WASHINGTON — As credit unions start to strategize more on how to reach Generation Y, they might want to consider that some of them might be business owners.
The Small Business Administration has launched an online resource for young entrepreneurs at the Mind Your Own Business Web site www.mindyourownbiz.org, to help them succeed in the world of business. The agency has teamed up with JA Worldwide (Junior Achievement) to develop three online guides: a student activities guide; a volunteer guide; and an assessment tool–Start it, Grow it, Own it!–that serves as a companion tool to the student activities and volunteer guides.
The student activities guide includes an interest inventory and group activities designed to teach teens the fundamentals of business ownership. The Make It Your Business volunteer guide instructs group leaders through student business sessions that can be implemented in the classroom.
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According to the Filene Research Institute, Generation Y–those born between 1977 and 1995–has annual income of $211 billion, spending $172 billion a year and saving $39 billion. CUNA has estimated that the average credit union will lose $14 million in loans over the next 10 years if it doesn't increase penetration among 18-to-24-year-olds.
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