ANAHEIM, Calif. (3/24/16)--While 69% of millennials would consider opening an account at a credit union, only 14% use credit unions as their primary financial institution--meaning there is a significant opportunity for credit unions in this large, diverse market.
The numbers were revealed in CUNA Mutual Group’s “What Matters Now” research, released at the CUNA Marketing & Business Development Council conference Tuesday in Anaheim, Calif.
“Credit unions have a strong association and alignment with the values that are important to millennials,” said Susan Sachatello, senior vice president of TruStage, CUNA Mutual Group's consumer brand. “Understanding this population and engaging them in the credit union value proposition could be a significant source of membership growth.”
Key findings and advice about millennials, or those who are currently between ages 18 and 34:
“Millennial needs are strikingly different from those of the generation before. This new research provides compelling insights into what really motivates millennials and how success is defined by their family, not their financial situation,” said Laura Eblen, director of awesomeness, Mazuma CU, Overland Park, Kan.
Added Sachatello: “Our research shows millennials’ financial needs vary substantially based on age, presence of children and even their geographic location.”