City, that is.

    More likely than not, you know Lyons from her 26-year tenure at J.Crew, where she started as a junior designer right out of college and eventually rose to become president and executive creative director. There, and specifically during the late-2000s and 2010s, Lyons was responsible for shaping the wardrobes of practically an entire generation of women. She even has a New York Times-backed name to prove it: “The Woman Who Dresses America.”

    As opposed to the classic, east coast aesthetic the brand was known for in the ’90s (the one that appears to be making a comeback right now under new head of women’s design Olympia Gayot), Lyons’s J.Crew was bright and experimental, with bold, chunky accessories paired down with a button-down shirt and animal print outerwear styled with clashing cashmere knits. Loud and upbeat, the designer taught women how to make officewear fun, going-out gear elegant, and casual ensembles for a nothing day exciting. 

    So, to celebrate the latest addition to Lyons’s CV, we rounded up all the ways the newest member of the Real Housewives family defined style in the 2000s and 2010s. Check it out below. 

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    Eliza Huber

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  • People Are Starting to Get Really Annoyed by ‘Quiet Quitting’

    People Are Starting to Get Really Annoyed by ‘Quiet Quitting’

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    In the beginning, there was “quiet quitting.” And it was good.

    Burned-out Gen Zers and across the country stopped over-extending themselves at work to take more time for mental health.

    The Tik Tok trend then morphed into a series of offshoots, including quiet firing, quiet hiring, and fast quitting.

    But now, some in the workforce are starting to say enough is enough. They wish the quiet quitters would just quit already.

    A new survey by LLC.org looked at the most annoying coworker habits and found, you guessed it, that quiet quitting was among the most irritating.

    More than six-in-ten (62%) find the trend incredibly annoying, with more than half (57%) saying they’ve recently noticed a colleague who has “quiet quit.” Of those, 57% say they’ve had to take on more work because their colleague decided to do less.

    Gen Z and Millennials started quiet quitting, so perhaps it should come as no surprise that Baby Boomers and Gen X are the most fed up with the trend. But a majority of Gen Z and Millennials also disapprove, calling it “anti-work.”

    Other annoying coworker habits

    LLC.org surveyed 1,005 full-time employees across the U.S. Fifty percent of respondents were male, and 50% were female, with an average age of 38.

    And boy, were they testy.

    A majority of workers (83%) say they work with someone who gets under their skin. According to respondents, 22% say it happens daily, while nearly half (47%) say it happens a few times per week.

    Gen Z is the most annoying generation, according to the survey, with 59% of respondents saying Z is the least productive.

    In-person coworkers are more annoying than remote coworkers, and mid-level coworkers are the worst of all the tiers (33%).

    Other coworker annoyances include: complaining, laziness, arrogance, and interrupting.

    And workers’ frustrations don’t just stop at the way people act—they’re also bothered by the way people speak. Here are some of the terms they wouldn’t mind being banned forever from the office.

    “Quiet quitting” was not on the list, but probably should be.

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    Jonathan Small

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  • Challenger banks: Disrupting the Swiss market  – Banking blog

    Challenger banks: Disrupting the Swiss market – Banking blog

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    This blog is the first in a series on the impact of challenger banks on the Swiss market. It provides insights into how challenger banks threaten to disrupt traditional banks, the different types of banks that are entering the market, and the need to adapt the challenger banks’ operating models to grow successfully.

    Today, banks are changing rapidly to keep up with their customers, who are demanding better experiences and more sophisticated products and services from their providers. For most people, visiting a bank branch used to be the main way of interacting with their bank. However, more and more people are choosing to interact with their banks digitally rather than through a traditional bank set-up.

    This has led to the rise of challenger banks, allowing new entrants to gain momentum and increase their market share in the Swiss banking sector. They have achieved this by offering a superior digital user experience compared to traditional players, by leveraging strong capabilities in technology and focusing on customer centricity. Naturally this raises the questions:
    • To what extent are challenger banks a threat to the market share of traditional banks?
    • Are traditional banks able to keep up with the rapid pace of innovations and customer-centric offerings?

    A problem for traditional banks today is that they are bound by legacy systems and have rigid operating models and governance structures. Even so, many market players have been innovative in adopting new systems and technologies, and in customising client journeys. Upgrading to highly customised systems is costly and does not always justify the cost, ultimately leading many banks to hold back their system upgrade plans. Additionally, the systems of traditional banks have been pieced together over years by internal developers and external outsourcers. This has made them sluggish in keeping up with innovative challenger banks which are changing the banking market status quo.

