A few years ago, Thrivent Financial for Lutherans woke up to a new problem. On one hand, the organization had...
Aug 15 2008
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 University and research scientist at the RAND Corporation, makes the following conclusions:
- When describing your value proposition to a young adult market, study the top reasons this segment chooses their primary financial institution.
- Data on specific payment choices provide a host of signals for credit unions to understand how young consumers are creating their financial relationship. These cues may help create services and products that truly meet the needs and wants of the coveted young adult market.
Report Number 161