Marketing

Age and Awareness

The disturbing truth: 69% of nonmembers age 18 to 24 know very little about CUs.

May 15, 2011
KEYWORDS nonmembers , research
/ PRINT / ShareShare / Text Size +

That crunching sound you hear is our researchers processing data from CUNA’s latest surveys of members and nonmembers. Every other year, CUNA undertakes two major research projects—the National Member Survey and the Survey of Potential Members.

CUNA asks thousands of members about their use of financial products and services, their level of loyalty, loan and savings balances, ethnicity, age, delivery channel preferences, and a wealth of other questions.

CUNA also asks thousands of nonmembers about their familiarity with credit unions, why they don’t belong to credit unions, what might convince them to join, and many of the same questions we ask members.

Last month I presented preliminary findings from these surveys to the Massachusetts and New Hampshire Credit Union Leagues’ spring volunteer development conference. Some findings were greeted with smiles and nods of affirmation. Others were met with wide-eyed alarm.

Findings from the latter category:

  • About 37% of nonmembers have no idea what credit unions area—a significant jump from the 24% of nonmembers who were “not at all familiar" with credit unions in 2006;
  • Young nonmembers know the least about credit unions. A disturbing 69% of nonmembers age 18 to 24 know little about credit unions. No other age group of nonmembers came close to matching this group for lack of familiarity;
  • About 60% of members have no outstanding credit union loans;
  • The average age of credit union members is 47. The average age of Hispanic Americans is 27; and
  • Between 2000 and 2010, the nation’s non-Hispanic white population grew 1.2% while the Hispanic population grew 43%.

Needless to say, credit unions have some age and awareness problems. Be sure to use these two major research reports (available in June) and your own research to address these and other urgent challenges.

Coming soon to Credit Union Magazine:

  • CUNA’s E-Scan. This report outlines challenges facing CUs from a variety of perspectives.
  • Life After the CARD Act How will this legislation affect CUs’ plastic offerings?
  • Credit Card Profitability. These tools and best practices ensure CUs have profitable credit card portfolios.
  • CU Payment Strategies. A plethora of new payment technologies—apps, RFID, tap technologies—gives CUs and consumers options to plastic.
  • National Member Survey. What do members use their CUs for? How often do they use them? Where else are they going?
  • Loan Delinquencies. CUs’ financial picture is improving, but loan delinquencies.

Post a comment to this story

heroes

What's Popular

Popular Stories

Recent Discussion

Great article! Unfortunately, most employees don’t feel valued or appreciated by their supervisors or employers. In fact, research has shown that the predominant reason team members quit their jobs is because they don’t feel valued. This is in spite of the fact that employee recognition programs have proliferated in the workplace – over 90% of all organizations in the U.S. has some form of employee recognition activities in place. But most employee recognition programs are viewed with skepticism and cynicism – because they aren’t viewed as being genuine in their communication of appreciation. Getting the “employee of the month” award, receiving a certificate of recognition, or a “Way to go, team!” email just don’t get the job done. How do you communicate authentic appreciation? We have found people have different ways that they want to be shown appreciation, and if you don’t communicate in the language of appreciation important to them, you essentially “miss the mark”. Additionally, employees need to receive recognition more than once a year at their performance review. Otherwise, they view the praise as “going through the motions”. A third component of authentic appreciation is that the communication has to be about them personally – not the department, not their group, but something they did. Finally, they have to believe that you mean what you say. How you treat them has to match the words you use. If you are not sure how your team members want to be shown appreciation, the Motivating By Appreciation Inventory (www.appreciationatwork.com/assess) will identify the language of appreciation and specific actions preferred by each employee. You then can create a group profile for your team, so everyone knows how to encourage one another. Remember, employees want to know that they are valued for what they contribute to the success of the organization. And communicating authentic appreciation in the ways they desire it can make the difference between keeping your quality team members or having a negative work environment that everyone wants to leave. Paul White, Ph.D., is the co-author of The 5 Languages of Appreciation in the Workplace with Dr. Gary Chapman.

Your Say: Who should be Credit Union Magazine's 2014 CU Hero of the Year?

View Results Poll Archive