Millennials and Money Report - Revere Bank...Millennials and Money Report inforeverebank.com...

Millennials and Money ReportBy Andrew F. Flott

Co-President and CEO of Revere Bank

Millennials and Money Report

www.reverebank.com [email protected] 866-920-8185 2

IntroductionOverwhelming student debt. Lack of savings. The housing market crash. Saving for college. No formal financial education. Revere Bank heard these concerns over and over again during a 2016 study of millennials and their financial habits.

About Revere BankRevere Bank is a community bank with more than $1.9 billion in assets. Established in 2007, Revere Bank specializes in serving business clients throughout the I-270 and Baltimore-Washington corridors. Led by a team of experienced bankers with extensive local market knowledge, Revere Bank provides creative financing and unparalleled service to meet each client’s unique needs. And even with our recent expansion, we’re still your community bank making local decisions to improve the communities we serve and now have more resources to make our customers even more successful. Headquartered in Maryland, Revere Bank has locations in Anne Arundel, Baltimore, Frederick, Howard, Montgomery and Prince George’s counties. We do everything we can to say yes to you – because we’re committed to your success. For more information, visit www.reverebank.com. Connect with us on Facebook, LinkedIn and Twitter.

Millennials and Money ReportRevere Bank

2017

Table of Contents

Introduction About Revere Bank Methods Respondents Early Years Student Years Living Arrangements Spending Habits Saving Habits Budgeting Philanthropic Giving Financial Concerns Entrepreneurship Future Financial Preparation Investing Banking Habits Technology Summary

22345

5-67

8-101011

11-1212

13-141415

15-171819



MethodsSurveyRevere Bank conducted a survey that sampled 118 millennials (people ages 18 to 39, as of surveying). The survey was distributed from August through November 2016 through email and via Revere Bank’s company social media pages. The survey was conducted using the online survey tool, SurveyMonkey and included 37 total questions: 34 multiple choice and three open-ended.

The questions were grouped by topic:

Focus GroupsA group of approximately 22 of the surveyed millennials also participated in focus groups in August and September 2016, during which they discussed the survey questions in more detail. In total, four focus groups with five to seven attendees each were conducted. The sessions each lasted one to two hours and consisted of open discussion prompted from a list of questions based on the original online survey.

The Revere Bank study was designed to have a variety of perspectives and open responses, which is why it included an online survey with open- and closed-ended questions and focus groups at which participants could openly discuss their financial habits.

The goal of this investigation was to gain further insight into Revere Bank’s growing millennial customer base so that the bank can adequately prepare for and evolve with its customers while maintaining the highest quality of customer service and the best banking experience for customers of all ages and financial habits.

Basic Information (five questions)

Housing (two questions)

Payment (five questions)

Bank Contact (four questions)

Banking Habits (seven questions)

Financial Habits (11 questions)

Technology (one question)



Respondent Income by Gender$0 - $24,999

$25,000 - $49,999

$50,000 - $74,999

$75,000 - $99,999

$100,000 - $124,999

$125,000 - $149,999

$150,000 - $174,999

$175,000 - $199,999

$200,000+

Respondents The respondents’ ages ranged from 18 to 39. Respondents ages 20 and younger made up 3 percent of respondents; 60 percent were in the age 21-30 range and 37 were between the ages of 31 and 39. The participants were 46 percent female, 52 percent male and 2 percent other. Married and participants in a domestic partnership represented 39 percent of the survey pool while 59 percent remain single and 2 percent responded other. Only 15 percent of respondents were enrolled in a two- or four-year program for undergraduate or graduate school.

Participants’ incomes ranged from less than $24,999 annually to more than $200,000, with half of respondents’ incomes falling within the $25,000 - $75,000 range (annually). When comparing males’ and females’ incomes, there was a significant disparity – almost half (48 percent) of male respondents’ incomes were between $50,000-$99,999, while the majority (65 percent) of females’ incomes were between $25,000-$74,999.

A significant number of participants were homeowners (46 percent), but a large portion (34 percent) were renters. A smaller minority (11 percent) of respondents lived with their parents or other family.

