PORTLAND, Maine (12/12/11)--The Young & Free Maine program reported double-digit growth from August through November, said the Maine Credit Union League.
In that time frame, credit unions reported a 40% growth in free4ME accounts, with nearly 600 new accounts added (Weekly Update Dec. 9). Young & Free Maine includes a financial headstart with an account called the free4ME Account, designed for 18- to-25 year-olds. The Maine program has proven successful in connecting with Gen Y in other regions throughout North America, the league said (News Now June 14).
Strong statewide advertising support through new TV and radio commercials, which specifically highlight the program, helped bolster its growth, the league said.
Other highlights of the impact of the Young & Free Maine program are:
- 13.4% membership growth in 18 to 25 year-old members since the Young & Free Maine program began in April;
- The average age of credit union members at participating credit unions decreased a full year during that period, to 45 from age 46;
- 13% of free4ME accounts have loans with an average loan balance of $6,649; and
- The average age of free4ME account holders is 19.
October and November showed more positive results, with 60% of free4ME account openings being new relationships, a 20% increase over August and September.
With six months remaining on the first year of the Young & Free Maine Program, the Maine league said it continues to get closer to its goal of funding a second year of Young & Free.