In a commentary article posted on CU Management our CEO, Richard Gallagher, discusses 10 strategies to grow the millennial and Gen Z membership for credit unions. An important topic as credit unions seek to connect with Millenials. Here’s a peek at Inside Marketing: Appealing to Younger Members:
The average age of a credit union member worldwide is mid-to-late 40s: In Canada, the median age is 53; in Australia, the United Kingdom and U.S., it’s 47.
But with 70 million millennials (born between 1981–1996) and 86 million post-millennials (Gen Z and beyond, born after 1996), it is safe to say that these younger generations will comprise the majority of future credit union memberships in the near future.
Unfortunately, 71% of U.S. non-members ages 18-24 are “not at all familiar” or “not very familiar” with credit unions, according to a recent World Council of Credit Unions guide. This demographic will become your base membership in 2042.
Richard Gallagher
To read more about how your credit union can increase its lending growth opportunities go check out the CU Management article and then check out our lending documents for your credit union.
(note: this is an older blog entry and has been edited since originally posted.)