Respondent Gender

52% 46%

*2% responded other

Married Widowed Divorced Domestic partnership

Single, living with significant other

Single, never married

1%1%

2%37%

38%

21%

Respondent Relationship Status Respondent Age

18-20 21-24 25-27 28-30 31-34 35-39

3%12%

31%

6%

24%

24%

5%15%40%



Key FindingsEarly YearsMillennials’ childhood and teen years, when compared with older generations (in terms of financial habits and preferences), showcase many documented differences. According to Millennials Rising: The Next Great Generation by Neil Howe and William Strauss, allowances have shrunk to the smallest share of teen spending since World War II. The average size of a 13- to 17-year-old’s allowance today is eight dollars per week, which has not changed since the early 1980s. And, even though allowances are not increasing, neither is paid employment for teens. Howe and Strauss report that income from jobs outside of the home is decreasing for the first time since the silent generation (people born between 1925-1945) came of age. Millennials are working less and not receiving more from their parents in the form of an allowance than previous generations. But, they’re definitely spending money. So where is the cash coming from? Some speculate that more teens may be receiving money from their parents on an as needed (or as wanted) basis instead of receiving a weekly allowance-like payment.

Student YearsMillennials are attending college at record numbers, but are faced with unprecedented amounts of student debt. Only 18 of the 118 millennials surveyed are current students—either enrolled full or part-time or in a two- or four-year program or in graduate school. According to the 2015 U.S. Census report, almost nine out of ten adults held at least a high school diploma or GED and nearly one in three adults held a bachelor’s or higher degree.



Student debt is quickly becoming the biggest financial concern for millennials. According to MarketWatch, 70 percent of bachelor’s degree recipients graduate with student debt, and student loan debt in the United States amounts to $1.2 trillion. Of those surveyed by Revere Bank, 41 percent reported current student debt. Throughout the focus groups, the subject of student loans was repeatedly named as a major financial concern by participants. All focus group participants claimed to know at least one close friend or relative dealing with the pressure of student debt and/or are dealing with student debt themselves.

When asked during the focus groups about their financial education before adulthood, the vast majority of participants had very little (or often, no) required (or even offered) financial education courses in high school or at the university level. This lack of education left them with very little knowledge of their basic financial options and the processes required by society to live as an independent adult—and they wish their schools would have offered or required something to prepare them better.

“I went to two different colleges and neither of them required any kind of finance class for graduation,” – Focus Group Participant.

85%

Student Status

4% 4% 4%

1% 1% 1%

Full time grad school

Part time grad school

Full time undergrad (4 yr)

Part time undergrad (4 yr)

Full time undergrad (2 yr)

Part time undergrad (2 yr)

Not currently a student

“Student debt is the main stresser of our generation. If you don’t go to college, you don’t get a good job. If you do go to college, you end up in debt,” – Survey Respondent.



Living Arrangements Many studies have found that millennials are bypassing traditional paths of living arrangements (historically: with parents then with roommates, a partner and finally with his/her own family). According to the LA Times article, More Young Adults Live with Parents than Partners, a First, from May 2016, more 18- to 34-year-olds (all millennials) are living with their parents or families than living with a partner for the first time in recorded history. These trends have resulted in the millennial generation being pegged the “Peter Pan Generation,” due to the perception that many are delaying (or have delayed) traditional rights of passage into adulthood (home ownership, marriage, children, etc.) longer than previous generations. Many attribute these delays to millennials’ lack of money or large amounts of student debt. Debt often delays marriage, which is when many people purchase their first homes.

In contrast to those reports, however, the Revere Bank study found that almost half (between 43 and 46 percent) of respondents were already homeowners. Though the Revere Bank study included an older sector of millennials, only 4 percent of respondents said they never plan to purchase a home, regardless of financial well-being. Additionally, all but one of the respondents who are planning on purchasing a home intend to do so within the next ten years. After those who already own their own homes, the second highest percentage of respondents were renters (34 percent). Only a small minority (11 percent) still live with their parents or other family members.

While the LA Times study surveyed 18- to 34-year-olds, it is important to note that the Revere Bank study surveyed 18- to 39-year-olds. When comparing responses by younger millennials (ages 30 and younger) and older millennials (ages 31 to 39), the responses about home ownership differed wildly. The older group of millennial respondents had more than double (72 percent) the homeownership rates of the younger millennials (32 percent). This shows that, while millennials may be delaying home purchases, they are not foregoing purchases altogether.

“Millennials are delaying when they buy their first homes. Starter homes used to be purchased in a person’s mid-twenties, but now it’s mid-thirties. This trend is having an impact on mortgages and borrowing in the banking industry,” – Revere Bank Banker.

