Despite the incredible growth credit unions have experienced in recent years, the member-owned financial cooperative movement remains on the threshold of major expansion. Increasingly, millennials are choosing credit unions over big banks for a number of reasons. Namely, they get it!
We at Credit Union Network for Financial Literacy are regularly introduced to credit unions that understand and respond to the trend, offering products and services that meet the needs of younger members. As a result of their efforts, the average membership age at these CUs decreases while overall membership increases.
In her outline of the reasons millennials choose credit unions over banks, Samantha Paxson, Chief Marketing Officer, CO-OP Financial Services, cited commitment to edifying and serving members, trust, and philanthropy among the top nine.
Clearly, financial education pays innumerable dividends, and it’s never too early to begin. When you reach children as early as kindergarten, you not only help them form good habits, but also reach their young (millennial-age) parents.
Below is a summary of Paxon’s nine reasons millennials favor credit unions. Consider it a checklist by which you can gauge the effectiveness of your CU’s community outreach (aka Public Relations). Click here to read Paxon’s entire article.
Reasons people prefer Credit Unions over big banks:
- The banking crisis of ’07/’08
- Credit Unions’ commitment to philanthropy
- Higher returns on savings, fewer fees, lower loan rates
- Great place to start building credit
- Not your father’s financial institution
- Renowned for customer service
- Trusted resource/partner
- Little trust in big banks
- Mobile/digital services superior to banks