Credit Unions Are Going to Die of Old Age

Sounds like a good way to go, right? Ripe old age, preferably in your sleep. But I’m not talking about you, or me, I’m talking about the credit union industry. We are mathematically on track to die of old age. I mean we’re already over 100, so the chances are pretty good that we can’t sustain life for much longer.

But here are some concerning vital signs, if you will.

  • The average age of a credit union member remains at an unbelievably old 47
  • Research shows the average age of a credit union borrower is 2 -5 years OLDER than that
  • The National Youth Involvement Board was founded in 1967 with the mission to reduce the average age of credit union members by recruiting more members under age 18 (see #1)

 

Read the rest at CUInsight

 

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