Timeline to Purchasing a Home

Never Already own

1 yr. 1-3 yrs. 3-5 yrs. 6-10 yrs. 10+ yrs.

4%

43%

10%

15%17%

10%

1%

Living SituationRent, live alone

Rent w

/ roomm

ates

Live w/ fam

ily

Ow

n, live alone

Ow

n, rent to room

mates

Ow

n, live w/

significant other

Live on cam

pus

Other

14%

20%

11%

4% 4%

37%

1%

9%

* Responses to this question indicated that 43% of respondents own their own home. However, responses to the previous question (Living Situation) indicated 45% own.



Spending HabitsIf millennials are any indication of the future, paper money (including both cash and checks) is on its way out. Respondents were asked to indicate all means of regular payment and survey results indicated that 68 percent of millennials use credit cards to pay for things most often, with debit cards coming in as a close runner-up (47 percent). Only 21 percent claimed to use cash or checks, 16 and 5 percent respectively, more than other payment methods. The Revere Bank study also found that millennials are not using a large number of credit and/or debit cards: the majority of respondents have only one to two credit (67 percent) and/or debit (91 percent) cards that they use on a regular basis. Another 23 percent of respondents use three to four credit cards regularly. Only 3 percent use five or more credit cards.

0 1-2 3-4 5+

Number of Cards

7%

67%

23%

3% 7%

91%

2%

Credit Cards Debit Cards

Method of Payment

Cash Credit Card Debit Card Check

16%

68%

47%

5%

* Respondents could select multiple answers.



Check Usage

Survey results indicated that while checks are absolutely diminishing in popularity, they are still a necessary part of life for the majority of respondents. Only 12 percent of those surveyed do not use checks at all while, conversely, 9 percent use them often. The majority (88 percent) use checks, but infrequently (32 percent claimed to use checks only if there are no other payment options and 27 percent say they rarely use checks for any reason).

Unlike their parents’ generations, millennials almost never have the excuse of “the check’s in the mail,” as they pay bills almost exclusively online – 97 percent of respondents use online methods to pay all or some of their bills. Additionally, 15 percent use mobile apps to pay bills. Traditional methods, though, are not obsolete yet—30 percent of those surveyed pay at least a portion of monthly bills by mail and 12 percent pay over the phone with some regularity.

Pay Bills

Online Mail Phone Apps


97%

30%

12%15%

Only if no choice

Rarely Sometimes None Often Only if fee with card

27%

32%7%

9%

12%

13%



When out with friends, however, checks are almost never seen. A majority of respondents (40 percent) use cash to pay their friends or split the bill for happy hour. The mobile payment app, Venmo, was second in popularity for paying back friends (31 percent) and PayPal was the third most frequently used (17 percent) method of repayment. Four percent of respondents use mobile apps other than Venmo or PayPal (Cash.Me and PopMoney) for payment to friends or family.

Saving HabitsDespite what you may hear about “kids these days,” a Washington Post article entitled, The One Financial Habit that Millennials Should Keep, said that millennials are out-saving older generations. The Revere Bank study mirrored the Post’s findings. As a response to the question, “What would you do if someone handed you a large sum of money?” almost all participants said they would save all or a majority of the money (or use it to pay off bills). The participants were first asked what they would do with an unexpected $5,000 amount which triggered the save response for the majority of respondents. Even when it was followed up with a question about $15,000, almost all of the respondents’ answers stayed the same. Some claimed they would plan a small night out or a nice dinner, but nearly all said they’d put the money into a savings or investment account or use it to pay bills.

“I’d save it all or use it to pay off my debts – bills and student loans,” said one focus group participant.

During the focus group sessions, the participants were also questioned about impending big purchases —cars, houses, vacations, etc.— and how they were saving for those eventualities. Almost all participants had a big investment on the horizon, which the Washington Post also found to be the biggest savings motivator for millennials. A majority of respondents to the Revere Bank survey claimed they were saving or budgeting to prepare for big spends, but admitted they were struggling to stick to their budgets.

“I keep a spreadsheet at home that keeps track of things I want to do or buy. I see how much I make, how much I spend, that kind of thing,” – Focus Group Participant.

