Credit unions face battle for a seat at the banking table
Have you noticed how so many bank advertisements on TV and radio are very obviously aimed at 18 to 34-year-olds? It might be for a mortgage, a car loan, college loan or even a savings product.
But by and large, this is the sweet spot of financial services for the future. Banks need to lend money to make a profit and with so many of the 34 to 50-year-olds in negative equity, heavily in debt and trying to make ends meet, they might not be in the borrowing mood.
Credit unions are not different. In fact they need a slice of the 18 to 34-year-olds, even more than the banks do. Too many of the current members of the country's 380 credit unions are savers instead of borrowers.