Credit unions like Verity Credit Union celebrate mothers for their influence on family’s financial choices.
Mothers change an average of 7,300 dirty, smelly diapers by the time their child is 2 years old, according to the website Happyworker.com. They do about 88% of the laundry totaling 330 loads and 5,300 articles of clothing per year. And 61% of U.S. moms work, averaging about 13 hours per day between their careers and house work.
Moms not only work hard outside and inside the house but they also have incredible influence over finances and purchases. There’s no doubt mothers do a lot! President Woodrow Wilson immortalized mothers’ hard work in 1914 when he made Mother’s Day a national holiday. This year, credit unions are increasingly recognizing mothers’ roles in financial decisions and developing ways to attract their attention.
The 50 million moms in the U.S. spend $2.1 trillion a year, which accounts for about 15% of the entire U.S. economy, according to Forbes. Moms account for 85% of all consumer spending, with their largest pull in over-the-counter medicines, food, new homes, and — this is the kicker for credit unions— bank accounts, according to she-conomy, a blog to help men market to women.
Credit unions are marking Mother’s Day with special events that include entertainment, food, and pampering. For example, Manatee Federal Credit Union ($25.6M, Bradenton, FL) celebrates this year with a free one-day event and Georgia’s Own Credit Union ($1.7B, Atlanta, GA) offers personalized e-cards.
And Verity Credit Union ($392.5M, Seattle, WA) is hosting an “I [heart] my mom” photo contest where members can upload a photo of their mom and explain why they think she’s amazing. Winners receive a $50 Visa gift card for their mother. Seeing the financial influence moms have, Verity CU now celebrates mothers 365 day a year.
In 2008, Verity’s goal was lowering the average age of its members. The credit union asked itself, “Who in the family is making decisions and influencing where kids start their banking relationships?” By answering that question with “mothers,” Verity is now focusing on moms to reach its goal of increasing new checking accounts.
Verity found that moms were a target market because they had strong affiliation, homogony, and influence. Plus, moms are quick to embrace Facebook and blogs. Verity, with a team of women, found it could easily market to moms through these two online avenues. The credit union also redesigned its branches, making them more kid-friendly.
Other credit unions can look to Verity’s advertising model as a way to capture younger members, from kindergarteners to Gen Yers, by focusing on their mothers.