    Brief history of Swiss banking

    Brief history of Swiss Banking_blog
    Swiss bank development – Source: Deloitte internal research

    The legal and regulatory framework of the Swiss banking sector played an important role in allowing Switzerland to become the banking powerhouse it is today. Since the foundation of the first public bank in Switzerland in the 16th century and up until today, five centuries later, their dominant position was not challenged. Historically, banks owned the entirety of their value chain and differentiated their offerings by creating product and service packages for customers at slightly different rates than their competitors. However, the core operating model has remained the same and has always consisted of building customer relationships and distributing services through brick-and-mortar branches.

    Business models in the banking industry evolved slowly until the creation of the first challenger bank in 2009 which accelerated the business model transformation to keep up with changing customer demands. Backed by private funding, challenger banks have since filled a gap in the market by addressing the increasing demands from customers for innovative features as well as “real-time” transaction speeds. With their new operating models, challenger banks are building large customer bases and are intent on dominating the market. However, they need to obtain a banking licence and address a multitude of regulatory requirements − just like traditional players, which are more experienced and still hold a majority share of the Swiss market.

    Gaining market share whilst addressing regulatory and operational challenges

    Although challenger banks aim to compete with traditional banks by using mobile-centric technology and targeting specific customer segments, they face some challenges to successful growth. We identify four distinct types of banks in the market, each with their unique challenges.

    Challenger banks_Categorization of challenger banks – Source: Deloitte internal research

    Main regulatory and operational challenges for challenger banks in the Swiss market include but are not limited to:
    Licence vs. no licence: Without a banking licence, organisations can still offer prepaid cards, permitting customers to cap the foreign currency fee. However, to generate revenue and make profits, expansion is needed into other financial products and services, such as personal loans, mortgages, credit cards and digital assets. A question is whether it would be more profitable to partner with existing traditional players or to undertake a rigorous and time-consuming banking licence application process.

    Client due diligence and ongoing monitoring: To provide adequate evidence of compliance with Swiss banking regulations and banking secrecy laws it is necessary to establish a client risk assessment framework, relevant policies/procedures and appropriate transaction monitoring alerts. A lack of regulatory and compliance expertise and poorly defined processes might result in failure to gather sufficient information to identify high risk customers, such as politically exposed persons (PEPs), sanctioned individuals and money laundering organisations.

    Governance and internal controls: The governance of Swiss banks is characterised by a strict separation of activities between the board of directors, which is responsible for oversight, and the executive management. There may be a lack of clearly defined roles and responsibilities for each core product offerings and internal functions, and insufficient monitoring of compliance with applicable regulatory requirements. This leads to increased FINMA scrutiny, exposure to financial fines, and reputational risk.

    Compliance risk management: This is a major concern for challenger banks of all sizes. The complexity of region-specific banking rules and regulatory risks means that even major banks with large compliance teams struggle to stay compliant.

    Combatting risks in line with the evolution of the business model

    There are only limited differences between the regulatory and financial crime risks faced by challenger banks and those facing traditional retail banks. Unlike traditional banks, which have large legal and compliance teams, challenger banks are thinly resourced and face increasing pressure from regulators. It is therefore vital for challenger banks to evaluate and mitigate their risks continually, in line with their evolving business model. The most critical and urgent areas for both new and existing challenger banks to focus on are summarised below:

    Banking licence: Before engaging in business operations to offer a wider range of financial products and services, challenger banks should obtain authorisation from the Swiss Financial Market and Supervisory Authority (FINMA). Applications for a licence must be submitted to FINMA in an official Swiss language, containing general information with supporting documentation about their intended operations. The lead time for obtaining a licence is between 6 to 12 months, depending on the quality, completeness and complexity of the application.

    Operating model: Banks should build a robust target operating model with clearly defined roles and responsibilities, to ensure that their various business functions are lean and compliant. They should enhance the customer journey with innovative and risk-based measures to meet their ambitions for growth and profitability.

    Client risk assessment: They should define a robust and flexible risk assessment framework to determine standard and enhanced client due diligence checks,
    with the ability to identify the ultimate beneficial ownership in complex structures, manage financial crime risks and trigger adequate transaction monitoring alerts.

