We’ve seen a dramatic shift in growing numbers of credit union members over the last decade. What was once thought of as the alternative to banks is now becoming the a popular choice with Generation Y. How did this happen? Here are just a few reasons why millennials love credit unions.
Benefits of Credit Unions
As you may know, credit unions members are part-owners. This is important because members have advantages and opportunities to point their credit union in the direction they want. Credit unions tend to put more focus on each individual member to ensure everyone’s concerns are heard. This attention builds trust with the millennial generation and leads to more and more people turning to credit unions.
Shift in Trust from Banks to Credit Unions
Due to past events, it has become difficult to trust large financial institutions like banks. With this in mind, it’s no surprise that millennials have different spending and saving habits than their parents and grandparents. As a result, millennials have great saving habits. What credit unions can do is foster the relationship between long-term saving and peace of mind for young adults.
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Provide Information Millennials Can Relate To
Unlike traditional banks with a more formal and rigid reputation, credit unions offer topics about items the current generation values. Millennials were born between 1982 and 2002, meaning a good majority of them are in their mid-twenties. Credit unions give solid advice and financial options about:
- How to establish credit
- Paying for college with student loans
- Where to save money
- Apartment-renting practices
- Home buying with home equity loans
- Leasing or buying a car with the right vehicle loans
Credit unions excel at marketing to local students in the area and offer various products that this generation would need at this point in their lives.
The Move to Online Banking
Taking a hint from their traditional counterpart, credit unions are now offering mobile banking options to keep up with the digital age. Tracking finances instantly on a mobile device is a huge time saver for the millennial group who are used to the fastest technologies available. Credit unions like MNFCU even offer:
- Android and Apple mobile apps
- Electronic services like direct deposit, mobile banking and more!
- Snappy Capture for depositing checks by taking a picture from your smartphone
Monitor Your Own Money With MNFCU
At MNFCU, we are dedicated to helping you grow your money and making sure you get all of the benefits of the credit union model. Keep an eye on your money, no matter what your generation! Come by or contact us to set up your credit union account, today.