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White paper Gen Y turn to parents for financial info
ST. PETERSBURG, Fla. (2/3/10)--While members of Generation Y spend a third of their life logged on, they still turn to their parents for financial information and advice, according to a new white paper. That means credit unions have a unique resource in their current members who are parents of the young adults. Gen Yers, defined as people aged 18-30, total 90 million, says "Y: A Generation of Opportunity." The white paper was written by PSCU Financial Services, a St. Petersburg, Fla.-based credit union service organization (CUSO), and is available free online. (Use the resource link and click on "white papers.") The CUSO said the paper is the first of three white papers on Gen Y. It quotes several research studies and reports that marketing to Gen Y must involve social networking sites and offering a personalized approach when possible. Gen Y-ers are time-sensitive, so gaining their attention requires messages that emphasize 24/7 support, electronic banking and money management tools, the report says. "Credit unions have a unique appeal to this audience because young adults are skeptical of large, profit-hungry companies and favor cooperative institutions that can meet their needs while simultaneously giving back to the local community," said David J. Serlo, president, PSCU Financial Services. Attracting Gen Y is worth the effort, said the CUSO. Less than 40% of Gen Yers are satisified with their financial services provider, according to a 2009 Javelin Research study, and that discontent creates a tremendous opportunity for progressive credit unions, said PSCU Financial Services. A second paper in the Gen Y series will discuss developing a strong package of "youth-centric" solutions and financial education materials designed to build long-term relationships with young adults. PSCU Financial Services provides service to more than 1,300 financial institutions.
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