    Control framework: They should avoid regulatory risks relating to anti-money laundering, KYC, banking secrecy, PEP, and sanctions, through risk-based customer screening and appropriate systems. They should enhance their reporting and operational resilience with quality assurance controls.

    Conclusion

    As challenger banks continue to attract more customers and expand their operations in Switzerland, they must pay close attention to the requirements of FINMA and the Swiss Bankers Association (SBA). Balancing regulatory compliance with achieving internal operational growth can be a challenge for many newcomers. It is therefore crucial that challenger banks should manage regulatory and compliance risks effectively by establishing a robust operating model, to position themselves for growth and operational resilience in the Swiss market.

    If you would like to know more about the landscape for challenger banks and how Deloitte can help, please reach out to our contacts below.

    Sources:
    [1] https://www2.deloitte.com/ch/en/pages/financial-services/articles/digitalisation-banking-online-covid-19-pandemic.html

    [2] https://www.fca.org.uk/publications/multi-firm-reviews/financial-crime-controls-at-challenger-banks

    [3] https://www.globallegalinsights.com/practice-areas/banking-and-finance-laws-and regulations/switzerland?msclkid=53079fa6c72711ec8fd3352e9249c895

    [4] https://uk.practicallaw.thomsonreuters.com/w-007-8999?contextData=(sc.Default)&msclkid=b9229eccc72411ec8b01e08fcdff0f31&transitionType=Default&firstPage=true

     

    Sergio Cruz

    Sergio Cruz, Partner, Consulting

    Sergio is the lead Partner of Deloitte’s Business Operations practice in Zurich and has more than 25 year of experience in Consulting. He focuses on large scale front-to-back digitalisation programs in financial services and has worked on several large assignments both in Switzerland and abroad, covering the implementation of regulatory requirements and the definition as well as implementation of target operating models and process optimisations.

    Email | LinkedIn

    David Klidjian_3 (002)

    David Klidjian, Director, Consulting

    David is a Director in Consulting and leads Deloitte’s Business Operations Banking Industry for Switzerland. He has significant experience of Investment Banking and Wealth Management working in the UK, US, Asia and Switzerland. His focus area is on large Front-to-back operations transformations and setup and expansion of new banking operating models.

    Email  | LinkedIn

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    Lena Woodward

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  • HelloPrenup & the Knot Inspire Financial Confidence With Prenuptial Agreements

    HelloPrenup & the Knot Inspire Financial Confidence With Prenuptial Agreements

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    HelloPrenup has been featured as the prenuptial agreement (prenup) thought leader on The Knot’s blog for ‘What Is a Prenup? Here’s How to Get One’

    Press Release


    May 26, 2022

    HelloPrenup has been featured as the prenuptial agreement (prenup) thought leader on The Knot’s blog for “What Is a Prenup? Here’s How to Get One.” The article reviews what a prenup is, why couples should invest in one, and how to actually get one (without ever leaving their couch).

    In addition to covering the tremendous benefits of prenups for separating premarital assets, debt, property, inheritance, gifts, etc, the featured article reveals the power a prenup has to “correct unequal power dynamics” that can occur in a marriage. In particular, the overwhelming statistics that show women as the most likely spouse to risk their peak career years for childbearing, rearing, and household management.

    “The loss of financial opportunity for [women] and the widening wealth gap over time create an unbalanced power dynamic in a marriage that is almost impossible to recover from in the event of a divorce without a prenuptial agreement. A prenup can correct the course of the wealth gap by allowing parties to contract to financial obligations that help even the financial playing field in a marriage,” said HelloPrenup’s CEO and family law attorney, Julia Rodgers. 

    HelloPrenup is the first online platform to offer prenuptial agreements at a fraction of the traditional cost, access within hours instead of months, and promotes a collaborative process that greatly improves a couple’s prenup experience. 

    Prenuptial agreements provide overwhelming benefits for couples no matter how big or small their assets and debts are. By getting on the same page prior to marriage (literally), couples propose opportunities to mitigate some of the leading causes of divorce (like money and kids) and obligations during the marriage (like financial responsibilities, property division, etc). Visit HelloPrenup.com to learn more. Use code “TheKnot” at checkout for a limited time offer of $50 off your prenup. 

    HelloPrenup has been featured on Shark Tank, in CNN Business, Forbes, The Boston Globe, GeekWire, among others. 

