X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
young consumers on smartphones Source: Adobe Stock

The average age of a credit union member today is 47 – a whopping 10 years older than the average American: A 37-year old millennial. Millennials and Generation Z already hold a combined spending power of nearly $3 trillion and have the financial sway to make or break industries and institutions – including credit unions.

Millennials average 114 interactions each month with their financial institution, according to The Financial Brand – four times the average of other generational groups. Seventy-five percent would switch from their primary financial services organization for one single feature: A better mobile app. What’s even more concerning for credit unions is that 85% of millennials are interested in non-traditional banks such as Amazon, Apple or PayPal (though, interestingly, GenZ may prefer financial institutions).

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?

Dig Deeper

 

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 © 2022 ALM Global, LLC. All Rights Reserved.