Why Gen Y Isn't Brand Loyal

In a recent article, The Chicago Tribune declared that "Hard-hit millenials are less likely to be brand loyal." 

In a survey, 25 percent of millennials -- those age 18 to 34 -- reported not having enough money to cover their basic needs compared to 17 percent of adults 35 to 54, and 13 percent of adults 55 and older, according to a report released Monday by WSL Strategic Retail, a New York-based firm which tracks shopper behavior and retail trends.

The Internet-based survey also found that 80 percent of millennials believe it's important to the get lowest price when shopping.

To this I toss out a resounding "DUH." In the economy that we currently live in, everyone is trying to save a dollar - not just Gen Y.

In the case of choosing a financial institution, there are loads of choices. Within a 5 mile radius of my apartment there are at least 7 different banks or credit unions that offer (or seem to offer) the same thing. What impetus do I have to choose them over a competitor?

And its not just about bells and whistles - Gen Y isn't looking for free toaster ovens when we open our account. We want low maintenance accounts and free checking. Minimum monthly balances or a fee charged? No bueno.

We're in a new era - an era where the majority of college graduates are struggling to find work and are moving in with their parents. For credit unions to attract this generation, we'll have to set ourselves apart from the pack.

The old adage "if you build it they will come" no longer applies - because there are five competitors in your backyard building the same thing.

How is your credit union attracting the current generation? Let us know in the comments!


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