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CU System
White paper suggests financial training wheels for Gen Y
ST. PETERSBURG, Fla. (4/21/10)--Thirty-six percent of Generation Y opened a new financial account in 2009--leading all other age groups in signing up for new savings, debit and primary checking accounts. Building financial relationships with this consumer segment is the topic of a new white paper from PSCU Financial Services. The paper, “Building a Gen Y Continuum,” is available free at www.projectnewage.com and discusses what credit unions can do to attract members of this age group. For instance, credit unions can consider offering them reloadable prepaid cards as “financial training wheels,” which can teach youth how to manage a budget. Teen checking accounts with parental oversight also can be offered to high school students, along with debit cards tied to a teen checking or savings account--with parental cosigners. The youth will then be a good prospect for products from the credit union such as student or auto loans, savings and checking accounts, when they reach adulthood. “Credit unions are in an excellent position to attract these young adults because of our member-friendly practices and because their parents may well be members of a credit union,” said David J. Serlo, president, PSCU Financial Services. “Credit unions can build important long-term relationships by promoting and offering financial products that are designed to serve the evolving needs of this generation with an appropriate level of parental involvement along the way. Because of their numbers, this generation is critical to the success of our industry.” PSCU Financial Services also offers www.GiveMe20.com, a site to help credit unions attract Generation Y through interactions with young adults and their parents. PSCU Financial Services is a credit union service organization based in St. Petersburg, Fla.
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