Credit Unions have Edge with Millennials
Monday, May 22, 2017
SAINT PAUL, Minn. (May 22, 2017) - In the biennial survey conducted by the Minnesota Credit Union Network (MnCUN) focused on understanding the financial preferences of Minnesotans, Millennials’ preferences showed clear differentiation to other generations.
The survey is conducted every-other year and measures financial feelings throughout Minnesota and measures attitudes about credit unions and banks.
About 1-in-4 Minnesota Millennials say that they use a credit union as their primary financial institution. Of those Millennials who are not currently credit union members, 44 percent report that they are likely to join a credit union.
“The survey illustrates that Millennials see credit unions as a very attractive option for their primary financial institution,” MnCUN CEO Mark Cummins said. “Our credit unions have been focused on ensuring they have the online and mobile services that Millennials expect and are continuing to grow in their technology offerings. What’s more, the survey indicated Millennials desire a voice in their institution – which fits perfectly with the cooperative credit union model.”
Millennials have a higher level of satisfaction with credit unions than banks, and have a higher dislike of banks when compared to all Minnesotans. Sixty-one percent of Millennials “Love” their credit union, while only 13 percent of Millennials “Love” their bank. Thirteen percent of Millennials dislike their bank compared to only 1 percent of Millennials disliking their credit union.
That compares to a “love” rating of 41 percent for all Minnesotan’s of their credit union versus only 15 percent “love” rating for banks. Nine percent of all bank customers “dislike” their bank.
Of all Millennials surveyed, 42 percent have an unfavorable feeling about banks, compared to 16 percent of all Minnesotans. Meanwhile, Sixty-nine percent of Millennials have favorable feelings about credit unions
The survey also illustrated the growing trend of Millennials to use online and mobile banking as their primary method of interacting with their primary financial institutions. Seventy-four percent of Millennials use mobile/online tools as their primary method compared with only 46 percent of all Minnesotans.
The poll was conducted from March 9-14, 2017 by Target Smart and Fluence Media for the Minnesota Credit Union Network. Results include the opinions of 728 total respondents and 313 millennial respondents. The margin of error: ± 4.4 percentage points.
The Minnesota Credit Union Network is the statewide trade association that works to ensure the success, growth and vitality of Minnesota credit unions. With nearly $20 billion in assets, Minnesota credit unions are local, trusted financial cooperatives that serve more than 1.6 million members at almost 400 branch locations around the state. As not-for-profit institutions, credit unions give back to the communities they serve. For more information, visit www.mncun.org.