Thursday afternoon’s session gave attendees the chance to get to know a wide cross-section of 18-to-30s recruited from the Tampa area. Twenty-eight visitors spent an hour answering questions about their personal finances, spending and saving behaviors, and financial goals. Attendees then had one hour to devise a program or product that they thought would appeal to and meet the young adults’ needs. Finally five of the most outspoken recruits returned to hear attendees proposals and evaluate them.
Phillip Crocker, director of financial literacy for Resource One Credit Union in Dallas, presented a proposal from his table for an auto loan with a repayment plan that included an extra $25 per month, which would be diverted to a high-interest savings account. The principal and interest would revert to borrowers when their loans were repaid.
The panel was lukewarm to the proposal. Two expressed a strong preference for a lower payment in lieu of the forced savings. One suggested that the savings balance should be available if the alternative were defaulting on the loan.
IMHO: Generalizing about 18-to-30s will doom your programs to failure. You have to float proposals with real, representative people, because you'll never be able to respond to objections that you couldn't antipicate otherwise.
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