Inside Marketing: Appealing to younger members
Apply these 10 strategies to grow your millennial and Gen Z membership.
The average age of a credit union member worldwide is mid-to-late 40s: In Canada, the median age is 53; in Australia, the United Kingdom and U.S., it’s 47.
But with 70 million millennials (born between 1981–1996) and 86 million post-millennials (Gen Z and beyond, born after 1996), it is safe to say that these younger generations will comprise the majority of future credit union memberships in the near future.
Unfortunately, 71% of U.S. non-members ages 18-24 are “not at all familiar” or “not very familiar” with credit unions, according to a recent World Council of Credit Unions guide. This demographic will become your base membership in 2042.
Millennials were forced to deal with the reality of adulthood during or shortly after the 2008 financial crisis. Both generations grew up with the internet and smartphones. They have diverse opinions on culture, race and politics but common needs when it comes to money and technology.
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