DALLAS (3/7/12)--When Gen Yers are financially sound, they also are likely to be socially sound, said Jared Cahill, CEO of On Your Way of Dallas, a reward-based, Web program that helps credit unions attract, engage, educate and retain Generation Y (ages 18-32) members.
Kabani travels the world talking about social and technology trends. She is CEO of The Marketing Zen Group of Dallas and author of "The Zen of Social Media Marketing," an area in which many credit unions are eager to gain traction.
"Unfortunately, GenY also has become known as Gen Debt," Cahill told the TV host. "Step into a financial hole when you are young, and it's hard to get out."
Asked by Kabani to distinguish credit unions from banks, Cahill responded: "They have distinct advantages. Credit unions are a cooperative not-for-profit, so rates are better, and they're focused on customer service and relationships."
Kabani and Cahill agreed that too many young adults--"through no fault of their own"--are not learning in school, at home, or even in college, how to effectively handle their money in economically challenging times.
"Credit unions pride themselves on building respectful relationships with their members," Cahill said. "We want to help GenYs establish relationships with credit unions, which demonstrate as an industry their willingness to invest in their members' long-term well-being."
Young adults can be turned into financially literate borrowers, he told Kabani. "Credit unions can make better-qualified loans and lower delinquencies for this fiscally challenged demographic," Cahill added.