Is Your Credit Union Serving the Youth Market?
by Cathy Scoda
The National Youth Involvement Board (NYIB) held its annual meeting August of last year to discuss what else? – youth and how to meet their financial literacy needs. Whether anyone from your credit union attended or not, we can all learn a lesson from the NYIB. The youth of our country need to learn about financial matters — and they need to learn about them now.
After all, the youth market is growing (in both size and age) and so is their spending power. While a share account geared toward younger members is a wonderful idea, it alone is not enough. We can, however, take that share account and use it as a "teaching moment." Member service representatives, parents, and even grandparents can explain the benefits of saving money and earning interest. Every little lesson counts toward helping our youth make smart financial decisions with their money.
What else can your credit union doing to help educate the youth? Many credit unions are already involved in teaching financial literacy programs in classrooms across the United States. This is truly commendable.
One other thing you can do is use your Web site. Featuring age-appropriate articles, activities, and information helps your younger members learn to save and spend wisely while having some fun.
But putting the information on your site isn't enough. Let's face it, most kids don't wake up and say, "Hmm, let's see what's happening with my credit union today!" So how do you get the word out? Use your resources:
• Parents - Reach them through newsletter articles and statement (or drive-through envelope) inserts. Talk to them about your online youth program when they're in the lobby.
• Buttons for Member Service Representatives - Use the "Ask me about…" or "Did you know…" style and let the member initiate the conversation.
• Lobby Posters - Print them in bright colors and hang them at various eye levels for your younger members.
• Special Lobby Area - Set aside a section of your lobby for your younger members. Include a computer whose monitor just happens to be showing your youth site!
