Why the healthcare industry loves credit unions
As the baby boomers are growing older, so grows the need to provide healthcare for this aging population.The number of US healthcare jobs recently surpassed those in manufacturing and retail for the first time in history. According to the Bureau of Labor and Statistics, 5 of the top 10 fastest growing jobs are in healthcare related fields, with employment rates projected to grow as much as 18 percent from 2016 to 2026. This is much faster than the average for all occupations, adding about 2.3 million new jobs in that time frame.
Contributing to this industry’s surge in growth is the aging, but still very much active, workforce. By 2025 a quarter of the workforce will be older than 55 — a number that will have doubled over 30 years. With retirement ages pushing back, and couples waiting to start families later, it seems the idea of taking early retirement is for the few and far between. Instead, people are having to plan for life events that occur after 55, impacting their financial planning and requiring them to work later into life, during what would have been considered at one time, their retirement years.
While this population trend can be traced back to many causes, the results are still the same. People are living longer, working later in life and needing more healthcare. If you are a credit union with its member base in the health care industry, you better start preparing for the influx of health care professionals that need financial services. It’s time to hone your marketing skills and develop a healthy marketing strategy that appeals to as many members as possible before they are snatched up by another financial institution.
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