    Source: HelloPrenup

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  • The Tennessee expulsions reveal the core divide in US politics. Here’s why. | CNN Politics

    The Tennessee expulsions reveal the core divide in US politics. Here’s why. | CNN Politics

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    CNN
     — 

    Rarely have the tectonic plates of American politics collided as visibly and explosively as they did earlier this month in Tennessee.

    The procession of predominantly middle-aged or older White Republicans who rose almost two weeks ago in the Tennessee House of Representatives to castigate, and then expel, two young Black Democrats crystallized the overlapping generational and racial confrontation that underpins the competition between the political parties.

    The Republican vote to expel those Black Democratic representatives, Justin Pearson and Justin Jones, encapsulated in a single moment the struggle for control over America’s direction between the nation’s increasingly diverse younger generations and its mostly White older cohorts. While kids of color now comprise just over half of all Americans younger than 18, Whites still constitute about three-fourths of the nation’s seniors, according to Census data analyzed by William Frey, a demographer at Brookings Metro.

    That stark division – what Frey terms “the cultural generation gap” and I’ve called the competition between “the brown and the gray” – has become a central fault line in the nation’s politics. Particularly in the Donald Trump era, the Republican coalition has grown increasingly reliant on older Whites, while younger people of color are evolving into a critical component of the Democratic voting base.

    The priorities and values of these two giant cohorts often clash most explosively in red states across the South and Southwest, like Tennessee, where Republicans now control state government. In those states, Republicans are moving aggressively to lock into law the policy preferences of their older, predominantly White and largely non-urban and Christian electoral coalition. That agenda often collides directly with the views of younger generations on issues including abortion, LGBTQ rights, limits on classroom discussion of race, gender and sexual orientation, book bans, and gun control.

    Across the red states, the conditions are coalescing for years of escalating conflict between these divergent generations. From one direction, the Republicans controlling these states are applying increasingly hardball tactics to advance their policy agenda and entrench their electoral advantage. That strategy includes severe gerrymanders that dilute the influence of urban areas where younger voters often congregate, laws that create obstacles to registering and voting, and extreme legislative maneuvers such as the vote to expel Pearson and Jones. What Republicans in Tennessee and other red states “are trying to do is minimize the voices – minimize the sound, minimize the protest, and continue to oppress folks who do not agree,” says Antonio Arellano, vice president for communications at NextGen America, a group that organizes young people for liberal causes.

    From the other direction, the youngest Millennials and first representatives of Generation Z moving into elected office are throwing themselves more forcefully against these GOP fortifications – just as Jones and Pearson have done. These young, elected officials have been shaped by the past decade of heightened public protests, many of them led by young people, particularly around gun safety, climate change, and racial equity. And more of them are bringing that ethos of direct action into the political arena – as Jones and Pearson did by leading a gun control protest on the floor of the Tennessee legislature. “This generation of politicians have been socialized through the crucible of Black Lives Matter and the [Donald] Trump era and political polarization,” says Andra Gillespie, a political scientist at Emory University in Atlanta who studies race and politics. “So it’s not surprising that they are usually going to be confrontational.”

    In the red states, this rising wave of urgency and militancy among younger progressives is crashing headlong into the fortifications Republicans are erecting to solidify their control. Even with the ardor evident from Jones, Pearson and their supporters in Tennessee, most observers agree it will be very difficult any time soon for “the brown” to loosen the grip of “the gray” over political power in almost any of the red states. “In the short term there isn’t a risk” to the GOP’s hold on the red states, said Gillespie, “which is why you see these legislators flexing their power in the way they are.” And that could be a recipe for more tension in those places as the diverse younger generations constitute a growing share of the workforce and tax base, yet find their preferences systematically denied in the decisions of their state governments.

    Like many analysts, Melissa Deckman, chief executive officer of the non-partisan Public Religion Research Institute, predicts that “what we saw in Tennessee was the first salvo” of escalating conflict as older white conservatives, especially in the red states, resist the demands for greater influence from the emerging younger generations. “An overwhelmingly White conservative legislature taking this remarkable and drastic step of expelling the two young African-Americans,” she says, “is a taste of what we are going to see in the future driven by those demographic changes.”

    Those demographic changes are rooted in the generational transition rumbling through American life. Though the tipping point has drawn little attention, Frey has calculated that a majority of the nation’s population has now been born after 1980. And those younger generations are kaleidoscopically more diverse than their older counterparts.

