Credit unions are a distant concept for most millennials, according to a new study released by CUNA Mutual Group and its consumer brand, TruStage.
Published Wednesday, the study of millennials ages 18-34 with household incomes ranging from $25,000 to $100,000 found 69% were open to joining a credit union, but only 25% have and only 14% keep their primary accounts at a credit union. The largest reason for this, the study found, was that millennials said they just don't know much about credit unions.
"Most millennials aren't financially literate but they're willing to ask for help," the study said, noting research found only 8% could answer five basic financial literacy questions correctly.
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