OKLAHOMA CITY-As the curtain descends on the era of cheap money and free-flowing credit, one credit union is encouraging the next generation to revolt against the trend of excessive debt and overspending that some say has helped to cripple the economy.
Tinker Federal Credit Union has put together a new website, BuckTheNorm.com, to act as the spearhead for its Generation Y educational initiatives.
The $1.7-billion institution "soft launched" the site in September, but has just recently ramped up its efforts to turn the site into an ongoing dialogue with the younger crowd about financial responsibility and empowerment.
"The boomer crowd has lived that norm to go out and buy that bigger house, buy that bigger car," said senior VP of Marketing Matt Stratton. "We want to make sure there is a message out there with the theme that once you get your money working for you, you have control over your money rather than the money having control over you."
The message is one that the next generation is apparently eager to hear - Stratton cited a Charles Schwab survey that showed 89% of teens want to make their money grow, and another 65% said learning about money is interesting. In an effort to speak to the younger crowd on their level, the site is replete with mascots, youthful rhetoric and humorous cartoons delivering the serious message of financial management.
Credit union employees will be blogging on the site periodically and adding articles with helpful budgeting tips, advice on how to buy a new car, crafting a resume and even how to track down scholarships. Those bloggers are also all members of Generation Y, a strategy Stratton said the credit union put in place as site viewers would feel more comfortable having a dialogue (through the comments section and via e-mail) with their peers.
"They are not going to be the experts necessarily, but they will be in touch with the generation and have the connections here to get the right answers to the people," he added.
Educating the public aside, Stratton said Tinker FCU hopes its efforts to reach out to a younger group pays dividends in the form of increased account openings and a jump in both loans and deposits by that age group. The plan is long term; Stratton noted that the CU plans to carefully track membership growth and balances for Generation Y members for quite some time. Despite the goal to boost youth membership at Tinker FCU, Stratton emphasized the fact that while the "credit union difference" message will be played up, there will be no concerted effort to make the website a sales platform.
"We want it to be a place where young folks can go where they know they are not going to be cross-sold a product," he said.
Tinker FCU is also working with schools and business development representatives to get the message to the youth that getting a hold of ones finances leads to personal empowerment. Public schools have been receptive to the message and the credit union should have little trouble better educating Oklahoma youth as a law passed a few years ago requires high schools to teach financial management as part of its core curriculum. Students also get the opportunity to make Tinker FCU put its money where its mouth is; earning a $2,000 scholarship by submitting videos to the website describing their "money mistakes" and what lessons they learned.
