spot_img

Marketing To Your “Pre-Retirement Age” Members

Date:

If your credit union is like most CUs, a high percentage of your members are nearing retirement. Turns out, freeing themselves of debt weighs heavily on these individuals’ minds. Tailoring a debt consolidation loan strategy to them could therefore be your ticket to increased revenue and highly satisfied customers.

The Situation

Chances are your credit union has a pretty significant percentage of members who are between the ages of 50 and 65. In many cases, we’ve seen this number be upwards of 25 percent to 30 percent of total membership. What do all these members have in common? They’re gearing up for retirement. That means different things to different people. To some, it means getting ready to live on a fixed income. To others, it means wanting the financial freedom to purchase toys (RVs, boats, etc.). However, one trend we at LSCI have identified as becoming more and more common among this age group, regardless of income level, is debt consolidation. As they prepare for their “golden years,” members in this age group want to get their credit cards paid off so they can transition to retirement without any hiccups.

Our Recommendation

For credit unions, this focus on credit cleanup is a prime opportunity to increase revenue while helping to serve your members. We recommend proactively marketing a debt consolidation loan to these members. Here’s one way to do it:

This content is for CU BUSINESS eMagazine , Special Deal: 2 websites , and NEW! The Leadership Team Builder Group Subscription members only.
Log In Register

Share post:

spot_img
spot_img

Popular

More like this
Related

America First Credit Union Unveils Official Real Salt Lake Co-Branded Credit and Debit Cards

RSL fans can support their favorite MLS team with...

ALM First Announces New Dates & Locations for Fall M&A Master Sessions

Dallas, TX – ALM First has expanded its M&A Master...

How to Survive the Auto Inventory Apocalypse

We know COVID-19 was the catalyst for the snowball...

United Federal Credit Union Names Will Schirmer Chief Human Resources Officer

JOSEPH, Mich. –United Federal Credit Union has named Will...