LIVONIA, Mich. (3/21/13)--Six months into the partnership between Michigan-based CU Solutions Group and the member engagement program SaveUp, more than 40 credit unions nationwide are using SaveUp to target their Gen Y and Gen X members.
"We think SaveUp is the perfect opportunity for credit unions to engage their members, encourage them to save and target the Gen Y and Gen X demographics," said David Adams, CEO of CU Solutions Group, a subsidiary of the Michigan Credit Union League. "Plus, the program is a natural fit with the credit union mission of promoting thrift and responsible borrowing."
SaveUp helps credit union members achieve their financial goals through behavioral science and game mechanics. Every time members contribute to their savings or retirement accounts; pay down their credit cards, mortgages or other loans; or engage with SaveUp's financial education content they earn credits to win prizes from sponsors such as Virgin America, Banana Republic and GameStop, or a $2 million jackpot.
A pilot program with the Filene Research Institute concluded that SaveUp offers credit unions:
To help further target younger members, SaveUp released its first U.S. Consumer Savings and Debt Report with its major findings focused on the financial habits of Gen X and Gen Y. Average findings for Gen X include:
Average findings for Gen Y include:
"Our recent data report shows that young people are bearing a disproportionate share of the country's non-asset debt, and if credit unions can engage younger Americans to offer them better terms, and longer-term financial services, there is a real benefit to all sides," said Priya Haji, CEO and co-founder of SaveUp.
SaveUp and CU Solutions Group will have neighboring booths at the CUNA Marketing & Business Development Council Conference, which starts Sunday in Anaheim, Calif., and ends Wednesday