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9 Statistical Challenges for Credit Unions

By Sam Brownell - August 20, 2018

By Sarah Snell Cooke, Cooke Consulting Solutions

Statistics can sometimes seem a nightmare for Credit Unions, but they don't always have to be

Some of the statistics listed should truly scare credit unions into making it easier to join their institutions, improving marketing strategies, enhancing onboarding and better retaining members. The percent of credit union members in the peak borrowing age range has dwindled significantly. Meanwhile, millennials seem to have poor or no credit history for the most part. And if they’re aren’t getting a good experience at your credit union, they know where they can because the vast majority of credit union members also have a relationship with a bank.

This all presents several statistical challenges for credit unions, and some numbers to make you go hmmm...

  1. In 2014 (The Credit Union National Association's (CUNA) last study found), 35% of credit union members were peak borrowers, which was down from 51% in 1989 but up a few points from 2012.
  2. Just 7% of credit union members are ages 18-24 versus 18% of the total U.S. population, CUNA’s study found.
  3. The average age of a credit union member is 47; the average age of all Americans is 37.8 years old, according to CUinsight.com.
  4. 4 of 10 credit union members have college degrees, compared with 24% of nonmembers, CUNA reported.

JoinCU can help you add members easily online. Learn more here.

  1. 54% of members work full time versus 39% of nonmembers, CUNA’s report read.
  2. CUNA’s study found 76% of members are homeowners, compared with 52% of nonmembers.
  3. 86% of members also are bank customers; 65% of nonmembers use banks, according to CUNA.
  4. Credit union members have used their services an average of 16.2 years, according to CUNA.
  5. CUinsight.com posted that 1 in 6 millennials have saved $100,000, yet fewer than half of millennials have good enough credit to borrow. Lack of credit history is a problem for one-third of millennials, while those that are scorable most likely (two-thirds of them) have a nonprime credit score.

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