More than 70% of millennials don’t know the benefits (and savings) of belonging to a credit union.
Recently, CUNA Advocacy created a YouTube video interviewing a group of young adults. The interviewers wanted to see what young consumers knew about their options regarding financial institutions. The results were surprising. Nearly three in four surveyed had a lack of credit union knowledge, no idea what a credit union was! They weren’t aware that credit unions offer a local, member-owned, not-for-profit alternative.
Knowledge gap: Seeking out trusted financial partners
Because very few Millennials (and their younger cohort, the Builders) receive any form of financial education, they’re eager to find reliable, community-based, transparent financial partners as they begin to establish their adult lives. Doesn’t that sound just like a credit union? As a result of this credit union knowledge gap, a lot of young consumers lose out by turning instead to more expensive (and less consumer-friendly) national banks and finance companies.
Did you know that the average Mid Oregon member saves $88 a year in lower fees and better interest rates* over other types of financial institutions? Why not share that benefit with others who could really benefit? That’s why we credit union members have the chance to help build a stronger cooperative—while helping the young adults in our lives have a better financial outlook.
Tell A Friend, Get a Gift!
Tell a young person you know about the benefits that await them at Mid Oregon Credit Union. If he or she joins, and opens a Simply Free Checking account, we’ll pay them up to $10 for their unused checks and debit cards from their previous institution. And we’ll reward you with a $10 gift card! Just visit https://refer.midoregon.com/ to get started. There’s no limit to how many people you can refer—friends, family, co-workers!
Would you like a refresher about the main ways that credit unions are different? Check out this infographic from MyCreditUnion.gov.
* From 2016 Credit Union Impacts by ECONorthwest, an independent analysis of the gross economic impacts of credit unions in Oregon and Washington.
