Northwest Federal Discovery Group Announces Financial Wellness Resources for Younger Members

Herndon, Virginia, March 21, 2023 (GLOBE NEWSWIRE) -- The Northwest Federal Credit Union new discovery group will help identify products and services that appeal to this demographic. Younger members can attain financial wellness with specialized products and offerings guided by younger employees. The feedback from this group will be used as data to implement new strategies for attracting younger members to the credit union.

Northwest Federal Credit Union understands the importance of building a stable financial wellness plan at a young age, and provides guidance through online resources, so younger people can avoid accruing debt and begin building a better future. This is done by attracting a younger demographic with competitive interest rates for loans, as well as teaching them how to structure their financial plans, all designed to lead them to a strong financial future.

Working with this Discovery Group, Northwest Federal discovered that the 18-34 year old set has little loyalty to financial institutions. Instead, they are looking for the next best deal or offer as an incentive to switch. Through their online and in-person financial advice, Northwest Federal intends to demonstrate how younger members can begin their financial journey to build wealth with guidance every step of the way. Membership has immediate benefits, such as a pre-approval program, competitive loan rates, and educational webinars - all designed to appeal to this younger market.

Northwest Federal has found that those beginning their financial journey often haven't accrued any credit, which can be problematic when they go to buy a car, rent an apartment, or buy a home. They also discovered that this demographic can become overwhelmed with credit card or school loan debt. At Northwest, financial experts can advise younger members on how to reduce and manage their debt. Credit union experts similarly guide younger members through the challenges of paying off student loans, selling and buying a home, and saving for retirement.

The credit union treats members as people that they call by name, versus other banks and financial institutions who often treat their members as a number. They work with members on an individual basis, guiding them through the path of financial wellness to achieve financial stability.

Northwest Federal has responded to this new data by advising young people they don't have to sacrifice their financial wellness to be able to acquire the things they need and want in life. Says Jeff Margeson, SVP Retail for Northwest Federal, "Younger people's dreams for their lives can come true, they can have the house, the car, and the family, and not go into debt. We want to show this generation how they can make their money work for them."

Media Contact

Name: Maureen Cronin

Email Address: mcronin@nwfcu.org