World Council of Credit Unions has partnered with MetLife Foundation to support research to better understand the financial service needs of Mexico's unbanked population in the 18 to 35 age range, World Council announced. MetLife Foundation's $175,000 grant is part of the firm's overall, $200 million, five-year commitment to fund programs and services that help advance financial inclusion worldwide.
"World Council and MetLife Foundation share a goal to provide working young adults with access to financial services," World Council President/CEO Brian Branch (pictured) said. "Forty-four percent of the Mexican credit union membership growth has been unbanked ages 18 to 35. Credit unions have given them access to savings and credit as they approach their prime borrowing years."
The nine-month collaborative research project will draw conclusions from surveys with young adults, as well as examine international best practices and Mexican credit unions' preparedness to bring products and services aimed at young adults to the market. The survey will address factors needed to help this age demographic, including design of specialized products, and mobile and online channel preferences, the Madison, Wis.-based trade group said.
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World Council will research and interview members of U.S. and Canadian credit unions with proven experience reaching young adults, and will partner with Mexican credit unions to conduct a survey with more than 500 participants. Throughout this process, World Council will identify Mexican credit unions to potentially partner with on a future project that would develop and test a toolkit for credit unions to give thousands of young adults access to financial services.
"We are confident that our partnership with World Council will surface strategies and new approaches to help credit unions in Mexico develop additional means of access for this population," MetLife Foundation President/CEO Dennis White said. "The end goal is to empower young adults to be successful in their families, careers and in their communities."
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