Thursday, March 12, 2009

'30 Under 30' reports young adult financial habits

MADISON, Wis. (3/12/09)--The report of Filene Research Institute's '30 Under 30' group about young adult financial habits and needs is now available.

Because credit unions need to attract younger members, professionals and volunteers, Filene created the "30 Under 30" group to focus on research regarding young adult financial habits and needs.

The group's final report is "10 Young Adult Innovations: From the 30 Under 30 Group," edited by Filene's driver of the CU Tomorrow project, Ben Rogers.

The research, funded in part by PSCU Financial Services, Credit Union Executives Society, Fiserv, and the Corporate Credit Union Network, highlights 10 business plans that align facets of young adult life with credit union needs.

The business plans fall into three categories.

"Plans for Younger Members" has the following features:

Change Your Savings: Harnesses the power of debit to fund worthy goals;
CUre Card: Members improve their communities with a credit union debit card;
GrassHopper: Life planning meets credit union products;
Mortgage Down Payment Accelerator: Rewards those who are saving for a home;
Win-Win Savings: Prize-based savings for young adults; and
What's Next? A responsible way to build credit and save.

"Plans for Talented Young Professionals" has:

Shared Staffing: Short-term sabbaticals for professional development;
Gen Y Fast Track: Mentorships and job rotation for superior retention; and Credit union career paths and improved recruiting.

"A Plan for Younger Volunteers" features a "Member Advisory Panel (MAP): Connecting young adult volunteers with credit union leaders."

Each business plan details the product's overall aim, outlines its benefits for the member and the credit union, explains how to put the product into practice at a credit union, and shows what further considerations apply to each.

"The aging of credit union membership is a challenge for the credit union system," Rogers said. "Engaging ambitious young professionals and giving them enough room to improve and innovate is essential for credit union success over the next 10 years."

courtesy of

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