Promoting Thrift in an Age of Excess

by Matt Davis on May 21, 2009

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This presentation explores how credit unions can promote thrift in an age of excess. It was delivered as part of the CUES Experience webinar series on May 21, 2009.

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This presentation explores how credit unions can promote thrift in an age of excess. It was delivered as part of the CUES Experience webinar series on May 21, 2009.

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Promoting Thrift in an Age of Excess — Presentation Transcript

Promoting Thrift in an Age of Excess Matt Davis Members Credit Union

An Age of Excess

An Age of Excess - The Sequel

Keeping Up with The Joneses

An Age of Excess - The Sequel *NPR “Behind the Ever-Expanding American Dream House,” Margot Adler

7,500,000 Spend At least Half Their Income on Housing. *U.S. Census Bureau 2007

24,000,000 Owe more on their mortgages than their homes are worth. *Zillow.com

Disposable personal income (DPI) Personal Savings Taxes + Outlays 1952 2007 *BUREAU OF ECONOMIC ANALYSIS

Personal Income - Taxes - Outlays ___________________ NIPA Personal Savings 52 55 58 61 64 67 70 73 76 79 82 85 88 91 94 97 00 03 06 19 19 19 19 19 19 19 19 19 19 19 19 19 19 19 19 20 20 20 $32.2 Billion vs. $32.5 Billion *BUREAU OF ECONOMIC ANALYSIS 1961 Savings vs. 2005 Savings

2005 *BUREAU OF ECONOMIC ANALYSIS

11.2% Personal Savings ___________________ Disposable Income 0.4% 1982 2005 *BUREAU OF ECONOMIC ANALYSIS

Eleven Consecutive years college costs have outpaced inﬂation. *College Board 2006

350% Per Capita Increase in personal bankruptcies from 1980-2005. *Administrative Ofﬁce of the U.S. Courts: www.uscourts.gov/adminoff.htmlsting

35% Gen Xers Believe they will never be able to stop working. *Scotttrade/Betterinvesting

64% Baby Boomers Feel like they can retire and not worry. *Scotttrade/Betterinvesting

A Credit Union is “Organized...for the purpose of promoting thrift among its members and creating a source of credit for provident or productive purposes;” - Federal Credit Union Act §1752 (1)

The credit union’s “most important purpose is to teach and promote thrift.” - J. Orrin Shipe, CUNA June 7, 1965 Issue of U.S. Investor

“The society aims less at obtaining business proﬁts than the strengthening of the economically weak and the furtherance of the intellectual and moral well-being of its members.” - Friedrich Raiffesein

- Alphonse Desjardins

“I’ve been plunged into different things. It reminded me of my father’s ill-health, and what can happen to a family when the breadwinner is struck.” - Alphonse Desjardins

“...if the masses of wage earners gamble in stocks instead of buying the things which they want, they gamble not merely with their savings but with their jobs.” - Edward Filene

thrift (thrĭft) n. 1. Wise economy in the management of money and other resources; frugality. *The American Heritage Dictionary of the English Language, 3rd Edition

How Should Credit Unions Promote Thrift?

1. Teach Members How to Save

Teach Members How to Save

SWEET! Sweet!

2. Make Saving Easy

Make Saving Easy

3. Make Saving Fun

Make Saving Fun

4. Save Members Money on Expenses

Key Takeaways • Strike while the iron is hot • If you’re not having fun, your members aren’t either • Take Advantage of Cheap Technology • Make your members the stars • Goal should be improving member behavior

Matt Davis Director of Public Relations Members Credit Union Thank You! mattd@memcu.com creditunionwarrior.blogspot.com

Promoting Thrift in an Age of Excess

by Matt Davis on May 21, 2009

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Promoting Thrift in an Age of Excess — Presentation Transcript