Why should credit unions offer debit cards for young people?

With over three million 15 to 19 year olds across the UK¹ there is a huge opportunity for credit unions to sign up the next generation and support them with their money management and ongoing finances.

By broadening your offering and delivering debit cards to young people, there are a variety of direct advantages for credit unions including growing your member base, in turn growing your finances, as well as creating lifelong members and solidifying your well-established community presence.

 Lifelong membership

Approximately 40% of millennials use the same bank they chose when they were younger² for new more relevant products and services as they reach adulthood. This shows that a large portion of adults are staying loyal to financial institutions, which is a fantastic opportunity for credit unions to leverage. Introducing young people to credit unions through debit cards can support the creation of lifelong members, creating long-term growth across the sector.

Parental peace of mind

Credit unions can also ensure members who are parents have a reliable, safe and easy to use financial solution for their children, from a trusted and familiar company. By offering this financial solution it provides parents with peace of mind knowing that their family has the same financial support they do.

Money management advice

Forming healthy money management habits from a young age can help to inform better financial decisions as customers’ age. By offering products and services such as debit cards to young people, it allows credit unions to support the next generation of members on their financial journey.

Community presence

Credit unions have a longstanding and positive reputation for being at the heart of their local communities. By offering a range of products and services to everyone within that community it cements the strong position and allows potential members to choose credit unions as their first choice for financial solutions.

Growth and investment

Growth and earnings go hand in hand, and the larger your credit union grows the more investments you can make to better support your members and attract new ones. This may enable you to provide more competitive rates, implement innovative technology and convenience for members. Offering your members a credit union child account could be a great step in your growth plan. 

At Optimus we provide a debit card that grows with the customer, empowering young people through education and independence in money management. With safe and reliable features including no overdraft and spending limits, coupled with a digital app, our online debit cards are a savvy way for young people to begin their financial journey.

Discover debit cards for young people https://optimuscards.com/child-debit-cards/

References

1 Statista

2 Daily Express