When the building societies launch into the wider range of financial services permittd under the Building Societies Act, it is among the younger age groups that they are likely to find most of their customers.
A survey carried out by the Building Societies Association indicates a strong interest from the public as a whole in using the new services which the societies will be able to provide, but that the interest is strongest in the age brackets under 34 years.
In the 16-19 age group, 61% said that they would use societies’ cash dispensers, while 53% would use a building society cheque book. Among 20- to 24-year-olds, 53% would use the dispensers and 46% cheque books, while for 25- to 34-year-olds the figures were 41% and 35%.
But as one goes higher in the age ranges the number saying that they would use these (the most popular) or any of the other new financial services falls steadily.
It seems that societies would be well advised to follow the Jesuit principle — catch them young and keep them for life.
