ST. PAUL, Minn.–Minnesota Millennials’ preferences in financial services show “clear differentiation” from those of other generations, according to the biennial survey conducted by the Minnesota Credit Union Network.
The survey is conducted every-other year and measures financial feelings throughout Minnesota and measures attitudes about credit unions and banks.
According to the MnCUN, about one-in-four Minnesota Millennials say that they use a credit union as their primary financial institution. Of those Millennials who are not currently credit union members, 44% report that they are likely to join a credit union.
“The survey illustrates that Millennials see credit unions as a very attractive option for their primary financial institution,” MnCUN CEO Mark Cummins said in a statement. “Our credit unions have been focused on ensuring they have the online and mobile services that Millennials expect and are continuing to grow in their technology offerings. What’s more, the survey indicated Millennials desire a voice in their institution – which fits perfectly with the cooperative credit union model.”
The survey found Millennials have a higher level of satisfaction with credit unions than banks, and have a higher dislike of banks when compared to all Minnesotans. Sixty-one percent of Millennials said they “love” their credit union, while only 13% of Millennials “love” their bank. Thirteen percent of Millennials dislike their bank compared to only 1% of Millennials disliking their credit union, the survey found.
“That compares to a ‘love’ rating of 41% for all Minnesotan’s of their credit union versus only 15% ‘love’ rating for banks,” the Minnesota Credit Union Network said. “Nine percent of all bank customers ‘dislike’ their bank.”
Of all Millennials surveyed, the survey found 42% have an unfavorable feeling about banks, compared to 16% of all Minnesotans. Meanwhile, 60% of Millennials have favorable feelings about credit unions
The MnCUN said the survey also illustrated the growing trend of Millennials to use online and mobile banking as their primary method of interacting with their primary financial institutions. Seventy-four percent of Millennials use mobile/online tools as their primary method, compared with only 46% of all Minnesotans.
The poll was conducted from March 9-14, 2017, by Target Smart and Fluence Media for the Minnesota Credit Union Network. Results include the opinions of 728 total respondents and 313 Millennial respondents. The margin of error: ± 4.4 percentage points.