When you think about youths and money, saving doesn't readily fit into that equation. But through the Credit Union's efforts to cater to the financial needs and spending patterns of youths, saving can become an integral part of their lives. Credit Unions countrywide concluded a Strategic Marketing Workshop focusing on the theme of "re-positioning the local credit union movement to better serve youths today and for the future." One of facilitators of the workshop, Virgil Patrick discussed how they plan on attracting the younger crowds.
Virgil Patrick, Facilitator
"First thing has to be an ideological shift in the credit union's position. About 50 years ago it was really important for credit union to lend to marginalize people and therefore they provided savings on their and they really encourage thrift. Today, if you look at a young person's patterns of consumption, thrift doesn't really fit into there and therefore credit unions must first make that adjustment that you are now dealing with a new market and if you want to continue in that market, you have to make some ideological shifts and that's the first thing and then recognizing that you need to embrace cutting edge technology, so that young people can do their business over their cellphones. In society you will always have people who want to create wealth for themselves and they are the people who will save and invest and there will also be people who want to consume and therefore once you have those two demands in the system, there will be intermediation and therefore what we need to do is to make sure we attract people who want to create wealth and we attract people who want to borrow. This is the foundation to shift the ideological position first and start thinking about marketing; thinking about 2013; thinking about the needs of the young people and setting the platform action and strategies later on."
The workshop began on Friday and concluded yesterday.
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