When young people meet credit unions: The power of perception
This millennial employee and member advises telling the passionate details of the good being done by your credit union and the industry
If someone asked me to define the credit union “brand,” I would say that credit unions are not-for-profit financial institutions focused on improving the financial lives of their communities.
I must be honest, though. While improving the financial lives of a community is a noble purpose, it can be perceived as a bit shallow by people my age (33) and younger. I personally love what credit unions stand for, but I speak from privilege. I joined a credit union—both as an employee and as a member—when I was 23, so I know the inside, deeper story of the good credit unions do.
When I think about the next generation of credit union members and employees, however, I am concerned that many credit unions are leaning into assumed loyalty. But credit unions can’t coast when it comes to attracting and keeping young employees and members.
For employees, research is showing that millennials and Gen Zers are staying, on average, one to two years in a specific position. To keep young professionals engaged in the credit union movement, there must be tangible pathways for career development, including roles that “stretch” us and enhance our technical skills. Today’s young potential members (millennials, Gen Z and the generations that will follow them) need to find alignment with a brand’s purpose immediately—otherwise, they’ll stop paying attention. I believe that credit unions, as cooperatives, are trying to do their due diligence to gain insight into young people’s attitudes and opinions about financial services and to learn more about our financial habits. Efforts are being made to understand the wants/needs of these groups. What I think is missing is understanding the perception young people have about credit unions. Perception is quiet, yet very powerful. This is how we understand and interpret something, and here’s an inconvenient truth about perception: What people perceive can quickly become what they believe, if you do not challenge it.
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