Boomers aren't just on Facebook, either. Thirty-one percent use Twitter, and boomers are the largest growing group of Twitter users, thanks to high profile boomer users like Ellen DeGeneres and Sharon Osborne. Many boomers turned on to Twitter in March of last year when Ellen famously tweeted her star-studded Oscars selfie.

LinkedIn is also popular with boomers, many of who aren't retiring completely, but instead are transitioning from full time jobs to part-time self-employment. They're using the site to reconnect with colleagues and network for business leads.

These are boomers we're talking about, folks. If your credit union wants to attract members younger than age 50, the need to establish a presence on social media is even more important.

One thing I find even more baffling than credit union aversion to social media is the industry's lack of interest in pursuing Generation X. One fatal misconception businesses have about Gen X is that the group is so small, the juice isn't worth the squeeze. Statistics that support this foolishly source birth rates, which of course were much lower after the introduction of the birth control pill.

However, immigration has since added 10 million Gen Xers to Americans' ranks, and the generation is actually only 12% smaller than boomers or millennials.

Additionally, Gen X is in its prime borrowing years and increasingly running the show at work. Nearly 70% of Fortune 500 CEOs are Gen X.

Gen X will also receive $30 trillion worth of inheritance from aging boomer parents in the next 30 years, with most of that coming within 10 to 20 years.

Where can this lucrative group be found? Online and on social media. Nearly 90% of Gen Xers go online every single day, according to Pew Research, and most of them also use at least one social media channel. Nearly two-thirds of Gen Xers used Facebook in the past month. Thirty percent of Pinterest users and 27% of Instagram users are Gen X.

So why in the world would a credit union not have a social media presence? The two biggest excuses I've heard are a lack of message control and a lack of time.

Many credit unions mistakenly believe avoiding social media will allow them to escape negative comments posted by unhappy members. That head-in-the-sand thinking is wrong. With so many Americans of all ages on social media, they're already posting negative comments about your credit union. Without a Facebook page or Twitter handle, your credit union has no opportunity to explain itself or remedy the situation. Talk about a lack of control!

Social media isn't a traditional advertising channel, but it is an excellent place to establish and reinforce branding. While boomers still watch the evening news on television, 88% of millennials use Facebook as a news source. What an opportunity for credit unions to position themselves as financial experts!

Social media networks are also a great way to spread the word about credit union membership. On average, millennials have 250 social media friends each, Gen Xers have 200 and boomers have about 100.

What do social media friends share? A common bond. Chances are that bond is the same one listed on your charter. Other credit unions, banks and non-bank financial providers are already there, and they're leveraging your common bond.

Evolve or die is a particularly relevant phrase when it comes to credit unions and social media.