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Credit unions court an elusive customer: Youth

“If we don’t focus on this age group, then our membership will slowly dwindle and we won’t have the critical mass to be able to continue doing business,” said Kelly McNeill-Sproxton, marketing manager for Vancity.

Central 1 Credit Union, the umbrella organization that represents credit unions in B.C., is leading the charge with a $2 million marketing campaign that will target 18-to-29-year-olds – who loosely fit into the generation Y demographic – across a number of advertising mediums.

In the next couple years, Central 1’s goal is to double its percentage of 18- to-29- year-old members.

According to Martin Reed, Central 1’s director of marketing and creative services, credit unions have traditionally targeted consumers above the age 30.

At that age, he said, consumers begin to more seriously consider financial products and services like mortgages, loans and RRSPs.

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