Reach Younger Members Today to Drive Growth in the Future

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Gen Z, comprising those aged 18 to 26, includes consumers focused on securing their financial futures. While they are slightly less worried about the economy than the older generations, they are interested in saving money and building credit.

According to the latest Velera (formerly PSCU/Co-op Solutions) Eye on Payments Report, 70% of Gen Z respondents say they saved more money in the past year than they typically do, far more than any other generation, and 74% said they prefer to use credit cards to boost their credit. 

When it comes to member experience, credit unions should focus on building loyalty with this newest generation of consumers. One way to achieve loyalty is by investing in innovative solutions to meet this demographic’s digital expectations. 

Plinqit, a Velera Strategic Provider Program partner, commissioned The Harris Poll to survey 2,084 U.S. adults last month to find out what they’re saving for and how they select savings options that work for them. This information was published on Aug. 1 in their 2024 State of Savings Report. Here are a few of the most relevant insights:

Gen Z and Millennials are more likely than Gen X and Boomers to say they are saving for:

• Purchasing a vehicle (36% of Gen Z and 32% of Millennials vs. 23% of Gen X and only 17% of Boomers)
• Purchasing a home (32% and 21% vs. 11% and 7%, respectively)
• Medical expenses (21% and 18% vs. 12% and 11%, respectively)
• Major life event (22% and 16% vs. 6% and 3%, respectively)

Surprisingly, Gen Z is more likely than any other age group to say they save more than 20% of their monthly household income each month.

How can your credit union reach younger generations and help them maximize their savings? Plinqit can help. 

As a valued Velera client, you can connect with Plinqit’s advisors on their irresistible draw for younger generations to its gamified automated savings platform. Gamification creates stickiness and uses brain science to deliver the right financial wellness content to make savings a habit. Offering your members a valuable tool to reach their goals while increasing member engagement and deepening their relationship with your credit union makes Plinqit a win-win. 

Simply fill out the contact form to connect with Plinqit and help your members earn money toward their saving goals while they learn.

Plinqit is also a Preferred Financial Wellness Provider for the Cornerstone Foundation.

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Velera, formerly PSCU/Co-op Solutions, is a preferred business partner of Cornerstone Resources, a wholly owned subsidiary of Cornerstone League.