Today, the baby boomer population is one of the largest in the United States. In fact, there were almost 76 million Americans born during the baby boomer period, from 1948 to 1960. This means that this demographic group represents about 28% of the United States population, which is considered one of the largest in the United States history. Certainly a group to pay attention to by any business but particularly one that should get the full attention of credit unions. Why?

It has been reported that in the upcoming year there is the potential for more than 5 million boomers to leave their credit unions when they leave the workforce. That is the bad news. The good news is that another report by Forrester Research shows credit unions tied for first place with USAA as the most trusted financial institution, most likely because credit unions have the reputation for putting customer needs first, which fosters loyalty and trust. With the continued uncertain economy, boomers are sure to be looking at financial provider alternatives with which to place their trust. This gives credit unions the perfect opportunity to put in place a strategy to not only retain current members but to also woo potential new ones.

Undoubtedly, a credit union will want to find ways to provide for a retiree's needs to keep that large number from moving to another financial provider. That will mean letting them know about products that will help manage their income and maintain the lifestyle they enjoy. It may also mean providing advice that supports their decision making. For those still in the workforce, planning is important, but marketing materials or messages that target older people will not work for this group of members who may look at 60 as being the new 40.