Since I've started writing this column, I've heard that I'm selfish, lazy, fickle and a whole slew of other negative characteristics that don't exactly line up with the credit union people helping people philosophy.

Recently, a group of credit union employees from Filene Research Institute's 30-under-30 program brought to my attention that credit unions and Gen Y may actually have something in common.

As part of the 30-under-30 program, this group of credit union employees came up with a business plan that links credit unions and Gen Y through social responsibility.

The group looked at research from a Cone Inc. millennial case study that was conducted in 2006. The study showed that 89% of Millennials/Gen Ys are likely or very likely to switch from one brand to another if the second brand is associated with a good cause. The study also showed that 84% said they would trust a company more if it is socially and environmentally responsible.

Looking to build off this research, the 30-under-30 group came up with the idea for the CUre card, a socially responsible debit card. The basic idea behind the card is that credit unions offer the CUre card to members in a collaborative effort. Member's that sign up for the card will earn 10 cents per transaction, paid for by the credit union from interchange income. On a monthly basis, the participating credit unions will send the money racked up by members to a national partner that will administer the CUre card program. At the end of the year, a huge amount of grant money would be available for social entrepreneurs and organizations to apply for grants. A Web site will be created where the entrepreneurs and organizations can apply for grants, advocate for grants and members can vote on where the money should go. The idea is to have the national partner administer at least one grant in every state where a participating credit union is located.

I do think it has become a trend among my generation to be socially aware and responsible, but I'm not sure how much of it is talk and how much of it is action. On Facebook, I see people all the time creating groups and recruiting people to join groups promoting various causes; how much time or money they contribute to those causes is another story though.

Do I think that all of Gen Y will suddenly join a credit union on a quest to cure the world of all that is evil? No. But I do think CUre card has excellent potential to be successful. There are people in my generation that are very involved in social causes and donate time and money, and there are people in my generation that care but not enough to give their time or money. Either way the card reaches them because it requires nothing from the user but normal debit card use.

The collaborative effort is another aspect of the idea that I think will be appealing. If credit unions join together to offer this one card and pool money rather then offer different variations of the same concept, it will bring attention to the movement as a whole. Credit unions together have the potential to generate a huge amount of money from the card, which in turn will bring national attention from the media and social groups and organizations. People will pay attention to the cause and the money and start asking, 'What's a credit union?'

The 30-under-30 group will be presenting their CUre card business plan at the California/Nevada League annual meeting this week along with the business plans from other 30-under-30 groups. You're not going to get Gen Y doing the same old thing; it's going to take fresh, new programs that start by listening to ideas like this.

Instant Insights /

CUs and Gen Y Can Connect Through Social Responsibility

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