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By: Today's Credit Unions

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October 11th, 2016

Less Millennials Are Using a Credit Union as Primary Banking Source

Millennial Marketing | Financial Institution News & Information

US credit unions lose “primary” status with many older Millennials, according to a new report from the credit scoring experts at FICO.


FICO surveyed young adults, finding that 20 percent of 18-24 year-olds say they use a credit union as their primary financial.

Data shows 18-24 year olds are attracted to low and transparent fee structures and better interest rates.

FICO said that Millennial respondents aged 25-34 say they are two-to-three times more likely to close all accounts with their primary financial institution than other age groups, creating an opportunity for credit unions to win their business.

However, CUs need to promote their best features: FICO found that only 42 percent of credit union members are using their institution's mobile app, compared to 64 percent of customers at large national banks.

Related: What are Millennials REALLY Looking for from a Financial Institution?

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About Today's Credit Unions

Today’s Credit Union is a team of marketing and editorial specialists with deep credit union experience. TCU was created to address the challenge Credit Unions have in making social media marketing really work for them each day. They take no advertising, and have no agenda outside the CU movement. TCU’s only business is serving Credit Unions and their members.

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