Banks seek to attract and motivate young people who have yet to show their creativity and innovation in business. Namely, young clients represent a fertile ground for selling financial products, but also for creating a long-standing partnership.
In the catalog offer of several Croatian commercial banks we find “packages for young people”, which are most often available to clients from 18 to 30 years of age.
Whether it is a first-time student job or a full-time job, in order for an employee to receive his or her first salary, he or she must first open a bank account. Thus, youth packages certainly include the transaction accounts necessary for daily payment operations; current accounts, giro accounts and foreign currency accounts.
Recently, bank transaction accounts for online and mobile banking have been adapted to the dynamic lives of young people.
Paying a cell phone bill, checking account balance via Internet banking, where cellphone replacement is a token, receiving a bank account statement at an e-mail address, arranging an overdraft online, etc. are just some of the bank’s adjustments to the life of a young user.
Banking products offer regular debit and credit cards. In order to meet the needs of young people, banks have adapted co-branding cards to the life of a young customer.
Co-branding card is usually a credit card issued by a bank in cooperation with a partner company (shopping center, bookstore, restaurant, computer equipment store, clothing, furniture, etc.).
By using a co-branding card, the user receives additional benefits (gifts, discounts, rewards points, etc.) in everyday transactions.
Given that income earned on first employment often entails below-average pay, the ability to use deferrals or pay installments makes payment cards a sought-after commodity for young people.
On the other hand, thanks to the cards, young people can buy online and abroad, and if they decide to visit a foreign country, paying with a card is cheaper than paying with cash.
The possibility of contracting additional education loans, housing loans or non-purpose loans under more favorable conditions and without a guarantor or co-debtor significantly influences the choice of a commercial bank.
Creating a saving habit is extremely important for young people. Therefore, banks offer different types of savings adapted to young people.
Banks provide young users with options to contract funds or buy shares for free, and offer a large number of insurance products (life insurance, credit insurance, accident insurance, liability insurance, health, travel, car insurance, etc.). which are necessary for every client.
Youth unemployment in Croatia has been rising steadily for seven years, and in the last quarter of last year the unemployment rate for young people was 41.4%.
According to the educational structure, persons with a secondary education level make up a larger number of the unemployed, namely 62.1%. Persons with a lower level of education have a share in the unemployment rate of 26.0%, and higher and higher educated persons have a share of 11.9% in the total number of unemployed.
The highest number of registered unemployed persons in Croatia is in the Split-Dalmatia County (14.2%), followed by the City of Zagreb (13.0%) and Osijek-Baranja County (11.3%).
The lowest share of the total number of unemployed citizens is in the County of Lika-Senj (1.2%).
A number of Croatian commercial banks offer typical banking products and services, such as transaction accounts, payment cards, loans, savings and more.
These banking products are for the youngest generations, students, employees and retirees. However, we have recently encountered banks that have fully adapted products and services to newly employed young citizens.
Thus, the selection of products and services from the financial world for young employees has never been greater.
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