US credit unions lose “primary” status with many older Millennials, according to a new report from the credit scoring experts at FICO. FICO surveyed young adults, finding that 20 percent of 18-24 year-olds say they use a credit union as their primary financial. Data shows 18-24 year olds are attracted to low and transparent fee structures and better interest rates.
Last week I took part in two of the online sessions organized and presented by the team at #Banksocial. I also attended a great panel discussion on how Financial Institutions can better appeal to Gen Y. The panel included Karrie Drobnick, CMO at Verve Credit Union and a very insightful marketer, JD Scroggin, Social Media Officer at CoastHills Credit Union.
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Ready or not, it's a millennial world; the rest of us just live in it. Millennials are those people born between the years of 1977 and 2000 and they now comprise 25% of the U.S. population. They also make up 21% of consumer discretionary purchases, estimated at over a trillion dollars of direct buying power. Some other important facts about millennials also include:
Millennials and Credit Unions: It’s Time to Switch to a Credit Union A new report from FICO finds that Millennials (adults aged 25-34) are more open to changing banks than members of older age groups. This should be good news for U.S. credit unions. According to FICO, Millennials say fees (low balance, ATM, etc.) are the top reason Millennials switch banks.
Unbanked Millennials - That Way by Choice Not all unbanked Americans are in that state due to poverty, a new study finds. Some are unbanked by choice. A survey analysis performed for Packaged Facts finds that there is a general trend away from having checking and savings accounts at traditional banking institutions, especially among members of the millennial generation.
What Are You Doing for National Credit Union Youth Month? It’s no secret that credit unions are eager to attract young members. Youth is the future, after all, and America’s CUs are nothing if not forward-thinking. The Credit Union National Association (CUNA) is promoting this year’s theme, Credit Union Strong, by offering a number of programs for CUs across the country.