Whether you were born in the 40s, 60s, 80s or 90s, banking and all banking related activities are surely a part of your life now. The millennial word for their traditional counterparts today, is Baby Boomers. Now whether your approach to finances is old school or new world, Fixed Deposits are sure to be and surely should be a part of your financial planning. A Fixed Deposit account allows you to sit back, relax and let your money work for itself. In a world of instant gratification, Fixed Deposits give you a long term commitments. It is a safe method of savings as it remains unaffected by market fluctuations and reaps the fruits of your deposits later in life.
Baby Boomers Vs Millenials
Born between 1946 and 1964, baby boomers surely did not conform to rules back in the day, but their approach to finances has surely been more traditional. A detailed scrutiny into the matter explains a difference in the hierarchy of needs of people from this generation and the generation born between 1981 and the year 2000. The older generation had more stable financial needs ranging from marriage, education, annual holidays and rainy days. The new generation on the other hand seems to have made a shift in the economics, for instance renting vs. buying, traveling vs. settling down, etcetera.
Banking Over The Generations
With drastic changes in the world as we know it, our banking needs and financial requirements have remained quite the same over the years. Fixed Deposits have remained a favourite to both baby boomers and millenials. This is for the simple reason that a Fixed Deposit account is a financial instrument that gives you guaranteed returns at high interest rates. Whether your financial responsibility is to plan your children’s weddings or to travel around the world, a Fixed Deposit account is your safest bet to making your dreams come true. The must haves for the new generation have seen a drastic change but that does not change the basic need for having a solid financial base. Both generations seem to understand the importance of a solid financial base before making major life decisions. Banks offer not flexible and easy options for opening Fixed Deposit accounts to simplify the financial needs of its customers.
A new wave Of Banking
Traditional banking systems have undergone a complete makeover especially with the advent of mobile banking. Today you could be sitting in any part of the world and carrying out important financial transactions with the click of a finger. Most banks and non-banking institutions understand the need of the hour and have captured our minds and hearts with easy banking options both online and in respective branches. Tailor made digital banking experiences make it easy for both baby boomers and millenials to save money as a retirement option. With high interest rates, Fixed Deposits have remained the golden child of banking and should be utilized by anyone and everyone who is looking for a safe financial instrument to park their funds.