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Source: Shutterstock.They’re the generations of emojis, hashtags and avocado toast — and they’re also keen money savers, according to a new survey from Travis Credit Union, which suggests COVID-19 will change the way millennials and Generation Z treat their finances.
The Vacaville, Calif.-based credit union ($3.6 billion in assets and more than 214,000 members) quizzed 1,879 people born between 1981 and 2012 about their money habits in May to find that nine out of 10 had savings accounts, and more than half contributed to it on a monthly basis. The average person had saved about $14,140, as part of a habit most said they’d begun around age 19.
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Mortgage rates are now expected to jump to 4% by the end of 2022 as originations fall.
Callahan analysts say the challenge for credit unions will be deciding how to spend earnings to expand their impact.
Employees working from home present a list of new challenges, but employers can and should be prepared.
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Data and Analytics for Financial Services: The Strategic Currency of the Future
More than ever before, credit unions need to build solid relationships with their clients through refined, personalized experiences that deliver timely, accurate service. This ebook explores the current state of financial services and explains how robust data and analytics can improve your CU’s chance of navigating turbulence and achieving sustainable growth in 2022 and beyond.
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Maximizing the Member Experience Through Payments
Recent data shows that 21% of potential members will abandon a financial transaction if it’s too time-consuming. Learn how your credit union can transform the member experience and start expanding your loan portfolio performance.
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Lending Reaches the Cloud: Tactics to Successfully Start Your Credit Union's Journey
Encouraged by technological advances and changing market conditions, credit unions are migrating critical lending functions to the cloud. Learn how the cloud ushers in more cost-effective operations and high levels of member satisfaction, and what you can do to start today.
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