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69 Percent of Millennials Would Consider Opening Credit Union Account

What Matters Now™ Consumer Research Reveals Only 14 Percent Use a Credit Union for Their Primary Account Today

CUNA Mutual Group released its annual What Matters Now™ consumer research during CUNA’s Marketing and Business Development Council Conference, March 22. Research indicated millennials are emerging as a diverse, yet strong financial force as many enter their lending and purchasing life stages. However, insights revealed traditional financial services are less compelling to this segment, who defines success through their family and children. 

“Millennials are often described generally as one large group, but in reality, this generation is not a one-size-fits-all, and they continue to grow in their diverse financial needs,” said Susan Sachatello, senior vice president of TruStage®, CUNA Mutual Group's consumer brand. “Our research shows millennials’ financial needs vary substantially based on age, presence of children and even their geographic location.”

Millennials, who are currently ages 18-34, comprise a quarter of the population – or about 75 million individuals and currently dominate the workforce, owning $200 billion in direct purchasing power.1

According to Sachatello, there is a significant opportunity to attract millennials to credit unions. “Credit unions have a strong association and alignment with the values that are important to millennials. Understanding this population and engaging them in the credit union value proposition could be a significant source of membership growth.”

According to the latest research, only 14 percent of millennials have their primary financial account at a credit union.2 However, 69 percent of millennials would consider opening a credit union account, indicating industry awareness continues to be a challenge for this market segment.3

Research Highlights: What Matters Most to Millennials

  • Millennials younger than 30 years of age are more apprehensive about debt and credit. Millennials younger than age 30 are more worried about paying off their student loans, with 54 percent expressing they are very/fairly worried, compared to 40 percent of millennials over 30.4 Additionally, millennials younger than 30 are less likely to have a current car loan (2 percent vs. 37 percent  for older than age 30).5
  • Millennial parents are making big purchases. Millennial parents are about three times more likely than non-parents to be in the market for a new home within the next year (22 percent vs. 7 percent).6 Thirty-seven percent are likely to be in the market for a new car, and 54 percent will be in the market for a new or used car in the next 18 months.7
  • Millennial definitions of success vary by geographical region. Millennials in the West and Northeast regions align success with raising good/happy kids, having a great spousal relationship and staying in good health. Millennials in the South and Central regions were more likely to report having a strong relationship with God as a measure of success.8

“Millennial needs are strikingly different from those of the generation before. This new research provides compelling insights into what really motivates millennials and how success is defined by their family, not their financial situation,” said Laura Eblen, Director of Awesomeness, Mazuma Credit Union. “It is a call to action for credit unions to address millennials’ emerging and diverse needs, to redesign their strategy and go beyond traditional products and services to attract this market segment in a more personal and meaningful way.”

These millennial insights were gathered from more than 25,000 individuals using a combination of quantitative, qualitative, primary and secondary research methods. To learn more on the millennial market segment, and gain insights into their motivations, worries and hopes, visit Or, check out this infographic and this short video.

About TruStage
Protecting more than 16 million members, TruStage insurance products and programs include, auto, home, life, accidental death and dismemberment and health insurance. They’re available to credit union members across the U.S. and offer compelling and successful ways to build financial security for their families. 

About CUNA Mutual Group
CUNA Mutual Group helps people plan, protect and invest for their future – regardless of their financial standing. The company was founded more than 80 years ago by credit union leaders who were looking for an insurance and investment partner they could trust. Today, CUNA Mutual Group helps credit unions and hardworking Americans build financial security through commercial and personal insurance products; lending and payment security solutions; and risk management, retirement, investment and marketing services.

For additional information about TruStage or CUNA Mutual Group, contact your field representative or send us a message

1 – U.S. Chamber of Commerce Foundation, “The Millennial Generation Research Review,” 2012
2, 4, 5, 6, 7 – The Futures Company and TGI 2015
3, 8 – CUNA Mutual Group, “What Matters Now Survey Results,” 2015.