3 myths about young people and credit unions

Since the beginning of time, older generations have been claiming that “kids these days” are somehow in worse shape than their elders ever were — don’t let your credit union fall into that same dismissive mindset!

If you haven’t thought much about bringing young people into your credit union or incorporating younger generations into your financial institution’s marketing strategy, it’s time to reconsider. First things first, let’s clear up some popular misconceptions about young people and finance:

Myth #1: Young adults aren’t a very valuable market for credit unions. 

It’s true that teenagers and twenty-somethings haven’t yet reached their prime borrowing years — but it’s also true that much of the current credit union market has passed that stage of their financial lives! Finance experts will tell you that prime borrowing years fall between the ages of 30 and 50. The average credit union member is nearly 50 years old.

By beginning to build relationships and recruit young members now, you can set your credit union up for success in the future. If you bring Gen Zers or young millennials into your organization now, your credit union can expect to thrive for years to come.

 

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