Only 20% of credit union members say they plan to sign up for new credit union services next year, half aren't sure and 30% are definitely not planning on adding new services, according to new data from Ann Arbor, Michigan-based analytics firm CFI Group.
Whether a credit union member plans to add services next year may also be a factor of age. About a third of "younger millennials" (18 to 25 years old) said they expect to add services in the next year, but only 27% of older millennials (those 26 to 34) said the same. Only a few Gen Xers (18%) and Boomers (14%) said they plan to add products in the coming year.
"The ray of hope for credit unions to sell new products to members lies foremost in younger millennials, but also in the relatively large 'Not Sure' areas for the other age groups. For older millennials, Gen Xers, and Boomers, that gray area is a large 40%-60%," the report said.
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