Apr 09 2015

Coming of Age: Young Adults in 2015

It's predicted by 2025 three out of every four workers globally will be millennials. By now, a majority of credit unions understand the importance of engaging young adults. But how? From innovative to simple, there are numerous strategies at your disposal to grow young adult membership. At the core of any effective solution is a sense of understanding. In this presentation we use recent industry data to investigate the attitudes, preferences, and banking habits of millennials. The slide deck also includes a framework of what your credit union can do to keep up with current market trends and concerns related to millennials. Ultimately you must be prepared for these concerns. Among other key findings, the research found: 

  • Millennials are significantly more likely to transact with their bank through mobile apps than other age groups
  • 34% of millennials leave their banking institution because account fees are too high 
  • Two-thirds of millennials expect to self fund their primary source of income in retirement through retirement accounts and other savings 
  • 73% of millennials are more likely to be excited about a new offering in financial services from Google, Amazon, Apple, Paypal or Square than a traditional financial institution 

Filene thanks our generous supporters for making this research possible. 

Report Number 358