When I was first asked to pen this column, my first thought was, why would someone from Gen Y make a conscious, informed decision to join a credit union?

To gain some insight, I began quizzing my circle of close friends (who are in their late 20s, as I am) about where they bank and why, and it turned out two of them belong to a credit union.

The first one, a 28-year-old elementary school teacher, said she joined one because her parents were members. She expressed no complaints about her credit union and loves belonging to a financial institution that's a cooperative, not a corporation. However, I wonder if this teacher friend of mine is an accurate representation of Gen Y. I consider my generation to be tech savvy and in need of speed and convenience, and we're not always the wisest decision makers when it comes to money management. This friend, on the other hand, sticks to a strict savings plan, does not own a smartphone, paid cash for a new car, is a homeowner and calls herself "the only twenty-something who balances her checkbook down to the penny."