Teens and Money
How to Secure your Credit Union's Future by Securing Theirs
Friends, parties, shopping, finances - all things any typical teenager care about.
Wait a minute… did we say finances? Yes, yes we did. Although seemingly apathetic, today's adolescents are more in tune with the world around them then they've been given credit and are recognizing the importance of establishing healthy financial habits early in life.
According to a 2008 Charles Schwab "Teens and Money Survey," 89% of teens say they want to learn how to make their money grow, but only 20% of these teens feel like their parents are teaching them what they need to know. So, rather than waiting around for parents to pick up the slack – we're recognizing this need and creating interactive campaigns for our credit union clients to target this financially illiterate (yet eager-to-learn) audience.
Case in point is Oklahoma City based Tinker Federal Credit Union's (TFCU) "What Money Means to Me" campaign. The core of the campaign took place in a medium this audience is more familiar with than even the most experienced CEO's – online! The campaign revolved around an online, interactive voting contest where TFCU, together with Third Degree, used just the right mix of traditional, grass roots and online, social media tactics to reach the target to drive them to the site. And the results were outstanding…
The contest - with a prize of a $2,000 scholarship - had a total of 28 legitimate participants from several schools across Oklahoma (home of TFCU). With over 3,500 visitors to the site and more than 5,000 votes – the message of the campaign reached several thousands – not including the viral marketing brought about by entrants' friends who used email, blogs, online forums and social hubs (like Facebook) to spread the word. All this, plus mention in national publications - like Credit Union Times - and multiple local sources made for an overwhelmingly successful campaign.
Although the monetary benefits of that much exposure may be difficult to measure – one thing is certain. TFCU staked their claim as the primary financial institution of choice for these growing teens. TFCU had the right attitude for this campaign – according to Senior Vice President of Marketing at TFCU, Matt Stratton – it wasn't about selling a
specific product. "We just want to get them started thinking about the role finances play in
their lives."
Not only did TFCU show this audience they care about their education (both financial and academic) but by actually giving back to them, they gained "top of mind" placement for any of their future needs. And TFCU isn't stopping there – in addition to their plans to have another online scholarship contest next year, TFCU is stepping up its financial education efforts in all the communities they serve.
As the Baby Boomer generation reaches retirement and is now withdrawing on their past investments – it's a sign of the times that we look to this upcoming generation and the economic influence they now hold. Teens have financial power. Credit Unions have the opportunity to harness that power by educating them on issues like budgeting, saving and investing. Doing this now equals loyal members in the future – and security for your credit union.
