Observing the financial struggles their parents endured, the millennial generation — those born between the early 1980s to the early 2000s–have developed a different point of view about finances and the financial industry than those of the baby boomers or Generation X. Millennials have misgivings about Wall Street, making credit unions ideal financial institutions to capture this demographic group’s business.
Credit unions have an opportunity to engage and educate millennial members about tough subjects such as budgeting, managing debt and saving for retirement, by presenting CU services through communication methods familiar to millennials: videos, social media and blogs.
Many credit unions have great budgeting tools on their mobile apps and websites. The next step is to communicate with millennials about the importance of budgeting and educate them on the resources available. Demonstrating how your budgeting tool works using a video, then promoting the demo over social media like Facebook is a great method to encourage members to take advantage of the tool. Making use of a blog series showing millennials how to budget for everyday expenses and save for goals is another way to educate this group.continue reading »