    The change is most visible on race. Because the US essentially shut off immigration between 1924 and 1965, nearly three-fourths of baby boomers (born between 1946 and 1964) are White, as are more than three-fourths of the remaining seniors from the older generations before them, according to Frey’s figures. By contrast, Frey has calculated, people of color comprise well over two-fifths of Millennials (born between 1981 and 1996), just under half of Generation Z (born between 1997 and 2012) and slightly more than half the youngest generation born since 2012. That youngest generation (sometimes called Generation Alpha) will be the first in American history in which racial “minorities” constitute the majority.

    The transition extends to other dimensions of personal identity. The Public Religion Research Institute has calculated that while just 17% of Americans aged 65 or older and 20% of those aged 50-64 do not identify with any organized religion, the share of those “seculars” rises to 32% among those aged 30-49 and 38% among adults 18-29. In turn, while White Christians constitute about half of all adults aged 50-64 and three-fifths of seniors, they comprise only about one-third of those aged 30-49 and only one-fourth of the youngest adults.

    Gender identity and sexual orientation follow the same tracks. Gallup has found that while less than 3% of baby boomers and only 4% of Generation X (born 1965-1980) identify as LGBTQ, that figure jumps to nearly 11% among Millennials and fully 21% among Generation Z. In all these ways, says Deckman, who is writing a book on Gen Z, “you have a younger group of Americans who are more diverse, less religious, care passionately about the rights of marginalized groups, and are watching rights taken away that they thought would always be there.”

    Though the pace and intensity varies, these changes are affecting all corners of the country. Even in states where the GOP has consistently controlled most state offices such as Texas, Florida, Georgia, Arizona, and North Carolina, the share of adults younger than 45 who are unaffiliated with any religion now equals or exceeds the share who are White Christians, according to detailed results PRRI provided to CNN. By contrast, in those states’ over-45 population, White Christians are at least twice, and often three times, as large a share of the population as seculars.

    Frey has found that in every state the youth population 18 and younger is now more racially diverse than the senior population 65 and older. From 2010 to 2020, in fact, every state except Utah and North Dakota (as well as Washington, DC) saw a decline in their total population of White kids younger than 18. Kids of color now comprise a majority of the youth population in 14 states and at least 40% in another dozen, Frey has found.

    States on that list include many of the places where Republicans have been most forcefully imposing a staunchly conservative social agenda. Kids of color already represent about half or more of the youth population in Texas, Florida, Georgia, Oklahoma, Mississippi, South Carolina and Arizona and about two-fifths or more in several others, including Tennessee, Alabama and Arkansas. In many of those states the share of seniors who are White is at least 20 percentage points higher than the share of young people.

    A similarly large “cultural generation gap” is also evident in many blue states, including Nevada, California, Colorado, Washington and Minnesota. The difference is that in states where Democrats are in control, the diverse younger generations are, however imperfectly, included in the political coalition setting state policy. Political analysts in both parties – from Republican pollster Kristen Soltis Anderson to Democratic strategist Terrance Woodbury – point out that Democrats have their own problems with younger voters, who have never been enthusiastic about President Joe Biden, and are expressing disappointment that the party hasn’t made more progress on issues they care about. But in blue states the direction of policy on most key social issues, such as abortion, gun control and LGBTQ rights, aligns with the dominant views among younger generations. And in most blue states, Democrats have prioritized increasing youth turnout and, in many cases, reformed state election laws to ease registration and voting.

    But in the red states, younger voters, especially younger voters of color, are largely excluded from the ruling Republican coalitions, which revolve preponderantly around Whites, especially those who are older, Christian, non-college and non-urban. In 2022, for instance, 80% of younger non-white voters (aged 45 or less) voted against Republican Gov. Brian Kemp in Georgia, 65% voted against GOP Gov. Greg Abbott in Texas, and 55% opposed Gov. Ron DeSantis in Florida, according to exit poll results provided by Edison Research. Yet all three men won decisive reelections, in large part because each carried about seven-in-ten or more of Whites older than 45.

    In some ways, the generational tug of war between the brown and the gray symbolized by the Tennessee expulsions represents the classic collision between an irresistible force and an immovable object. In this case, the irresistible force is the growth in the electorate of the diverse younger generations. In 2020, for the first time, Millennials and Generation Z constituted as large a share of eligible voters nationwide as did the Baby Boom and its elders – though those older generations, because they turned out at much higher rates, still represented a larger percentage of actual voters. In 2024, Frey has projected, Millennials and Gen Z will comprise a significantly larger share of eligible voters than the boomers and their elders – enough that they will likely equal them as a share of actual voters. Already in several states, kids of color comprise a majority of those who turn 18 each year and become eligible to vote; Frey projects that will be true for the nation overall by 2024.

