If you’re rubbing your eyes because your Gen Y son or daughter is clipping coupons or opting to open a money market account instead of buying that "sick" electric guitar you aren't alone.

According to the book Not Quite Adults, penned by Barbara Ray and Richard Settersten, Gen Y’s attitude toward the economic future is unlike those held by recent previous generations. No generation since The Great Depression has taken a an economic beating like Gen Y. News about expenses for wars, bailouts and a battered housing market has produced a wiser, shrewder group of young consumers.

“They’re worried and wonder whether Social Security will be available for them,” Ray said. “They look down the line and figure they better start saving. Whether they’re actually saving, I don’t know.”

Ray adds that, “There is a general sense that they need to save money. They’re suddenly very aware of the value of the dollar. Part of that is because they see their parents struggling. Part of that is the fact they didn’t get a job straight out of college.”

Being unemployed or underemployed has instilled a sense of frugalness within the Gen Y generation, which makes credit union membership an ideal place to nurture savings.

“I would guess that a lot of Gen Y doesn’t know the difference between a credit union and a bank,” Ray says. “I think for this generation you have to build a sense of community. They use social networks so extensively. Those networks give them a sense of being part of something.”

Gen Y'ers are also quite aware of the Occupy Wall Street movement and have developed an aversion to big business and big banks, making credit unions an attractive alternative to the multi national giants being bailed out today.

Credit Unions Cater to Gen Y Future Needs

Blake Woods, PR and New Media Manager for Lake Trust Credit Union ($1.5 billion, Lansing, Michigan) says that credit unions often possess the type of social media flexibility and agility Gen Y’ers look for in a financial institution.

“In today’s world, we need to be able to serve members efficiently and in the medium of their preference. We’ve found that credit unions can offer our members a friendly face at a branch, and the latest online and mobile tools to make their experience as quick and easy as possible. Although many may not believe it, credit unions are often agile enough to be able to quickly implement the latest in technology and innovation across their membership.”

Lake Trust’s hip Gen Y Guide provides a comprehensive information hub that delivers financial education on more of the social media level. It’s blog-based interface allows Gen Y members to interact with moderators and sound off on issues.

Although one of the biggest issues with many Gen Y consumers is saving money for the future, many have not been able to save anything toward retirement.

According to a study commissioned by Scottrade, 60% of Gen Y saved nothing toward retirement in 2010, and 40% were not expected to save anything in 2011.

Woods says that he’s seen this phenomenon occur at his credit union and says that Lake Trust is doing what it can to educate Gen Y’ers and get them on the path to saving.

“Although there are a wide variety of financial education resources available, we’ve observed a gap in connecting that information to our Gen Y members,” Woods says. “One of our biggest goals will be to create financial awareness and literacy in a way that our information hungry Gen Y membership can easily consume. Our blog and social media channels are a step in that direction.”

 Kelli Hawkins, Communication Manager at Numerica Credit Union ($1 billion, Spokane Valley, WA) says that she too sees Gen Y wanting to save for the future but not having the tools. “I think that because they are not getting the financial education they need they talk about how much they need to save, but don’t know how to do it.”

Numerica’s “Num Num“ page was designed to educate and inform the Gen Y saver. “Our goal with the Num Num page is to provide a place that grabs the reader’s attention and keeps them involved. The initial attraction gets them reading the blog that contains financial advice. We also invite visitors to submit a video about money, which increases the engagement. The entire page is dedicated to getting Gen Y talking and thinking about how to make, save and spend money.”

Hawkins adds that Gen Y is savvier about the financial industry and has a better idea of what they want. “They understand that they need a free checking account and know about fees, thanks to the stories in the media. They also want more control and have more of a say about how their money is handled. That’s what makes a credit union a perfect choice. Credit unions are democratically run so the member does have control. They can attend the meetings and have a say.”

Looking for a Gen Y club near you? Find a credit union in your area today