NEW ORLEANS – If you want to bring Generation Y into your creditunion membership, don't be a Marent or a Wiwak. That warning comesfrom Paula Felten, head of marketing at Jeffco Credit Union inLakewood, Colo. Speaking at a breakout session during the EducationCredit Union Council annual conference, Felton explained Marentsare marketers who are parents. They figure they'll try an idea ontheir own kids and if it works, the product will succeed. Thenthere are the Wiwaks, who constantly declare, “When I was a kid, .”“Many components make the youth market one of the most powerfulmarkets since the baby boomer generation, and the leastunderstood,” Felten said. Why pursue the youth market? Feltenindicated children ages four through 12 have a combined annualincome of $27 billion, virtually all of it discretionary. Theyrepresent 28.6% of the population, have a direct influence on $187billion of parental purchases each year, and indirectly influence$300 billion. They save at a much higher rate than their parents,she continued, then spend that item for such high-ticket items asbicycles, skateboards and IPods. American children save an averageof $225 a year and spend about half of it. They put at least $100 ayear into a checking account. The typical 10-year-old has $500 to$700 in the bank at any one time. Felten warned that if creditunions don't woo this market, other financial institutions will.Merrill Lynch and Co. visits schools. Charles Schwab offersbrokerage accounts for parents and grandparents. Stein Roe of YoungInvestors Fund caters to young people under 17 years old. TexasCommerce Bank will open an account for as little as 25 cents.“Marketing effectively to this Generation Y market will bedifferent than what we have done in the past,” Felten said. Sheurged credit unions to turn to teachers, market research and focusgroups for objective information. -

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