SEATTLE - The trademarked slogan for youth-focused Brass magazine is "Young Today. Rich Tomorrow," which the CEO says is precisely the reason for credit unions to sign up its readers as members.
Bryan Sims, founder and CEO of Brass Media, was a senior in high school when the Sept. 11, 2001, terrorist attacks occurred. Watching his father get laid off and face a lengthy stretch of unemployment impressed upon Sims the importance of being in charge of one's financial situation-a trait he says he shares with many of his peers.
"Credit unions cannot afford to miss Generation Y," he said at the recent NASCUS Annual Meeting here. "This generation is very technology driven. It is used to multi-tasking and having lots of information coming at them."
Sims said another trait of Gen Y makes its members ideal credit union members: "This generation is very entrepreneurial," he said, adding Subway, Dell and Microsoft were started by teenagers. "Small business lending is important, and Mountain America Credit Union [Salt Lake City] does it well."
Many members of Gen Y are "New Americans," especially in states with heavy immigration from other countries such as Florida, Texas and California. Sims said The Golden 1 CU in Sacramento, Calif., has done an excellent job of focusing on the Latino market.
Many Gen Yers are into volunteering and giving back to their communities, Sims continued. He reminded CUs the oft-discussed concept of "serving the underserved" includes young people.
"If you help someone in their time of need, they will stick with you," he said.
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