“I’ll usually budget loosely and track the cash flow. But I have a lot of months where I spend more than I make. If you have three months of that, you look at it and feel terrible and really restrict yourself. Then it’s no fun for a month,” – Focus Group Participant.

Pay Friends

31%

3%1%

17%

40%

5%3%

Venmo Cash.Me Pop-Money

PayPal Cash Check Other



BudgetingThe Revere Bank study found that millennials are budget conscious, which matched findings from the Forbes article, Millennials – the Budget-Conscious Generation, from June 2015. Only 12 percent of Revere Bank respondents (who could choose multiple answers to this question) do not track spending in any way. More than half of respondents (61 percent) use their bank’s online features to track spending, and another quarter (26 percent) use other online methods like Mint or YNAB. Almost 27 percent of respondents, however, claim to use an offline method to track. When budgeting for future expenses (as opposed to day-to-day spending), the survey found that 49 percent of respondents use an offline method (like a spreadsheet) to plan ahead. Twenty-one percent use online applications like Mint or YNAB to budget and 36 percent do not have a determined method of budgeting.

Philanthropic GivingAlthough millennials are – presumably – earning less income than their colleagues who have been in the workforce longer, the Revere Bank survey found that they are still generous with their philanthropic giving. According to the Entrepreneur article, Are Millennials the Most Generous Generation?, millennials’ (approximately 25 percent of the nation’s population) donations make up 11 percent of total traditional giving; however, they make up 33 percent of donations on cause-based crowdfunding sites, like GoFundMe or Kickstarter. Millennials are also three times more likely than baby boomers to donate to crowdfunding sites and 70 percent more likely than Gen Xers.

Budgeting for Future Expenses

36%

20%

1%

49%

4%

No written budget

Mint YNAB Offline method

Other




Financial Concerns Like the members of every generation before them, millennials feel the financial burden of and have many concerns about their financial futures. Although millennials are going to college in record numbers, they are making significantly less than past generations and dealing with record amounts of student debt, according to the U.S. News article, How Millennials Are Changing the Way We Save, from April 2016.

Millennials’ biggest financial concerns: - Loans — especially student debt- Retirement savings - Job and housing market- Losing job- Paying for college for children

“If you lose your job and you have loans, it’s a huge setback.”

“The economy and the housing market.”

“Not saving enough for emergencies.”

An impressive 79 percent of the Revere Bank survey respondents give money to nonprofits or religious organizations. More than one third (34 percent) of respondents give up to $100 a year and another 36 percent of those surveyed give up to $1,000 annually. A small, but significant, percentage of respondents donated a more substantial amount – 6 percent say they donate $1,000 to $5,000 every year and another 4 percent donate even more ($5,000 to $10,000) on an annual basis. Only 1 percent of respondents say they donate more than $10,000 annually.

Annual Philanthropic Giving

19%

21%

13%

17%

11%

8%

4%2%

4%

1%

None $10-50 $51-100 $101-250 $501-1,000

$1,001-2,500

$2,501-5,000

$5,001-10,000

$10,000+$251-500



Entrepreneurship With the Silicon Valley startup craze in full swing, millennials – who came of age at the same time as Facebook – are surrounded by entrepreneurial success stories. However, at current pacing, John Lettieri, co-founder of the Economic Innovation Group, says that millennials are on track to be the least entrepreneurial generation in history. The results of the Revere Bank survey mirrored his statement, as 23 percent of respondents have no plans of starting a business at any time in their lives. About half (47 percent) said they’d consider it but have no immediate plans to start a business, and less than a quarter (21 percent) have definite plans to open a business at some point in the future. Only 10 percent of those surveyed are currently business owners.

“One of the biggest challenges of entrepreneur-ship is having the mindset to take that risk to start a business. There is never a good time to do something – you just need to do it,” – Millennial Business Owner.

“Being a millennial entrepreneur is tough. We grew up with so many challenges where the older entrepreneur crowd made things difficult—tech bubble burst, 9/11, recession, etc. Now we have a debt bubble where people are coming out of college with a crazy amount of debt. That doesn’t allow an entrepreneur to start with zero – they are actually starting in a negative position,” – Millennial Business Owner.

“Millennials don’t see the upside in starting a business. Like how they generally don’t buy homes, they’d rather rent for flexibility. Millennials seem to generally have a lack of commitment,” – Millennial Business Owner.

