Younger Consumers Show a Preference for National Banks Over Credit Unions, Survey Finds; But Also Some Good News

Younger consumers have a stronger preference for national banks than for credit unions, according to a new survey. But there is also a bright spot.

According to PYMNTS, which conducted the survey, that bright spot is that as more consumers between the ages of 18 and 24 use credit unions than those 24 to 34 and 35 to 44, CUs have an “opportunity to see a comeback with the youngest generation of banking customers,” PYMNTS reported.

Overall, the survey found the greatest preference for credit unions can still be found among Baby Boomers and seniors, with 60% of those ages 65 and older reporting CU membership.

In addition, PYMNTS said its survey found 54% of those respondents between 55 and 64, and 35% of those between 45 and 54, are credit union members, while just 19% of consumers ages 35 to 44 and 14% of those ages 25 to 34 said they turn to CUs for their banking.

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