- Fact: The average credit union member is in their mid 50s.
- Fact: Less than 20% of Americans under the age of 40 use a credit union.
- Fact: Credit Unions need loans to generate revenue and fund their deposits. Hint…prime borrowers are in their 30s and 40s.
The aging credit union member has been a challenge in the industry for decades, but reality is starting to set in that we are in for a major demographic tsunami—think about it, if the average age for a credit union member is 53, ten years from now they will be 63. Consumers in their 50s and 60s are not at a point in their financial lives where they need loans, unlike Millennials and Gen Zers. If your credit union is focused on profitable growth you need to get serious about attracting and engaging Millennials and Gen Zers.
Solution: Filene’s New Center for The Next Generation of Membership Growth
The goal of this center is to identify strategies, including internal and external practices, to attract, engage and retain the next generation of credit union members.
Check out our latest blog post highlighting the announcement of this new research center and for more information on key objectives and how your credit union can join us on this exciting new journey that will have a tremendous impact on the future growth of our industry.