Revere Bank interviewed several millennial business owners about the challenges of being a millennial entrepreneur. These entrepreneurs said money was the main detractor to why people in their generation would hesitate to take the entrepreneurial path. Many of them also mentioned millennials’ lack of commitment, need for flexibility and lack of self-confidence as a cause for low entrepreneurship.



Millennials were raised in the age of “helicopter parents,” and with millennials living at home longer, the parent-child relationship is closer than it was for previous generations. Many millennial entrepreneurs we talked to mentioned the need to satisfy their parents with their career choices. The risks of starting a business versus taking a more traditional, safer corporate career path was something that many believed their parents would not agree with.

“My dad didn’t have the luxury of a safety net, so his motto was ‘get a safe job and climb the corporate ladder’ – that was success to him. My biggest fear when starting my business actually was that my dad was going to be upset, unsupportive or otherwise deflate me,” – Millennial Business Owner.

Future Financial Preparation When planning for their financial futures, several studies have found that millennials are starting to save more than older generations, as cited by the Washington Post. The Revere Bank study also found that nearly all (90 percent) of millennials are saving in at least one way. The majority of respondents (72 percent) participate in their employers’ 401(k) plans and an additional 30 percent contribute to a private 401(k), IRA or other retirement plan (respondents were allowed to choose multiple options in response to this question). Even those who aren’t saving know they should be – 14 percent of those who do not save now plan to do so. Only 10 percent of respondents claimed to save no money at all.

“[Retirement] is just one of those things that’s very far away for me. I know it’s there and I’m trying to save for it, but I don’t know when I’ll get to retire,” – Focus Group Participant.

Retirement Savings72%

30%

14%12%

10%11%

Employers’ plan Private plan Plan to save in the future

Significant other saves

Do not save Other




InvestingAs the millennial generation matures, they will soon have the greatest investing power of any generation. However, the Revere Bank survey found millennials are more conservative about investing than might be expected. While a very large majority of respondents invest in traditionally “safe” ways (like employer-sponsored retirement plans), 40 percent do not invest at all on top of that. Another 36 percent invest in typically lower-risk ways (like mutual funds or other managed funds). Additional research has found that, despite knowing that retirement is decades away, millennials are investing in high-risk, high-return opportunities at a much smaller rate than previous generations. Only 33 percent of millennials own stock in at least one company, compared to the national average of 43 percent and the Gen X average of 51 percent, according to the Forbes article, How Millennials Will Change the Face of Finance and Investing, from September 2016.

Banking HabitsAs society changes and technologies evolve, the relationships people have with their banks is quickly changing, too. The Revere Bank survey found that traditional banking tasks, especially the day-to-day maintenance of banking relationships, are completely different than they were even a decade ago.

The study showed that, perhaps as expected, millennials have minimal face-to-face interaction with their banking representative(s), preferring to do banking on their smartphones (74 percent) or laptops (57 percent). Two thirds (67 percent) of respondents use mobile check deposit through their bank’s app.

Investments40%

36%

21%20%

18%12%

4% 4%

Do not invest Managed fund Money market or CD

Self-managed stocks

Real estate Stocks managed by broker

Bonds Other

Method of Banking

25%

57%

10%

74%

5%

16%

Desktop computer Laptop Tablet Smartphone Phone Bank branch





Millennials’ relationships with their banker(s) and the face-to-face interaction they tend to want or need with their banks are minimal. A huge majority (70 percent) of respondents have no personal relationship with a banker. A full 78 percent said they rarely or never go into their bank branch in person. Only 15 percent of respondents said they visit a branch monthly. Only 7 percent visit weekly and 30 percent never even call their bank branch, preferring to do the majority of their banking online. During the focus groups, respondents discussed how they rarely interact with their banker or go into their bank branch, unless it is absolutely necessary.

“Banks are working harder than ever to make banking easier for millennials. Millennials want ease – they want fast, efficient transactions and they believe they have no need to interact with a real person,” – Revere Bank Banker.

“I rarely interact with my bank.” “I can’t even remember the last time I went to the branch.”

Banks today have to tailor their products, services and communication strategies to fit the lifestyles of younger generations, especially millennials. Seventy percent of respondents said they are most often contacted by their current bank through email, but 15 percent said they still get “snail mail” most frequently.

