Maine CUs Adding Perspective To Impact Of Aging Population
The Maine Credit Union League is presenting credit unions' viewpoint in a series of roundtables examining the challenges and opportunities Maine faces with its aging population. Speaker of the House Mark Eves (D) is conducting the roundtable discussions to address the issue.
"I am reaching out to leading voices in our state to invite them to join me at a series of roundtable meetings to focus and engage on the important topic of Maine's aging population," Eves said. "We have the opportunity to manage that change or let it manage us. The goal of these meetings is to create a shared understanding of the opportunities and challenges and move from awareness to action," he said.
The Maine league was part of a group of organizations asked to appoint a representative to attend and participate in these discussions. Kyle Casburn, president/CEO of Seaboard FCU in Bucksport and a member of the league's board of directors, was selected to represent Maine's credit unions at the sessions. The first session was Tuesday in Augusta.
Charles Colgan, an economist at the University of Southern Maine's Muskie School, addressed the group and warned attendees that "labor costs will skyrocket if the state's leaders fail to entice more young people to move here."
"Speaker Eves assembled a diverse group from the business community, education, governmental agencies, law enforcement, healthcare and service providers," Casburn said. "Each group brought a unique perspective on issues, such as how to plan for a shrinking work force, recruiting younger people to move to Maine, and aging's impact on transportation, housing and caregiving.
"For credit unions, we have a particular interest in helping prevent elder abuse and financial fraud," Casburn added. "I shared the challenge of our members transitioning from net borrowers to net savers and how it will impact our income, and how the reduction in our pool of borrowers will make competition for loans even more severe in the coming years."
The remaining sessions will be held Oct. 1, 15 and 29, said the league.