A pressing issue was highlighted during the final day of the 2024 World Credit Union Conference: the challenge of an aging membership base facing credit unions (saccos) globally. In a significant session titled “Engaging Younger Members for Growth,” participants delved into strategies for appealing to younger demographics without sidelining their existing membership.
Juli Lewis, the Vice President of Community Engagement at USF FCU in the USA, and Jim Lake, Vice President and Managing Partner at Michael Walters Advertising, shared some eye-opening statistics. A mere 4% of Generation Z and only 5% of millennials are members of credit unions, underscoring a substantial gap in membership among younger generations. Despite credit unions’ impactful contributions, their storytelling has not been effective enough to draw in these potential young members.
The session illuminated a path forward, emphasizing the importance of showcasing how credit unions differentiate from banks and fintechs, particularly in their community engagement and support for social causes. According to the speakers, young consumers seek more than just financial services; they are drawn to organizations that are value-driven, support sustainability, and are actively involved in DEI (Diversity, Equity, and Inclusion) initiatives.
Highlighting the power of emotional storytelling over traditional advertising, Lake pointed out the significantly higher engagement and return on investment when credit unions share stories that resonate on a personal level, touching on social themes and contributing to community wellness. The session concluded with an optimistic outlook, suggesting that credit unions have a compelling case to make to attract younger members, provided they can effectively communicate their unique values and benefits.
