Credit union membership is growing at a much faster clip than at other financial institutions, according to a TransUnion study.
TransUnion reported that during the first quarter of the year, credit union membership grew at more than three times the credit activity at other financial institutions. Credit unions experienced a year-over-year growth rate of 6.35% at the beginning of the year, while industry credit active consumers grew at 1.86%.
And some of that growth may be attributed to millennials. In the first quarter of the year, 25% of all credit union members were millennials, compared with 20% in the first quarter of 2013. Millennial growth at non-credit union financial institutions was slower – 25% in the first quarter of the year, compared with 23% in the first quarter of 2013.
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