The average credit union member is aging.
Members’ average age is 48.5; nonmembers’ average age is three years younger, according to CUNA’s 2014-2015 National Member & Nonmember Survey, sponsored by Credit Union Magazine.
“Attracting more young adults continues to be a challenge for most credit unions. Only 7% of credit union members are in the 18-to-24 age bracket, whereas 18% of nonmembers fall within that age range. Clearly, much more needs to be done to draw younger adults into the ranks of credit union membership,” the survey emphasizes.
To find these potential members, credit union marketers should be using social media, says Anne Legg, senior vice president of business strategy and innovation for Third Degree Advertising in San Diego.
Legg wrote the marketing chapter in CUNA’s 2014-2015 Environmental Scan Report (E-Scan).
For those credit unions trying to figure out the return on investment of social media, Legg offers two concepts:
1. Social media is an opportunity to listen and learn about the needs of potential members; and
2. Social media is the primary place young people go to get recommendations and advice on purchasing decisions from their friends and family.
For more strategic insights from E-Scan, visit cuna.org/strategic planning.