Friday, October 20, 2017

New Research Shows How Credit Unions Can Attract Members of All Generations

By Laura Williams
For the first time in modern history, there are four generations of consumers, and soon there will be five.  Each generation has its own unique attitudes and emotions, especially towards financial topics—which means credit unions should be prepared to talk about finances in different ways.  

To help credit unions better serve their members and grow through more consumer-focused products and services, we sponsor the Filene Research Center of Excellence for Consumer Decision Making, which studies money behaviors, consumer preferences and behaviors, as well as emerging societal trends.  

Filene’s latest research report, entitled “Generational Money Chatter”, provides research-based insights on how each generation views money and finances. 
A few highlights from the report include: 
  • Baby Boomers view debt as helping make their dreams a reality. 
  • Gen X feels debt is necessary to achieve goals. 
  • Millennials Silents perceive debt negatively, and both distrust corporate messaging. 

By understanding how each generation of consumers feels about money and finances, credit unions can better communicate with members and attract new members of all generations 

You can learn more in the report summary slides and short video.  To read the full report and access more consumer insights, consider becoming a member of Filene Research Institute