30 Under 30

In the recent years, the United States experienced a poor savings rate. The Change Your Savings program will operate in a similar fashion to Bank of America’s Keep the Change Program by rounding up Point of Sale (POS) transactions to the nearest dollar and transferring the funds to a Savings type account. The difference of the Change Your Savings program is its attempt to meet the individual savings goals of specific Gen Y markets. Specifically components include a tuition, auto, house, debt reduction and other innovative savings solutions.

Gen Y makes up about one-quarter of the U.S. population, but credit unions derive only about 12.5% of their membership from this demographic. Studies show that members of this target market make many decisions based on social responsibility and that 89% of this demographic would switch brands in favor of one associated with a good cause.The CUre card is a debit card for ages 15-25 that donates a dime every time the card is swiped. It offers a unique opportunity to reach this underserved group with ideas that attract them: social responsibility and collaboration. Grants fund solutions to social problems related to credit unions’ mission of economic empowerment.

More than 78 million U.S. baby boomers are poised for retirement, and 54% of workers ages 45 and older will leave the workforce in the next 10 years. In addition, the annual growth rate of the U.S. workforce is expected to slow to .06% throughout the next few decades. Industries that require workers with specific skill sets – including finance, accounting, health care, science and technology and engineering – will feel the pinch most acutely. The Gen Y Fast Track (GYFT) is a highly scalable internship, rotation, and mentorship program tailored directly to the needs and desires of Generation Y employees.

The problem today is that many students experience financial hardship after college because their expectations of what opportunities their degree will bring are unrealistic. With 55% of students relying on student loan funding (65% for four-year college students) many students don’t accurately forecast their sobering future balance sheets. GrassHopper addresses this problem by providing a unique opportunity for young adults to develop and test their collegiate and young-life plan against the realities of the marketplace. It is through accurate and realistic data, and managed expectations that these young adults can successfully embark on their new lives without falling into some of the pitfalls of matching post-college expectations with post-college costs.

A mounting talent shortage affecting all industries is projected to peak by 2010. This war for talent will make it even harder to retain top talent and credit unions alone – large or small – will not be able to compete. Combine this shortage with the reality that Generation Y will not only change jobs but careers numerous times, and it’s inevitable that this generation of employees will likely leave your credit union within 2-3 years. iAdvancecu.com, is a website that unites credit union opportunities, showcases our expeditious career-paths and provides testimonials of relevant Gen Y employees that will serve as a recruiting tool for credit unions.

The average age of a credit union CEO is just above 50. The board members, to whom the CEO answers, have an average age of 56. MAP To Success is a simple plan for credit unions to implement a young adult member advisory panel. This panel would provide a direct channel for credit union decision makers to communicate with young adults. This is an opportunity for credit unions to engage the community, find out how to best serve their market, and for young adults to have a voice in the development credit union products. Download the MAP to Success Implementation Guide.

As the availability of 100% financed mortgage products slowly wanes, the need for consumers to save for a down payment in order to purchase a home increases. The Mortgage Down Payment Accelerator Program is an easy-to-implement savings and educational tool designed to bring the young borrowing demographic to the credit union through a three-step program. The program is specifically formulated to target the struggling first-time homebuyers faced with acquiring the down payment necessary to buy their first home.

As the American workforce continues to grow older and approach retirement, it will be imperative to develop strategies and services to retain and train the younger workforce. Shared Staffing, is a short-term sabbatical, where young credit union leaders utilize their skills and experience to assist other credit unions in their quest to develop innovative products and services.

Young adults struggle with both saving money and building credit. When they look to make a large purchase, they often rely on support from their parents or high-interest credit cards. The goal of What’s Next? is to help younger members (18-25) establish and meet short-term goals in a way that allows them to make connections with other members and develop a stronger trust in credit unions. The process starts with a young adult choosing a specific product (like and iPod) that they would like to save for. Credit union personnel help the member develop a savings/budgeting plan so this goal can be met, and open no-fee What’s Next? account in which deposits for this goal will be made. A credit union blog component would allow the member to share their goal with family, friends and other members and track their success.

The number of 18-to-24-year-olds declaring bankruptcy has increased 96% in the last 10 years. University administrators state that they lose more students to credit card debt than to academic failure. Credit unions need to reach out to this market and help young adults prepare for their financial future – both short-term and long-term. Win-Win Savings, an account that awards cash and prizes as part of the saving product’s return, with prizes and messaging tailored to young adults.