Millennials are definitely open to personalized communication from their banks, though – especially if something important is happening with their account and it doesn’t require visiting a branch. The highest response – by just one point (43 percent) – was respondents would feel great about their bank texting them updates. Another 42 percent were indifferent and only 16 percent would not be on board. And if something is really wrong – say, an account hack or fraudulent charge — millennials want a call or text update immediately.

“If there’s an issue, I’d want them to call, text and email me all at the same time,” —Focus Group Participant.

Do you ever go into your bank branch?

Never Rarely WeeklyMonthly Daily

25%

53%

15%

7%

0%

“I don’t like going into the branches.”



When choosing a bank, millennials are less likely to be swayed with flashy ads and free gifts than the generations that came before them. When questioned about good banking incentives, only 34 percent of respondents said reward cards helped them choose their bank, and even fewer (17 percent) said a free gift would be a good incentive to choose a bank. Instead, millennials are more inclined to choose a bank with low fees (70 percent), free checking (68 percent), free ATMs (78 percent) and/or high interest rates (66 percent) on savings accounts (respondents were allowed to choose multiple options in response to this question). The other big draw (or hindrance) a bank can offer (or suffer) is technology, with 59 percent saying a bank’s mobile app would be a good incentive to choose it.

When choosing a bank for a big life event (the purchase of a car, home, etc.), millennials were split between using a bank they’re familiar with and finding one with the best interest rates. Many respondents would ask their network of family and friends for a recommendation.

“Mobile banking is what’s most important to me, but in a broader sense, convenience. Online access to your account. Friendliness and how easy it is to work with bank employees. And, of course, user experience of the systems,” – Focus Group Participant

“Millennial customers’ requests are usually that the bank have the most up-to-date technology, reliability and speed,” – Revere Bank Banker.

“I would use a bank that I trust (like a small bank my family has used for generations), but I would also be open to one that offers lower rates and great customer service,” – Survey Respondent.

Incentives for Choosing a Bank

68%

Free checking

66%

High-interest savings

70%

Low fees

34%

Reward cards

78%

Free ATMs

17%

Free gift

59%

Mobile apps




TechnologyWith all of the app choices consumers have today, it can be difficult to determine which platform gets the most traction, especially with the millennial generation. Traditional social media apps like Facebook, Instagram and Snapchat were the top three apps used by respondents, which multiple other surveys have also found to be the case, including Techsling’s article, 5 Most Popular Apps for Millennials, from May 2016. Banking apps were number five – about 35 percent of respondents included them in the list of the top four apps they use.

“Banks must become even more technology focused, especially with mobile banking. Mobile banking is the critical entry point to securing the banking relationship. Technology can take you across the nation and around the world, so customers can stick with their bank wherever they are – but only if the bank is providing the right technology,” – Revere Bank Banker.

Top Apps64%

50%

43%39%

35%30%

27%24%

20%17%

9%5%

1%

FacebookInstagram

SnapchatMusic app

Bank appWeather app

TwitterNews app

Sports appLinkedIn

VenmoPayPal

PopMoney




SummaryWhether millennials will be super savers, entrepreneurs or big investors is yet to be cast in stone. From the initial findings of the Revere Bank survey and others that mirrored the results, millennials appear – at least for now – to be saving more at a younger age and requiring more flexibility from their banking products and services than previous generations. They are more conservative with their money—investing less and budgeting more—less likely to start their own businesses, and are most concerned with student debt, the housing and job markets and saving for retirement.

As the millennial generation continues to make up more of the workforce and provide more economic input, institutions will be required to tailor products and services to fit this generation. At Revere Bank, the focus will be on making banking easier and more attractive to the millennial generation. Technology will be the most important piece of this initiative, with the mobile banking app as the biggest requirement for millennial customers. Revere’s mobile app and website will be the bank’s lifeline to satisfying millennials—these resources need to be easy-to-use and intuitive as millennials expect them to have everything they need at their fingertips.

About the AuthorAndrew F. FlottCo-President and CEO of Revere Bank

Andrew F. Flott is a founder, co-president and CEO, and on the board of directors of Revere Bank. He has more than 30 years of experience in the banking industry, previously holding multiple executive roles at various regional banks. He is an active community member, serving on the boards of multiple organizations, including the Y of Central Maryland and the National Capital Area Council of the Boy Scouts of America. Flott is a graduate of Mount St. Mary’s University and has a controllership degree from the School for Bank Administration at the University of Wisconsin.

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