NEW YORK (1/28/16)--Millennials looking to start their financial lives on solid footing should turn to credit unions, personal finance website Bankrate.com advised.
“Start a lifetime of saving and borrowing at a credit union, which may cater to young adults better than a bank can,” the article said.
It cites four reasons why credit unions are a good choice:
The story also suggested aSmarterChoice.org as a resource for potential members to find a credit union to join.
And, credit unions’ attention to personal relationships makes them even more attractive to millennials. According to a Facebook IQ study, 60% of young adults want their financial institution to be a partner or friend.
“Growing up in a world of financial instability, constant innovation and near-infinite information, millennials have unique needs and are not looking for their parents’ kind of bank,” the research brief said.
Millennials value a financial institution’s honesty, convenience and reward for loyalty. Their questions may overlap--for instance, “How do I save more money?” or “How much do I need for a down payment on a house?” Credit unions that address millennials’ situations holistically may resolve multiple problems and be viewed as the partner that will set the stage for long-term financial success.