Credit unions court an elusive customer: Youth

Long-term future of the B.C. financial institutions depends on their ability to balance an aging customer base with younger members now

Curt Cherewayko
Business in Vancouver

BC credit unions admit that they have had a hard time attracting youth.

While one in three British Columbians, or 1.7 million, are credit union members, only about 9% of them are in the 18- to 29-year-old demographic.

B.C. credit unions are making a concerted marketing push this year to court that demographic and bring some balance to their somewhat lopsided and largely aging customer base.

“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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