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71 Percent of CU Members also have a Bank Account, League Survey Finds
Thursday, August 1, 2013 5:55 AM

Who Uses What

Research conducted earlier by the Cornerstone Credit Union League (League) reveals that 92 percent of Gen Y men and 89 percent of Gen Y women use a bank. That same survey finds that 71 percent of credit union members also have a bank account.

So who’s doing business with credit unions? According to League research, 53 percent of Boomer men and 47 percent of Boomer women use a credit union. The question now is: will the Boomers look for wealth management firms to handle their money once they retire?

Following is what the League survey revealed:

  • 37 percent of Gen Y men use an online bank.
  • 46 percent of Boomer men and 35 percent of men in the Silent generation use a mutual fund. Also, 30 percent of credit union members have funds with a mutual fund company.
  • 38 percent of Boomer and 37 percent of Silent generation men use a stock broker.
  • 37 percent of Silent generation men and 33 percent of Silent generation women use an investment manager.
  • 4 percent of Gen Y men use check cashers and payday lenders; lesser for other population segments.