Brand Story
22 Mar 2023, 06:13 GMT+10
The Northwest Federal Credit Union new discovery group will help identify products and services that appeal to this demographic. Younger members can attain financial wellness with specialized products and offerings guided by younger employees. The feedback from this group will be used as data to implement new strategies for attracting younger members to the credit union.
Northwest Federal Credit Union understands the importance of building a stable financial wellness plan at a young age, and provides guidance through online resources, so younger people can avoid accruing debt and begin building a better future. This is done by attracting a younger demographic with competitive interest rates for loans, as well as teaching them how to structure their financial plans, all designed to lead them to a strong financial future.
Working with this Discovery Group, Northwest Federal discovered that the 18-34 year old set has little loyalty to financial institutions. Instead, they are looking for the next best deal or offer as an incentive to switch. Through their online and in-person financial advice, Northwest Federal intends to demonstrate how younger members can begin their financial journey to build wealth with guidance every step of the way. Membership has immediate benefits, such as a pre-approval program, competitive loan rates, and educational webinars - all designed to appeal to this younger market.
Northwest Federal has found that those beginning their financial journey often haven't accrued any credit, which can be problematic when they go to buy a car, rent an apartment, or buy a home. They also discovered that this demographic can become overwhelmed with credit card or school loan debt. At Northwest, financial experts can advise younger members on how to reduce and manage their debt. Credit union experts similarly guide younger members through the challenges of paying off student loans, selling and buying a home, and saving for retirement.
The credit union treats members as people that they call by name, versus other banks and financial institutions who often treat their members as a number. They work with members on an individual basis, guiding them through the path of financial wellness to achieve financial stability.
Northwest Federal has responded to this new data by advising young people they don't have to sacrifice their financial wellness to be able to acquire the things they need and want in life. Says Jeff Margeson, SVP Retail for Northwest Federal, "Younger people's dreams for their lives can come true, they can have the house, the car, and the family, and not go into debt. We want to show this generation how they can make their money work for them."
Media Contact
Name: Maureen Cronin
Email Address: [email protected]
Get a daily dose of Raleigh Times news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Raleigh Times.
More InformationSAN FRANCISCO, California: Nvidia, the Silicon Valley chipmaker at the heart of the artificial intelligence boom, this week briefly...
REDMOND, Washington: Artificial intelligence is transforming Microsoft's bottom line. The company saved over US$500 million last year...
WASHINGTON, D.C.: A federal rule designed to make it easier for Americans to cancel subscriptions has been blocked by a U.S. appeals...
BASTROP, Texas: In a surprising turn at Elon Musk's X platform, CEO Linda Yaccarino announced she is stepping down, just months after...
NEW YORK CITY, New York: Former British prime minister Rishi Sunak will return to Goldman Sachs in an advisory role, the Wall Street...
LONDON, U.K.: Physically backed gold exchange-traded funds recorded their most significant semi-annual inflow since the first half...
ATLANTA, Georgia: The United States is facing its worst measles outbreak in more than three decades, with 1,288 confirmed cases so...
WASHINGTON, D.C.: After months of warnings from former federal officials and weather experts, the deadly flash floods that struck the...
(Photo credit: Wendell Cruz-Imagn Images) Cody Bellinger hit three homers for the first time in his career and drove in six runs,...
(Photo credit: Ken Blaze-Imagn Images) Casey Mize got some big news before his final start prior to the All-Star break. The Detroit...
(Photo credit: Lon Horwedel-Imagn Images) Cal Raleigh blasted his major league-leading 37th and 38th home runs, including a grand...
(Photo credit: Dale Zanine-Imagn Images) Matt Olson will replace Atlanta Braves teammate and fellow All-Star Ronald Acuna Jr. in...