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05/31/2024
Gen Z Members Expect Credit Unions to Double Banking Features
PYMNTS
According to PYMNTS Intelligence data, 95% of U.S. credit unions (CUs) are now wooing prospective Gen Z members.
However, as “How Credit Union Innovation Can Drive Gen Z Engagement, makes clear, Gen Z consumers are a fickle bunch. In the past year, 42% of Gen Z CU members switched their primary financial institution (FI). To put that propensity to switch in perspective, Gen Z consumers are 2.5 times more likely than their Gen X counterparts to have switched their primary FI in the past year, while less than 4% of baby boomers and seniors recently switched.
So, if Gen Z is so temperamental, why are CUs so keen on bringing these younger consumers into the fold? One reason is that they are poised to transition into higher-paying jobs and careers in the years to come, which will drive additional spending. In fact, it’s projected that by 2030, Gen Z consumers will increase their spending sixfold, meaning they will likely need access to more sophisticated financial products.
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