A speaker at the recent CUNA Mutual Discovery Conference covered a very interesting topic: Ignore boomers’ needs and a credit union’s relevance erodes. How many credit unions are actively engaged in providing for this huge demographic?
But for some time now I’ve mostly heard about the “Y” Generation. And while they are a very important demographic group, what about the Boomers? What will you do with and for them? This is a huge issue of need on the part of the Boomers, and quite frankly on the part of the financial institutions (credit unions).
After all, this is a lot of people we’re talking about here. Many have not planned well and they know it. Many don’t know they haven’t planned well and they don’t know it! Many have a lot of money; many don’t. Many will have a lot of money as the “Wealth” of their parents passes on to them. Many won’t know how to manage it.
There is a lot to think about here. What have you done to address this huge block of business?
2 comments so far
1 Trey Reeme // Jul 16, 2008 at 9:44 am
Spot on post. There isn’t a demographic we shouldn’t focus on - the channels through which we go obviously are different for each. Ignoring any group is short-sighted, for sure.
2 The Banktastics » Blog Archive » The Burst - Prepare for a Lockdown (Ep. 25) // Jul 17, 2008 at 8:49 am
[...] Is your FI prepared to help Boomers? An article that I found on Payment Industry Insider spawned a question I wanted to ask the Banktastic community. Is your FI working to help Boomers [...]
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