Overdrafts are, of course, a key component to a financial institution's service offerings. According to the Moebs study, consumers have spoken loud and clear that they want overdrafts. Overdraft fees can also produce a valuable income stream. Especially in the face of new interchange cap regulations, squeezing out noninterest income wherever they can is high on many credit unions' lists.

But in addition to providing overdraft protection, credit unions should help their Gen Y members avoid financial mistakes in the first place through education. For example, CUs can help members adopt good habits by allowing access to an online personal financial management tool.

PFM helps members understand where their money is going, how to come up with a budget and how much money they'll need to put away to reach a financial goal. And if it's integrated into the CU's online system, the account information automatically populates into the PFM platform, giving members a central place where they can bank online and manage spending.

Mistakes are inevitable in life, and without a safety net in place, we'd all be in trouble. But the goal in making mistakes should be to learn from them, not repeat them. By offering educational resources and continuing to do what they do best–providing low interest rates and top-notch customer service that demonstrates a true sense of caring–CUs might help lead Gen Y on a path of good financial choices.