WASHINGTON (7/14/15)--With millennials predicted to be three out of every four workers around the world by 2025, CUNA President/CEO Jim Nussle sees how credit unions have the opportunity to resonate with those millennials. In an op-ed that ran in the Credit Union Times, Nussle described how the not-for-profit cooperative financial system appeals to millennials.
“They like the fact that we don't have stockholders on Wall Street and instead pass earnings to our members. For-profit banks, in contrast, pass profits made from customers to stockholders, which mainly consist of big, out-of-state Wall Street corporations and wealthy individuals,” Nussle wrote. “Younger people seeking financial services in the post-Wall Street meltdown of the last recession are attracted to credit unions’ value-based decision making.”
A number of recent studies point out that big banks do not particularly align with millennial beliefs. The four largest banks are all among millennials’ least-liked brands, and 34% of millennials leave their bank because fees are too high.
Meanwhile, credit unions present an option with lower fees, higher customer satisfaction and a nationwide network of 30,000 surcharge-free ATMs.
“Millennials are discovering that credit unions can meet their needs for banking services. Today, 15% of millennials use credit unions, and we have a real opportunity to attract more by helping raise awareness of the credit union difference and the advantages we offer,” Nussle wrote.
Nussle also added that “not only are credit unions the best financial partner for millennials, they are also one of the best places to work.”
Fortune's list of the 100 best workplaces for millennials named four credit unions. Each of those credit unions have at least 40% of their workforces belonging to the millennial age group.