MADISON, Wis.--Challenging the international credit union community add 50-million members before 2020, the World Council of Credit Unions has published a technical guide aimed at helping credit unions reach Gen Y.
"It's no secret that one of the main challenges for credit unions everywhere is young adult membership growth,” WOCCU said. “To help tackle this challenge, we put together the top 12 growth strategies that work for credit unions in Australia, Brazil, Canada, Kenya, Mexico, Poland and the U.S. As current membership ages, success in attracting young adults will be crucial to the movement's future.”
WOCCU noted that the average age of credit union members in most countries is mid-to-late 40s. In Canada the median age is 53, in Costa Rica it is 50, in Australia, the UK and U.S., it is 47. “As these members approach retirement and deserve maintained loyalty and service, credit unions must expand their market to younger generations,” WOCCU said.
“Generation Y, while being the largest generation in history, is also facing one of the biggest challenges posed by the recent global economic recession,” WOCCU continued. “Factors such as unemployment, home prices, alarming levels of student debt and the rising cost of living make Gen Y anxious about their future. Credit unions are once again well positioned to be there when members need them most. Serving the Gen Y market while maintaining a solid bottom line is only part of the challenge. Credit unions should reassess their products, channels and messages to determine how they will respond best to the needs and preferences of the young adults. Another part of the response is determining ways to integrate access to payments, finance and commerce while providing crucial financial education.”
WOCCU noted that 208-million people worldwide are credit union members and that it is challenging CUs around the globe to add 50 million people to that number by 2020.
“ This goal reflects the industry’s ability to respond to consumer demands and collaborate to overcome common challenges,” WOCCU said. “To achieve this goal, we will continue sharing the world’s best practices to address Generation Y.”
For info: www.woccu.org.
