Credit Unions: Thriving with boomers, but what about Gen Z? Key insights for success
Credit unions have been thriving lately, thanks to their large population of baby boomer members who are either retired or getting ready to retire. The 2023 Consumer Financial Life Survey by McKinsey shed light on some key insights that credit unions should take note of. It revealed that credit unions are losing ground with younger generations, but there are opportunities to better engage with them. On a positive note, credit union members have a more positive perception of their relationship compared to bank customers.
It’s crucial for credit unions to adapt to the changing financial landscape to remain relevant.
