If demographics is destiny, is your credit union dead?

first_img 9SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr I shouldn’t start my first day of the work week with one of those credit unions are doomed blogs but I can’t resist. The truth is radical demographic shifts are taking place and like any other business, if you’re not adjusting to these trends then you’re destined to fail. In the immortal words of Ted Turner, “You can either leave, follow, or get out of the way.” After all, whoever said demographics is destiny was spot on.What has me thinking so negatively this morning is this great article in the Wall Street Journal reporting that the biggest single age cohort is 26 year olds who number 4.8 million. People ages 25 and 27 also follow close behind. In other words, we are now seeing the shift away from the baby boomers to people in their 20’s and 30’s who are on the verge of buying a house or getting married for the first time. All those things you typically have to go to a bank or credit union for. Interestingly, Millennial make up about 42% of home buyers today and 71% are first time home buyers. As this survey from the National Association of Realtors shows, Millennial are more skeptical about the economy than their elders but they are still a key part of the home buying industry. continue reading »last_img read more

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