How Credit Unions Can Win the Gen Y Market
Cornerstone Advisors, in partnership with the Center for Financial Services Innovation (CFSI), produced the following report on strategies for credit unions to attract Gen Y members. The analysis, conducted by Cornerstone Advisors, is based primarily on data from CFSI’s Consumer Financial Health Study.
- Despite strong member satisfaction and negative consumer sentiment towards banks, credit unions’ market share of key profit drivers like mortgages and credit cards is in the single digits
- Just 27% of the nearly 79.5 million Gen Y-ers in the United States are credit union members, in contrast to nearly half of adults over the age of 36
- When asked why they aren’t members, many Gen Y-ers admitted to not knowing much about credit unions
- Gen Y-ers in the market for financial products equally prefer a big bank as they do a community bank or credit union
- Compared to non-members in the same age range, Gen Y credit union members: 1) make more use of credit cards (not always a positive thing), and 3) are financially healthier
See the rest of our key findings!