MADISON, Wis. (10/22/15)--Nearly two-thirds of middle-income non-members would consider opening an account at a credit union, creating an opportunity for credit union growth in this demographic, according to recent research from TruStage.
“If we can reach this group and educate them on the benefits of membership, there’s a good chance they can be influenced to join a credit union,” said Angie Fuhrken, director of marketing strategy and commercialization at TruStage, CUNA Mutual Group’s consumer brand.
The connection between credit unions and middle-class consumers was drawn during Fuhrken’s breakout session at CUNA Mutual Group’s Discovery Conference Wednesday. The sixth annual Discovery Conference presented keynoters and breakout sessions for free to attendees online.
CUNA Mutual’s “What Matters Now” report found that 28% of middle-income bank customers said they were “very” or “somewhat likely” to switch financial institutions in the next year.
In the study, middle-income Americans were defined as those between 30 and 70 years old with household incomes ranging from $25,000 to $100,000. This represents roughly 36% of the U.S. adult population and 42% of credit union members.
Fuhrken offered tips to promote credit unions to this demographic:
CUNA also is focusing on the connection between credit unions and the middle class with its latest Member Activation Program--“Strong Credit Unions, Strong Middle Class.”
The campaign reinforces the fact that credit unions are the smart consumer choice for middle-class families, according to Richard Gose, CUNA’s chief political officer (News Now Oct. 14).
In a recent CUNA survey, 54% of respondents said credit unions are the best place for middle-class consumers to deposit their money.