As a massive group of individuals that recently transferred into adulthood and the largest generation currently in the labor force, millennials have a big impact on the financial landscape in many ways. As a generation, they stress a number of ideals that impact their relationship to finance, as well as their spending, saving, and investing habits.
Many millennials are disillusioned by the corporate-driven behavior and requirements posed by the nation’s leading banks, and they are looking for alternative financial institutions to work with. As not-for-profit institutions, credit unions are a fitting alternative, welcoming a diverse collection of members from numerous financial backgrounds and socioeconomic statuses.
Credit unions embody a number of the values and features that matter to millennials. A few of the benefits credit unions offer millennials include:
- Customer service: Credit unions are known for being customer-friendly and giving personal attention to their members. They are member-owned and typically smaller, which means they do not possess the complicated corporate structure of national banks that slow down interactions. For a generation that values connection and relationship-building, credit unions are a good fit.
- Technology: It is common knowledge that millennials appreciate the ability to interact with brands through digital platforms on their electronic devices, such as smartphones, laptops, and tablets. Credit unions often give customers access to many online and mobile services, including online bill pay and skip-a-pay opportunities; banking and budgeting tools; and mobile deposit, to name a few.
- Better interest rates: Without the incentive of passing off profits to shareholders, credit unions are also able to offer members better rates on savings accounts and CDs, according to an article on The Balance. Additionally, credit unions often offer members lower interest rates on loans and credit cards.
- Access to financial education: Many millennials are interested in becoming more financially literate and learning how to better handle their money. Credit unions are poised to fulfill that need. They often host educational seminars about various financial topics to assist members in becoming more finance-savvy, without using these events as a platform to encourage sales for a financial product.
As a generation, millennials are striving to become more financially secure while also hustling to achieve their personal and professional goals amid ample socioeconomic uncertainty. We Florida Financial suits the needs of hard-working millennials that are looking to park their income in a secure member-owned financial institution that offers reasonable rates, access to useful financial features, and quality customer service.