Gen X and Credit Unions
Gen Xers are in their prime when it comes to their career and earnings power. But most businesses skipped them and went straight to targeting Millennials as the new key market for their efforts.
The Gen X audience is skeptical, educated and practical. They’re also tech-savvy, having grown up alongside the Internet, and entrepreneurial thanks to growing up in dual-career or single-parent households where they learned independence and gained strong do-it-yourself mentalities. While there may be fewer Gen Xers than other generations, the approximately 50 million Gen Xers is entering their peak earning and spending years, and are a key demographic for growing your credit union membership and business.
Don’t miss out on powerful growth opportunities from a generation that is not only its prime earning years but can benefit greatly–and generate loyalty and referrals–from credit unions interested in nurturing their financial stability and future planning.
Things credit unions should know about Gen X:
- They have the money. Even with their loss of wealth in the Great Recession, research by the Deloitte Center for Financial Services shows Gen X will be the main holders of wealth for decades before their Millennial counterparts step up.
- They are also in key life stages that credit unions are positioned to nurture and support: many are either getting married or have recently married, looking to buy or renovate a home, starting families or raising school-aged children, looking for a little financial assistance for their children to attend college, working toward or hitting the peak of their working lives.
- They are adventurous consumers. Gen Xers care as much about having a pleasurable shopping experience and convenience as anyone, but they also care about expressing their individuality. This makes them more willing to try new stores, products, services or even ideas.
- They have unique challenges with which credit unions are uniquely positioned to help. Gen Xers have less wealth than their parents did at their age due to the recession, lingering college debts, increases in costs of living, and an added challenge of covering the cost of caring for their children and their again parents. They have also often not adequately saved for retirement.
Tips for customizing your communications for Gen X:
- Be an advocate
- Speak to their skepticism
- Avoid the hard sell
- Know their other options
- Provide value
- Go digital
If you’d like to get more information on connecting with different generations as part of your marketing and sales strategies for credit unions, you can download our FREE eBook here.