Posted by Lisa Hochgraf
My son just turned 4, so I've started to think about how to teach him about money and personal finance. I'm sure I can help him with important ideas like saving and spending, interest--you know, the basics.
But yesterday life reminded me that "the youngest person in any family tends to be the most technologically savvy." And, indeed, that my little man is likely going to teach me a lot as he grows up about the technology that moves money and supports personal financial planning.
How did life provide yesterday's little reminder? I learned about Obopay, a service (not a bank or a credit union) that lets consumers get, send, or spend money via their cell phones. (I blogged more about it in "10 Cents a Transaction Without Being a Bank.")
All the data I've seen suggests that younger people have cell phones and use text messaging more than older people. And I've heard solid reasons why young people are an important target market for credit unions. Yet how old are the people making the decisions about wireless banking and other new technology at most credit unions? Is there anyone who hired someone not just because they were young, but because they were young enough to know about Obopay way before we did?
I'm certainly not suggesting that anyone discriminate in hiring based solely on age. But it does seem like savvy young employees could be critical players on teams making technology decisions that could boost membership in that attractive younger demographic. I'd like to see credit unions put aside the much-discussed-in-the-media "challenges" of employing members of Gen Y and instead leverage the strengths of young employees to stay competitive.
