The financial safety net every member wants

When it comes to personal finances, all credit union members are concerned about weaving a financial safety net for themselves and their families. In fact, according to recent research from a survey we conducted at Securian, the priorities of members across all generations were fairly similar—including increasing overall financial wellness and shoring up their ability to pay their regular monthly expenses, like groceries, rent, and mortgage payments.

The data from this survey can help credit unions infuse new life into financial well-being conversations with members of all ages. For example, most are familiar with loan protection, GAP coverage, and mechanical breakdown and vehicle warranty products, but only around half of credit union members are using these products across all age groups. Of those who do use them, nearly half of millennials, Gen Z, and Gen X are interested in using them again in the future.

The survey results point to great opportunities for credit unions. First, they can be used to nudge consumers toward what their peers see as good for themselves and, second, it helps credit unions fine tune the audience to which they should pitch these products. In fact, interest was particularly high among the large millennial generation. But credit union offerings that build savings and reduce debt are an excellent fit for all generations. So are offerings that plan and protect for life’s unexpected events, like a layoff or injury.


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