Feb. 19, 2008 at 1:00pm

The young and the relevant

Posted by Guest Blogger in New Members, Talking to Members
Comments (1)

The words “credit” and “union” aren’t very appealing by themselves, but when you put them together, well, they don’t get any better. This may just be the view of someone my age – I’m 26. But aren’t most credit unions in the country trying to target the under-30 demographic?

The average age of the credit union member is increasing and is somewhere in the late 40s right now. If this number keeps rising the future of credit unions begins to look bleak. Credit unions across the country know this, so last year Filene Research Institute put together a group of 30 people in the credit union industry under age 30 to help address the problem. I was lucky enough to be picked to participate.

The main objective of the 30 Under 30 group is to determine how credit unions can be more relevant to young adults, from recruiting for employment to attracting new members. No easy task for any financial institution. When you’re 22 saving money is the last thing on your mind. Shoot, you don’t even have any money to save. What you probably do have is debt – student loans and credit cards – and a checking account at a conglomerate bank your parents helped you open when you were 14.

I’ve just started on this year-long adventure, but one of the most striking discoveries is how the 30 Under 30 crew came to work in the credit union industry. For most everyone, it was completely by chance. The most common story is, “I graduated from college, I needed a job, XYZ credit union was looking for someone, and so I applied and was hired.” This is somewhat true for me as well. While it’s worked out for us, credit unions should do more to steer young prospects to the industry rather than let them stumble into it. That’s one big thing the 30 Under 30 group is trying to address.

We know this is a huge challenge. And in thinking about how credit unions can attract young members, I have started to wonder … how did current employees and members hear about their beloved credit unions? Friends? Family? Work? Please share your stories with the rest of us.

Mike Escudero is the Marketing Manager at Seattle Metropolotan Credit Union.

Comments (1)

Keep up the great work with Filene, we are all excited to hear some of the great breakthroughs your team comes up with!

As for my story, I was recruited to be an intern working in the credit union industry while I was a freshman in college. By my senior year, I had many other job offers with large accounting firms but decided to stay in the credit union marketplace. I mostly decided to stay because I knew I could have an immediate impact, whereas in a large company it would be much harder. I’m still at it 14 years later!
2/20/2008 at 4:35 am
1 | Left by Brian Scott | Aug. 27, 2008 at 1:37pm