    The immovable object is the GOP control over the red states. That’s partly because of the changes in electoral rules Republicans have imposed that create obstacles to registration or voting, but also because of their dominance among older Whites and their inroads into culturally conservative Latino voters in some of these states, particularly Texas and Florida.

    Another challenge for Democrats is that youth turnout is often lowest in red states. Though youth turnout also lagged in some blue states including New York and Rhode Island, in an analysis released earlier this month the Center for Information & Research on Civic Learning and Engagement (CIRCLE) at Tufts University found that red states comprised all nine states where the smallest share of eligible adults aged 18-29 cast a ballot; Tennessee ranked the lowest of the states for which CIRCLE has data. Red states also have erected many of the most overt obstacles to youth participation. Eight Republican-controlled states, including Tennessee, Texas and recently Idaho, have sent a clearly discouraging signal to young voters by declaring that student IDs cannot be used as identification under state voter ID laws. A Texas Republican state legislator this year has proposed banning polling places on college campuses.

    Abby Kiesa, CIRCLE’s deputy director, says that in both blue and red states, laws and social customs act in reinforcing ways to either promote or discourage youth voting. “The infrastructure and the state laws” in states that encourage youth voting like Michigan, Oregon and Colorado “create a stronger culture of engagement,” she said. “Because more people are voting, it is more of a norm, people are talking about it more, and it becomes a self-fulfilling prophecy.” In states with pronounced barriers to voting, she notes, an opposite cycle of disengagement can take hold.

    The unlikelihood of overcoming the GOP’s red state electoral defenses in the near term will probably encourage more younger progressives to emphasize public protests, like the raucous rally for gun control that began the Tennessee confrontation, predicts Nse Ufot, who formerly led the New Georgia Project launched by Stacey Abrams.

    “The young people in Tennessee … went to their legislators and said enough, and they had accountable, accessible leaders who heard what their demands were and took it to their colleagues and their colleagues didn’t like it,” says Ufot, who has now founded the New South Super PAC, designed to elect progressive candidates in the 11 states of the old confederacy.

    Ufot uses a striking analogy to express her expectation of how this struggle will unfold in the coming years across the red states. Her mother, she explained, ran a shelter for battered women, and even as a young girl, she came to recognize “that the most dangerous time for victims of abuse is when they are preparing to leave, when they have made up their minds that they are done and they are making their exits. That when we see their abusers escalate to crazy tactics.”

    Ufot sees the Tennessee expulsions, like the January 6, 2021, attack on the Capitol and Trump’s broader effort to overturn the 2020 result, as evidence that those “who are afraid of what a diverse, reflective, democracy looks like” will likewise turn to more extreme responses as the challenge to their position grows more acute. But she also sees the movement that erupted around Pearson and Jones as a preview of how younger generations may resist that offensive. “Instead of responding with resignation like people who have come before them, [the two expelled representatives] have chosen to do something about it,” she said. “And that’s what happens when you are forged in the fire of protest and are accountable to the people [you represent].”

    As the Republicans now running the red states race to the right, and younger generations lean harder on direct protest, more forging fires across this contested terrain appear inevitable.

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  • Boston’s 2nd Fierce Urgency of Now Festival Celebrates Young Professionals of Color in a Big Way

    Boston’s 2nd Fierce Urgency of Now Festival Celebrates Young Professionals of Color in a Big Way

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    Dr. Martin Luther King Jr. spoke in his “I Have a Dream” speech of the “tranquilizing drug of gradualism”. He implored Americans to uphold responsibilities to democracy, and to progress with a spirit of the “fierce urgency of now”. City Awake (a program by the Boston Chamber of Commerce) is commencing the 2nd annual Fierce Urgency of Now Festival on Sept. 4-8 with 40 events in the City of Boston to highlight the opportunities and challenges of young persons of color – and to spark equitable action from business, civic, and government leaders.

    Press Release



    updated: Aug 26, 2019

    ​​​​​City Awake is calling on the city of Boston to wake up…and to wake up ​now​.

    In his famous “I Have a Dream” speech, Dr. Martin Luther King addressed a crowd amassed along the National Mall to declare: “We have also come to this hallowed spot to remind America of the fierce urgency of now. There is no time […] to take the tranquilizing drug of gradualism.”

