Guest post by Kevin O’Donnell, Vice President, Discover Network
How well do you know your members? According to a recent Millward Brown study, the average age of a credit union’s members is about 46 years old. Fifty-one percent are women, and more than half earn between $25,000 and $75,000 per year. Nearly 60 percent are married, and about a third have children living at home.
But here’s something to chew on: Just 8 percent of credit union members are between 18 and 24 years old, the coveted Millennial demographic.
You could say that small statistic doesn’t matter much. After all, as the Millennials age, they’ll likely join credit unions in numbers to match their parents and grandparents — or not.