#32: Physically Going to the Bank
A study by UBS Investor Watch highlights a significant issue for credit unions: their struggle to engage millennials, who have grown wary of banks and the broader financial system since the 2008-2009 mortgage crisis. This generational shift reveals a deep-seated mistrust and skepticism towards traditional banking institutions among younger people, presenting a challenge in attracting and retaining their business.
provided by constative.com
According to a survey, over 70% of millennials would prefer a trip to the dentist over a banking appointment, which sounds a bit extreme! This sentiment is compounded by their reluctance to invest in stocks, opting instead to hold their assets in cash, signaling a transformative shift in banking habits.