    This Sept. 4-8, individuals and organizations from across greater Boston will gather together to remember, renew, and recommit to the mission that the time of fierce urgency ​is ​now. For five days, both learners and leaders will build connections and community during the aptly titled Fierce Urgency of Now (F.U.N.) Festival. The second-ever annual event is first of its kind in the nation – a festival meant to highlight the experiences of, challenges, and possibilities for young professionals of color in Boston.

    The idea for F.U.N was born out of the results of the 2017 report City of Millennials, a collaboration between Boston Indicators, the Boston Foundation, and City Awake. Results from the report identified a divergent experience for millennials of color living and working in Greater Boston, and demonstrated a disproportionate amount of challenges in issues of affordability, overall economic security, and the continuous narrative of Boston as an unwelcoming city for young professionals of color.

    “To address the reputation and realities of Boston as a city that is unwelcoming to people of color, we need to bring people across sectors, backgrounds, and perspectives together for meaningful dialogue that leads to change,” said Justin Kang, executive director of City Awake and vice president of Economic Growth for the Greater Boston Chamber of Commerce (GBCC). “Young professionals of color are critical to this work, and through FUN we are giving a platform to lead in creating a Boston where all can thrive.”

    James E. Rooney, president & CEO of the GBCC, shares “For greater Boston to maintain and grow its economic standing, we must ensure that we are addressing the challenges holding us back as a city, particularly challenges that impact our ability to attract and retain a talented workforce. Our region’s population is younger and more diverse than at any time in our history, so it is imperative that we provide connecting opportunities and discuss issues that will make us a better, more welcoming, and more competitive city. FUN is a way to have those important conversations while also having a good time and building stronger connections between the business community and young people of color.”

    “At John Hancock, we aim to build a healthier, more equitable Boston, and we are committed to fostering an inclusive work environment that welcomes diverse talent,” said Sofia Teixeira, head of U.S. Diversity & Inclusion at John Hancock. “We are proud to partner with the Chamber on its economic opportunity initiatives and this F.U.N. festival will enable important conversations and connections that can help drive important change to move our city forward.”

    “Young people of color have a right to feel like they not only belong and are welcomed but that they are truly valued and supported where they live and work,” said Dani Monroe, Vice President and Chief Diversity, Equity & Inclusion Officer at Partners HealthCare. “As employers, we know how imperative it is that they have opportunities to build their professional skills and presence in the workplace but their ultimate success hinges on much more than we can accomplish within the walls of our organizations. It is vital that we work together as a community to build up this critical segment of Boston’s workforce and Fierce Urgency of Now does just that by providing spaces for people of color to have the opportunity to grow both professionally and socially, and build meaningful connections that will allow them to have a stronger presence in the workforce and in their own personal lives.”

    Festival programs will be hosted across the city by various partner organizations. The festivities will kick off on Sept. 4 at the historic Fenway Park with “After 5 @ Fenway,” a pregame party followed by a Red Sox versus Minnesota Twins matchup. On Friday, Sept. 6, City Awake and P&G Gillette will partner to present the festival keynote event – a fireside chat with Tristan Walker, founder & CEO of Walker and Company Brands, a company that strives to make health and beauty simple for people of color. P&G acquired Walker and Company in 2018, and Walker continues to operate as CEO. In a discussion moderated by Boston Globe culture writer, Jenee Osterheldt, Walker will speak about his journey as a young black entrepreneur, the opportunities and challenges that can come from large corporations and startups joining forces, and running a business as a millennial father of two.

    Other events include a professional development session hosted by the New England Aquarium and the Boston Public Health Commission focused on how climate change impacts communities of color; a panel discussion led by “Googlers of Color” at the Google office; an inclusive and nostalgic 90’s Night at the Boston Children’s Museum; a showcase for queer artists of color hosted by Citizen Schools; an Afrobeat fit session at Hibernian Hall; and the Bostown Music Festival hosted by Darryl’s Corner Bar & Kitchen, to name just a few. A complete listing of events can be found attached and online.

    The 2019 FUN event is made possible by Presenting Sponsors: Arnold Worldwide, John Hancock, Partners HealthCare and Contributing Sponsors: The Boston Red Sox, P&G Gillette, The Boston Foundation, TSNE Mission Works, and Tufts Health Plan.

