A growing number of members in the baby boomer age range are leaving their credit unions as they near retirement, according to research conducted by CUNA Mutual Group.In a multilayered study of credit union members and nonmembers between the ages of 50 and 67 with various income levels, CUNA Mutual found that somewhere between 17% and 88% of boomer members are at risk of leaving their credit unions in retirement. In the report, “Boomers or Bust-A Generation You Can’t Afford to Lose,” authored by Jeff Hunt and Vicky Franchino, members said the top reasons for leaving the credit union were the financial institutions were not where they conducted most of their transactions and most of their investments and assets were parked elsewhere.Retaining a boomer membership is a critical goal for all credit unions given their asset power, according to the report. To do this effectively, credit unions have to reposition themselves as full-service retirement partners.“Boomer members will be increasingly responsible for their financial survival during retirement and will need new reasons to remain with their credit unions: The loans and deposit accounts they used in the past will not be enough to keep them.”–[email protected]

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.