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Marketing To Your “Pre-Retirement Age” Members

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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:

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