    About City Awake

    City Awake is the leading platform for next-generation leaders in the Greater Boston area. A program of the Greater Boston Chamber of Commerce, City Awake empowers next-generation leaders through programming that builds community and fosters dialogue about the most pressing issues facing our region. Through this work, City Awake aims to deepen young professionals’ connections to the broader business and civic communities and recognize their important contributions to our economy. Learn More at CityAwake.org.

     About the Greater Boston Chamber

    The Greater Boston Chamber of Commerce is the convener, voice, and advocate of our region’s business community, committed to making Greater Boston the best place for businesses and people to thrive. It helps its members and Greater Boston succeed by convening and connecting the business community; researching, developing and advocating for public policies that contribute to our region’s economic success; and providing comprehensive leadership development programs designed to grow strong business and civic leaders. Learn more at BostonChamber.com.

    Media Contact:

    Katie Hauser, Vice President, Marketing and Communications
    (617) 227-4500
    khauser@bostonchamber.com

    Source: Greater Boston Chamber of Commerce

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  • Reliance Dental Introduces Scholarship to Promote Better Oral Health Habits for College Students

    Reliance Dental Introduces Scholarship to Promote Better Oral Health Habits for College Students

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    Press Release



    updated: Apr 12, 2017

    Reliance Dental, manufacturer of dental acrylics and other dental supplies for over a century, is proud to introduce the Bright Smile Scholarship program.  The program will award $2,500 to help with college, grad school or dental hygienist education costs to a student who practices and helps promote good oral health habits.

    Recent research shows only a little over 50% of Millennials make regular visits to the dentist, the lowest percentage of any age group.  They are busy with college and adjusting to a new lifestyle, plus they are often away from their parents and their dentists, and going to the dentist simply becomes a low priority.   The result is an upturn in Millennial patients who need major dental work because they have failed to see a dentist for several years.

    “We did substantial research during our annual marketing planning process for Reliance, and as far as we can tell, no one has ever used a scholarship as an incentive to encourage better oral care. This program can help both dentists and patients, so there’s really no downside.”

    Tom Baer, President, TBI Marketing

    A requirement of the Bright Smile Scholarship is that applicants must get sign off as practicing good oral health habits by a licensed dental office.  “We’re hoping driving students to a dental office to get sign off for their scholarship application will encourage at least some of them to do more, like getting an annual check-up,” said Tom Rissman, CEO of Reliance Dental.  “Any increase in oral care for this group is a plus.”

    In addition, applicants are required to submit a poster design or social media post promoting the benefits of good dental habits.  This will also help get Millennials thinking about their own dental care, and judging of these designs will be a key factor in who will ultimately be awarded the scholarship.

    The idea for the scholarship came from Reliance’s marketing agency TBI.  TBI president Tom Baer says, “We did substantial research during our annual marketing planning process for Reliance, and as far as we can tell, no one has ever used a scholarship as an incentive to encourage better oral care.  This program can help both dentists and patients, so there’s really no downside.”

    Applications for the scholarship can be made at scholarship.reliancedental.net, and are being accepted through July 15, 2017.  The scholarship will be awarded in early August.

    The program is open to any student, 17 years of age or older who has been accepted to a 2 or 4-year institution of higher learning, or a facility that provides education toward being certified as a registered Dental Hygienist in the 50 United States or District of Columbia.  Students must also have a 3.0 grade point average to qualify.

    More information, including complete rules can be found at www.scholarship.reliancedental.net.

    About Reliance Dental

    Reliance Dental Manufacturing, LLC, a privately held company located in Alsip, Illinois, has been producing dental acrylics and supplies for dentists worldwide for over 100 years, and is renowned for providing only the highest quality products, surprisingly affordable prices, and personal attention to every customer.  Reliance manufactures DuraLay Brand pattern resin and temporary crown and bridge products, as well as DuraSeal temporary filling acrylic and a full line of denture re-line and rebase materials (DuraBase, DuraBase Soft, DuraLiner II, Dura Rely-A-Soft and DuraConditioner).  The fact that Reliance products are used daily by thousands of dentists across the globe is testimony to their high standards for accuracy and reliability.  The company is fully ISO certified and rigorously complies with all requirements for continuous improvements.

    For more company information visit www.reliancedental.net or call 708/597-6694.

    Bright Smile Scholarship Media Contact:

    Tom Baer​
    ​TBI Marketing
    847-274-9003
    ​tom@tombaer.com

    Source: Reliance Dental Manufacturing, LLC

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