Jan 01 2005

COOL Solutions for Gen Y: A Guide for Credit Unions

Research by credit union organizations suggests that the average credit union stands to lose millions of dollars in loans over the next decade if it does not increase penetration among young adult consumers. Attracting and serving the needs of this largest-ever generation of future borrowers is critical to the long term success of the enterprise.

Research by credit union organizations suggests that the average credit union stands to lose millions of dollars in loans over the next decade if it does not increase penetration among young adult consumers. Attracting and serving the needs of this largest-ever generation of future borrowers is critical to the long term success of the enterprise. That’s one conclusion of this new Special Report by Filene director of innovation, Mark C. Meyer.

Earlier research by Filene reveals that teenagers alone spend close to $200 billion annually, and today’s youth market is even larger than the baby boom generation. Young adults have access to a tremendous library of information on products and services, and they use that information to become better shoppers. They understand their market power, and have raised their expectations. An investment today in serving young members will pay significant dividends in marketing core credit union products in the future.