WESTBROOK, Maine-Realizing the potential of today's vital yetoften under-served youth market-estimated at 90 million strong-theMaine Credit Union League has conducted a series of focus groups todetermine best practices for reaching out to youth, as well astheir understanding of personal finance, budgeting and credit unionservices. Results of the focus groups in a summary report areavailable to interested credit unions. “This was everything wecould have asked for and more,” says John Paradise, government andpublic affairs manager for the league, in regard to the positivereaction by youth participants, parents, teachers and members ofthe business community. “All [youth participants] were verypositive about speaking about their spending habits. They allseemed very enthused about being listened to.” Organized under thedirection of the league's Marketing and Statewide AdvertisingCommittee, focus groups were conducted in two series – oneinvolving CU marketers, the other involving youth primarily betweenthe ages of 11 and 14 from three areas of the state at threeregional sessions. Half the youth participants were CU members. Keyresults of the focus groups indicate that a service gap exists forpreteens, who no longer feel connected to “kids” clubs but also arenot ready for full teen programs. Preteens felt it was important tobe recognized as a distinct group. And, contrary to beliefs by CUmarketers, preteens are most interested in having a safe place tosave their money, rather than having access to cash throughchecking accounts and debit cards. “Rewards” that encourage savingmoney were of particular interest. However, rather than offeringprizes, such as CD players, T-shirts and cash drawings, youthparticipants preferred gift cards to favorite stores andrestaurants. In terms of marketing, preteens want to be treated assuch and not as “kids.” Personal touches, such as being addressedby their first names, were a draw. Adults that use teen “lingo”were definitely a turn off. Knowledge of money and credit unionsvaried by region. For example, youth from an area of Maine hurt byjob layoffs had a greater understanding of money management andbudgeting, according to Paradise, although the majority of youthrecognized the importance of self-control and the dangers of debt.Students from one group with an in-school credit union wereparticularly pleased with their knowledge of CUs. But, one of themost eye-opening responses was that of youth toward their parents.“Many didn't realize how much their mother and father had to spendto support them in a given month,” Paradise says. “They came toreally appreciate what their parents do, which is exactly what wewanted them to realize.that money doesn't grow on trees. “Severalweeks after,” he adds, “we heard from teachers that this really hithome, how expensive it is to live. We know that, but 17-year-oldsdon't necessarily.” To obtain a full copy of the Maine CU League'sfocus group report, call Debra Trautman, director of marketing, at(800) 341-0180. [email protected]