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In 2023, credit unions are seeing loans grow at record rates while deposits are dwindling, creating a liquidity shortage. This shortage threatens to become long term if credit unions don't attract more members of the millennial and Gen Z generations.
According to Raddon, around 75% of credit union deposits belong to members who are baby boomers or older, making the outreach to the younger generations all the more important. As of now, both millennials and Gen Z prefer national banks to credit unions, according to a 2022 GOBankingRates survey, while the cohort aged 25 to 34 is most likely to use neobanks.
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