The two fastest-growing demographics in the U.S. today areHispanics and women over 50. There are more Americans today aged 51than any other age.

Yet women uniformly report that they feel invisible in themarketplace (whether the mall or the bank) after turning 50. Thebiggest growth opportunity for any financial institution in thenext 10 years comes from winning business from this vibrantboomer woman.

Many financial institutions continue to think that women deferto the men in their lives for financial planning. They need to shedthis outdated stereotype to win business from women as theyage.

In a survey we conducted last year among our members (most ofthem aged 50 to 70), we learned that these women are taking chargeof their own financial future like no previous generation. Whilealmost half of respondents told us that they were raised to believethat a man would take care of them financially, only 3% of thembelieve that today. Ninety-seven percent of boomer women tell usthat their financial future depends entirely on themselves.

These facts apply even to married women, but it's important torecognize that a substantial number of boomer women are planningtheir financial futures alone either because they are widowed,divorced or were never married.

What can a credit union do to show boomer women it wants toserve them well? First, it should never use ads that show a womanstanding behind a man or sheltered under a man's arms. Even for thesmall percentage of women who aren't insulted by such imagery, asubstantial number of them actually find it sad, since it remindsthem of a husband they have lost.

What images do boomer women prefer? They do like images offamilies (more than images of couples) but only if they present noclear image of hierarchy. Don't show the women standing behindothers, but don't show them standing in front of others either.There are so few financial institutions that get this right thatthe one that do will be disproportionately rewarded.

What does financial security mean to boomer women? Independence.

Seventy-five percent of our respondents in our survey told usthat financial security means things like self-reliance,independence and the ability to plan their own futures. Less than15% described it in terms of being able to support others. Theboomer woman is focused on her own future and does not want todepend on others as she ages. Credit unions can help this woman byshowing how they can help her build a comprehensive financial planwith the goal of feeling financially secure. And they need to talkto her directly about her own life and needs, not about the needsof others.

Women entering their 50s have weathered the worst financialsetback of their adult lives. How has the ongoing recessionimpacted their financial planning? It has scared them.

In our survey, 52% of boomer women used words like “fear,” or“scared” or “anxiety” to describe their feelings about theirfinancial future. Another 39% used words like “uncertainty” and“worry.” Only 10% expressed a sense of calmness or security abouttheir financial futures.

While it's hard to feel good about these responses, they alsooffer financial institutions a great opportunity to address realconcerns. This is also an opportunity that credit unions areuniquely positioned to address.

The financial industry has generally advertised its services toaging customers in terms of performance and prestige. But boomerwomen don't want to hear about a bank's past performance. They wantto know that an institution can help them build a responsiblefinancial plan for the future. This will reduce their fears andprovide comfort that they will remain financial independent as theyage. And there's no reason a credit union can't deliver thissupport as well as any other financial institution.

Boomer women have also learned to distrust many institutions,including Wall Street banks and brokers. Credit unions have aunique opportunity to emphasize their differences from banks andother for-profit financial institutions. And these are differencesthat women will appreciate.

In spite of competition of other and larger financialinstitutions, credit unions have a unique opportunity to winbusiness from vibrant women over 50. Women will trust the financialinstitutions that get it right, which means the ones that followsome simple rules:

• Address boomer women directly. Talk to them about their ownneeds and their own financial futures.
• Don't worry about anyone else in their lives, even if they aremarried.
• Acknowledge that larger financial institutions have ignoredtheir real interests and needs. They will appreciate that youunderstand this, and they will give credit unions a chance.
• Remind them how credit unions are different from banks.
• Don't brag. Just tell them that you want to help them build aplan to maintain financial independence as they age.

Credit unions who follow this path will gain attention andbusiness from the country's richest, fastest-growing generation ofdepositors who happen to be looking for a solution that you canprovide.

Stephen Reily is founder and CEO of Vibrant Nation. CONTACT502-568-5555 or [email protected]