Credit unions and other financial institutions should brace for a huge amount of turnover among finicky millennial consumers, according to the 2016 "Millennial Money Mindset Report" released by the Nashville, Tenn.-based financial advisory firm iQuantifi Friday.
Almost one in five millennials (18.6%) have switched primary financial institutions in the past 12 months, and more than one quarter (28.8%) of those making more than $75,000 annually have done so, according to the survey of 500 adult Americans aged 21 to 35.
Also, 36% of millennials said they'll probably switch financial institutions in the next 12 months; 55% of those making more than $75,000 annually said so as well.
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