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Filtered Research Reports

The Embedded Credit Union Model for Low-Income Teens

A systemic problem in many low-income, urban communities is the lack of accessible financial services. Low-income teenagers-in particular-are living in financial service deserts. Not only are there very few banks and/or credit unions in low-income communities, financial alternatives such as payday loan and check-cashing centers are thriving. This research explores the...

Young Adults In The Military

Those serving in the armed forces play an honorable role in protecting their country.  Unfortunately the financial profiles of these men and women differ from everyday civilians'.  Young adults in the U.S. military face unique financial challenges and are primed for credit union assistance. In this infographic we explore the...

It’s a Money Thing: Clever Financial Education Content Increases Engagement

Since the recession of 2008 many players have rushed to the financial literacy marketplace. In January 2010, President Obama created the President’s Advisory Council on Financial Capability and charged them with “assisting the American people in understanding financial matters and making informed financial decisions." Over 20 states now require that...

Gen Y vs Gen Z: Understanding Key Differences

While engaging Gen Y has been a priority for credit unions in the last 10 years, it’s not too early to start thinking about capturing 'Gen Zers' as loyal members. Gen Z is made up of millions of Americans born in the mid 2000s to present day. Recognizing their importance...

Are Credit Unions Doing Enough to Help Young Entrepreneurs?

For years credit unions have pursued the goal of “getting younger”—and for good reason. With the average credit union member’s age hovering in the late 40s, Gen Y (18–35-year-olds) represents a prime opportunity for credit unions to continue the legacy of cooperative finance among newer generations. However, focused initiatives are...

What Millennials Want: The Future of Millennials in the Credit Union System

In a competitive marketplace, attracting the youngest generation is not just good business; it’s a survival imperative. Millennials 18–24 years old have been a key focus for credit unions over the last 10 years—and for good reason: There are nearly 71 million millennials, born between the late 1970s and early...

Helping Members Navigate College Costs

College signals success, at least for those who graduate. Holding a bachelor’s degree is one of the best determinants of higher lifetime earnings, and college graduates are almost uniformly positive about the value of their degree: 98% of those making six figures and up say their degree has paid off, and even 63% of...

Coming of Age: Young Adults in 2015

It's predicted by 2025 three out of every four workers globally will be millennials. By now, a majority of credit unions understand the importance of engaging young adults. But how? From innovative to simple, there are numerous strategies at your disposal to grow young adult membership. At the core of any...

Student Lending: Challenges and Opportunities for Credit Unions

College graduation brings joy. It also comes with a price—a very expensive one. This is especially true for those students who rely on loans to finance their college tuition, books, and housing. In fact, the average borrower will graduate with $26,600 of student debt.  While federal and private student lending programs expand access to college for many...

The Gen Y Imperative: Six Lessons for Australian Mutuals

As the baby boomers (born between 1946 and 1964) have moved through each decade of their lives, they’ve shaped the economic, political, and social landscape. As the boomers’ Gen Y children (born somewhere between 1980 and the mid-1990s) continue their own world-shaping journey, marketers are well aware that they “ain’t seen nothing yet” in...

Gen Y Personal Finances: A Crisis of Confidence and Capability

Generation Y is the largest, most diverse generation America has ever seen. Generation Y is made up millions of individuals born between the late 1970s and the mid 1990s. While this generation is young, ambitious, educated, and optimistic, many Gen Yers lack adequate personal financial management skills. As a result,...

Next Generation Needs: Examining Credit Union Loyalty Among Young Adults

There’s an often overlooked difference between what attracts members and what keeps members. Credit unions regularly earn the financial services industry’s top honors for loyalty and satisfaction. It’s one thing to measure loyalty in general. But here the researchers are interested in the drivers of credit union loyalty among the coveted young...

Engaging Young Adults: Insights from Thrivent Financial

A few years ago, Thrivent Financial for Lutherans woke up to a new problem. On one hand, the organization had built itself into a high-performance Fortune 500 company, grown membership to more than 2.5 million people, consistently received (and still receives) many of the highest possible ratings in financial services,...

Chrome for Young Adults: Franchise Branching for Membership Growth

Gen Y is a key market segment for credit unions to reach in this recession. Its members still need loans and, compared with older Americans, fewer are deleveraging. The latest CU Tomorrow brief, Chrome for Young Adults: Franchise Branching for Membership Growth explores a retail delivery concept that uses modern...

10 Young Adult Innovations: From the 30 U 30 Group

Since its inception in 2007, the Filene Research Institute’s 30 Under 30 group has worked toward the goals of attracting: Younger members. Younger professionals. A new generation of volunteers. This report highlights 10 business plans created by the 30 U 30 group, each of which aligns a facet of young...

Attracting Young Adults

As credit unions seek to better serve the next generation of consumers, it becomes essential to understand how young adults are creating their financial lives. In Attracting Young Adults: What Do We Know About Their Use of Financial Institutions and Payment Behaviors, Jinkook Lee, Filene Fellow, professor at Ohio State...