Unlock the Secret of Youth

Should CUs accept the matricula consular as a form of ID?

Unlock the Secret of Youth

Financial institutions have yet to unlock the secret to serving young people effectively, according to “Attracting and Retaining Young Adult Members,” a report from the Filene Research Institute, Madison, Wis.

Millions of youth and young adults are eligible for membership, but relatively few currently are credit union members. Consider these research findings:

Teenagers spent $172 billion in 2001. Today’s youth market is larger than even the baby boom generation.
Age alone isn’t a sufficient indicator of young consumers’ financial needs. Marital status and the presence of children in the household are other key components in segmenting this market.
Today’s young adults have access to a tremendous volume of information about products and services, and they use that information to become better shoppers.
Young people are active consumers of financial products, both savings and loans.
An investment today in serving young members will pay significant dividends when marketing core products in the future.

“Credit unions have excellent opportunities to attract youth and begin building relationships with them,” the report states. “By focusing on key life events, financial products or packages of services can be used to create a bond with younger members, get their attention, and keep them as members.”

Key strategies to making the credit union a lifelong part of young members’ financial plans include student credit unions, used-auto lending marketing, transaction accounts, education services, first-time mortgages, and continuing relationship management.

Other recommendations:

Make a commitment to invest resources, staff, and dollars to attract and serve the under-30 market. Include youth programs in the credit union’s strategic plans and annual business plan, with interim goals, objectives, and benchmarks to measure success.
Develop tracking systems to monitor progress toward attracting and retaining younger members.
View products and services designed to attract young members (i.e., savings accounts for preteens, auto and student loan programs, and first-time home buyer programs) as a means for establishing lifelong relationships with members.
Enhance full-family marketing programs and initiatives.
Increase member education and outreach programs to connect with youth and young adults.
Enhance Web sites and technology as delivery channels when serving the next generation of members.

Check Out These Youth Education Resources

Sound off about your youth education programs.


Should CUs accept the matricula consular as a form of ID? Yes No	Unlock the Secret of Youth Financial institutions have yet to unlock the secret to serving young people effectively, according to “Attracting and Retaining Young Adult Members,” a report from the Filene Research Institute, Madison, Wis. Millions of youth and young adults are eligible for membership, but relatively few currently are credit union members. Consider these research findings: Teenagers spent $172 billion in 2001. Today’s youth market is larger than even the baby boom generation. Age alone isn’t a sufficient indicator of young consumers’ financial needs. Marital status and the presence of children in the household are other key components in segmenting this market. Today’s young adults have access to a tremendous volume of information about products and services, and they use that information to become better shoppers. Young people are active consumers of financial products, both savings and loans. An investment today in serving young members will pay significant dividends when marketing core products in the future. “Credit unions have excellent opportunities to attract youth and begin building relationships with them,” the report states. “By focusing on key life events, financial products or packages of services can be used to create a bond with younger members, get their attention, and keep them as members.” Key strategies to making the credit union a lifelong part of young members’ financial plans include student credit unions, used-auto lending marketing, transaction accounts, education services, first-time mortgages, and continuing relationship management. Other recommendations: Make a commitment to invest resources, staff, and dollars to attract and serve the under-30 market. Include youth programs in the credit union’s strategic plans and annual business plan, with interim goals, objectives, and benchmarks to measure success. Develop tracking systems to monitor progress toward attracting and retaining younger members. View products and services designed to attract young members (i.e., savings accounts for preteens, auto and student loan programs, and first-time home buyer programs) as a means for establishing lifelong relationships with members. Enhance full-family marketing programs and initiatives. Increase member education and outreach programs to connect with youth and young adults. Enhance Web sites and technology as delivery channels when serving the next generation of members. Check Out These Youth Education Resources Googleplex National Youth Involvement Board Fat Cat program Seven Youth Marketing Considerations Sound off about your youth education programs.
	Copyright © 2008 - Credit Union National Association, Inc.