3 ways credit unions can attract more millennial members
Where did you open your first bank account? For me, it was with a credit union. I still remember how proud I felt, strolling through the glass doors of Washington Trust in Rhode Island to deposit hard-earned tips from a summer job. That first check turned into a lifelong relationship, and years later, I took out my first mortgage with that same credit union.
Yet, for others around my age, this isn’t always the case. Wooed by compelling adverts and household names, I noticed that many of my friends housed their assets at traditional financial institutions. In fact, only 14% of Americans ages 25-34 are members of credit unions.
This is surprising when you consider credit unions’ advantages. For example, did you know that credit unions are actually member-owned nonprofits? According to Bankrate, this structure enables credit unions to charge lower interest rates on loans and higher yields on savings products. That’s why you may have noticed competitive rates on a mortgage at your local credit union, or better yields on share certificates or savings accounts.
Between 2022 and 2045, baby boomers are projected to hand down $72.6 trillion in assets to their heirs, including Generation X and millennials. So, it’s more important than ever for credit unions to appeal to millennials.
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