While Banks Seem to Be Throwing Money at the Problem, Credit Unions Have Had Steady Record of Financial Literacy

..."'It is an interesting strategy, the banks are trying to take what credit unions do best and use it as quite the photo opportunity," said 20-year old brass|MEDIA President Bryan Sims, who publishes a financial magazine written by and for young adults age 18 to 24. "It is time for credit unions to be even more proactive rather than reactive expecially if they are looking to make that transition beyond baby boomer members to reaching Generation X or Y."...

...Sims says what big bankers are doing right as far as targeting the younger market is researching their interests and teaming up with music sharing services or AOL instant messenger for promotions. While credit unions may not be able to compete on such a grand scale Sims says they can still look for partnership and cross selling opportunities within their communities that appeal to area young adults during various key life stages.

"When I hit 18 I had credit card offers from all these bankers and not one from my credit union and it doesn't make any sense because I'd been on their mailing list for at least 10 years. It sounds so basic but playing up events like heading off to college and getting that card in a member's hand before they hit campus and are bombarded in the breezeway with bank credit cark offers makes a difference," said Sims. "And bring the parents in. I became a credit union member because my dad is a member. If it weren't for my parents being part of a credit union there is no way I'd be a member because I wouldn't know about the credit union difference. It's like the Avis campaign ‘they try harder', credit inions should be aggressively pitching what makes them stand out from their competition."