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CU Snapshot

 Jun '17May '17
# of CUs5,911 5,922
Members
(millions)
111.7111.2
Total Assets
($ billions)
$1,378.8$1,369.6
Total Savings
($ billions)
$1,172.6$1,156.8
Net Cap.
Assets
10.6%10.6%
Loans to Savings79.6%79.9%
Loan Delinq.0.7%0.7%

         Credit Union Indicators

Ignore Millennials' Needs at Your Peril

Three strategies to develop long-lasting relationships with America's largest generation.

Millennials now outnumber baby boomers, with the 77 million people born between 1977 and 1995 representing 24% of the U.S. population.

The generation is too large for credit unions to ignore, according to Nielsen's "Millennials in 2015: Financial Deep Dive" report.

"After enduring the Great Recession, millennials are cautious bankers wary of traditional financial and investment strategies. They want an open, transparent, and authentic relationship with their financial institution," says Nielsen.

Credit unions can focus on three key elements, according to Nielsen, to develop these relationships with millennials:

1. Court upscale millennials who are already established in their careers and personal lives and have amassed significant wealth. Building loyalty with this segment can be lucrative in the long term.

2. Build trust by being transparent and personal. Involve members in researching and customizing their financial planning to meet very specific goals.

3. Be flexible by providing millennials various options for saving and investing, with low entry points. Many are just starting out and have yet to marry or purchase homes. Partner with them early to enable bigger opportunities later.