TransUnion just released a survey revealing that credit union membership grew at more than three times the credit activity at other financial institutions in the first quarter of the year. Credit unions experienced a year-over-year growth rate of 6.35 percent at the beginning of the year, while industry credit active consumers grew at 1.86 percent.
According to the article in CU Times, some of that growth may be attributed to millennials. In the first quarter of the year, 25 percent of all credit union members were millennials, compared with 20 percent in the first quarter of 2013. Millennial growth at non-credit union financial institutions was slower — 25 percent in the first quarter of the year, compared with 23 percent in the first quarter of 2013.
The research findings and a survey of 96 credit union executives were released today at the company’s annual credit union seminar in Las Vegas. Read more at CU Times.