Combating an Aging Membership with Gen Y
Kelly Kressner, Marketing Specialist

My Marketing Trends

Kelly Kressner, Marketing Specialist

What gives with youth marketing? CUNA’s National Credit Union Youth Week starting next week has attracted more than 400 credit unions for their savings challenge!

With 47 being the average age of a credit union member and the Boomer generation moving into saving and fixed income mode, now is the time to capture more youth market share. And Gen Y is estimated to be as large or larger than the Boomers.

Research has shown that youth today control billions of dollars in spending money. Part of this comes from allowances and gifts, and another part comes from teens with part-time jobs. Research has also show that young adults are choosing their primary financial institution by the age of 24, with heavy influence from their parents.

Ideas to reach Gen Y?

  • Connect with a Youth Program – start with ages 12 and under then move to one for teens – include:
    • Fun Events – reinforcing the idea of “family membership”
    • Online Games – to engage and keep youth on your site
    • Micro-sites – provide helpful money management skills with an interactive twist. Consider adding a blog, online videos, discussion boards, etc. to make it even more fun!
  • Organize a Youth Advisory Group or Parent Advisory Group – to find out what new products and services might be of interest to them

Gen Y has huge potential to impact your bottom line.

What type of strategies does your financial institution use to reach Gen Y? Share your experiences with us!

Craving more information about Gen Y? Check out our white paper, Understanding the New Age Wave: Gen Y.

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