Publisher’s Note: CUInsight is hosting a free webinar Wednesday, June 17 titled, Three Ways to Reach Young Members During COVID-19. We hope you’ll join us! Register here.
This past year, we walked around campus at UNC-Chapel Hill and asked about 20 different college students if they knew what a credit union was. Most of them said no.
Here’s what they said — you can also watch it in the video above:
“I’ve heard of credit unions, I just never really knew what they were. I know it’s something to do with finance?”
“I know we have a lot. I don’t know what they’re doing, like what they’re used for. But I think it’s more or less to help loans and stuff?… I don’t know.”
“I don’t know, like groups of people that help bring up your credit?”
After they gave their best guess, we read them a description:
“Credit unions are like banks, but they’re non-profit. So when you open an account at a credit union, you become a member and you own part of that credit union. So while traditional banks are run by shareholders, whose goal is to maximize profits, credit unions return all profits to their members in the form of reduced fees, higher savings rates and lower loans rates.”
Then we asked them — given that description, would you open an account with a credit union?
Nearly all of them said yes.
The average age of a credit union member is 47 years old. What will that number be in five years? 10? 20?
Flip phones, photo labs and floppy disk drives used to be essential. Now they’ve become obsolete in the rapid waves of change that have characterized the twenty-first century. We have to make sure that credit unions don’t also fall behind — and for that, we need more young people engaged in the credit union movement.
At Zogo, we believe in providing young people with the tools and knowledge they need to work toward financial freedom — and it’s important to connect them with the financial institutions that will help them do it.
On June 17, Zogo and CUInsight are partnering to present a free webinar, “Three Ways to Reach Young Members During COVID-19.” Our CEO — just a few months out of college himself — will tackle the topic using Zogo’s real-life research and experience with Gen Z.
How is your credit union working to build its next generation of members?