The problem »
Gen Y is the largest generation in history, unfortunately, they couldn't care less about your credit union
Gen Y, Millennials, Net Generation, Echo Boomers, Generation Next—no matter what label you give them, the fact is, credit unions are failing to attract the next generation of members.
THE GREAT DIVIDEThere is a decade-plus age gap in credit union industry. While the average age of a North American is 37 years old, the average age of a credit union member is almost 50. Credit unions are not replacing maturing depositors with young borrowers fast enough. |
THE TRENDIt's not looking good. Gen Y is your credit union’s future, they just don't know it. Attracting the next generation of credit union members needs to move from the back burner to a strategic imperative. Credit unions that continue to ignore this issue will not exist in 20 years. |
“Our strategy looking at this demographic is not only about acting today, but what are they doing in 10 years. Banks are not willing to invest resources for 10 years, but we have a history of being that trusted relationship, and we keep those members for a very, very long time. South Carolina Federal started its Young & Free campaign in 2008. 18-to-25-year-olds now make up 9% of our membership base of 141,000, compared with 4% previously. About 10% of our marketing budget is now devoted to Young & Free.”
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