The Business Breakdown

Online PFM tools can help you save, kids are moving back into the real world, and Walmart customers (read: many people) are still feeling the pinch.

 

 

An infusion of youth can help many organizations, and credit unions are no different. Because attracting younger members is something that many credit unions struggle with, this week’s Business Breakdown focuses not only on the relevant news from around the country but also how it relates to young potential members.

  • Online To Save A Dime: Tons of online financial management tools are popping up to help members manage money. There are ones to save, better understand debt and keep tabs on your credit score. The Breakdown: For credit unions, staying aware of these services is critical. First, you’ll want to know about these vendors to see if their services might be of interest to your membership. Second, you should be in the know, so you can share your insight with young people who come in with their parents. Young people live online and value convenience. Why not help them take their finances online? Might help you generate some loyalty.
  • Moving On Out: Now that companies are starting to hire, adult children that were forced to live with parents are moving out. And that’s generating demand, which is great for the economy. The Breakdown: Do some of your members fall into this category? Maybe they’ve just moved into their first place, and they need help figuring out how to make their budgets work. To attract younger members, maybe offer a seminar aimed at helping young people get on their feet in their first place. It can’t hurt.
  • Not So Fast: The economy might be improving, but the recession isn’t over. Walmart reports that its customer base is concerned about high gas and food prices. The Breakdown: Although the retailer’s customers are diverse, college-aged people represent a significant amount. I’ll admit I made more than a few runs there in my day. So what can you do to help young people save money in their daily lives? You can talk to them about public transportation, loan consolidation, and how to manage a credit card. There you go. Three ideas. 
 
 

May 17, 2011


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