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Reaching Gen Y Through Mom and Dad

Credit unions know they must get younger. Decreasing the average age of your membership is a strategic goal for many credit unions. There are several initiatives, such as Currency Marketings Young and Free, that are having a great deal of success. The Filene Institute also has given many ideas for...

By Mark Arnold | Updated on June 27, 2011

Credit unions know they must get younger. Decreasing the average age of your membership is a strategic goal for many credit unions. There are several initiatives, such as Currency Marketing’s Young and Free, that are having a great deal of success. The Filene Institute also has given many ideas for penetrating this key target market. And of course, there are a few credit unions successfully reaching Gen Y through various social media, mobile marketing and event marketing efforts.

While directly marketing to Gen Y should be a major strategic initiative, one tactical approach credit unions can implement is to reach young people through Mom and Dad. As a parent of two teenage daughters, I can attest that many kids begin their “banking” experience with the First National Bank of Mom and Dad (or First ABC Credit Union if you bleed credit union blood).

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