Welcome to episode 36 of the CU 2.0 Podcast. Today is all about Millenials and their thoughts on credit unions.
You want more Millennial members. You need them. Born between 1981 and 1996, Millennials are a prime age cohort for financial services – they are getting mortgages, buying cars, taking vacations. And yet many of them know squat about credit unions and do not belong to them even though in many respects credit unions line up perfectly with what Millennials want: free checking, nonprofit status, they are local businesses, and they put people and community first, not shareholders.
So why don’t more Millennials belong to credit unions? That’s why we brought together three to talk about credit unions, what their friends think about credit unions, and why they use them (or don’t).
This podcast is a companion to the Gen Z podcast which explored the same issues with a younger cohort.
It’s also a companion podcast to the podcast with Teresa Freeborn on the CUNA awareness campaign.
A takeaway from this talk is that credit unions have a lot of work to do. A lot. They are doing a wretched job of communicating their differences and why they are the better choice over a bank.
But the messages are there, they are strong, and credit unions can win. If they do the hard work.
It’s a tough fight. But a winnable fight.