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Securian Financial

Grow – and protect – your credit union family

A special study about the concerns facing members today

At Securian Financial, we celebrate family – from immediate families to credit union families.

When it comes to personal finances, what matters most to individuals and families is similar across the generations: credit union members are worried about money and want a better financial safety net.

This is just one key takeaway from our nationwide survey of members, which we conducted in July, 2020 to support credit unions like yours. So you can gain a better understanding of the financial concerns and priorities facing your members – and gauge their interest in protection products.

Using this survey data, you can balance what has made your business model a success, with emerging trends in member concerns and behaviors.

About the study

In collaboration with a third-party consultant, we conducted an online survey of 449 current credit union members from across the United States who make decisions on household financial matters.

What members are prioritizing – and what’s keeping them up at night

Credit union members in the U.S. are prioritizing monthly expenses, saving for unexpected expenses, and saving for retirement. Their biggest financial worries are about money in general and the need to build a better financial safety net.

By understanding what this means at a deeper level for each generation, you can customize conversations with existing members – and gain new members.

Gain insights about each generation

Generation Z

Top financial concerns

  • I constantly worry about money
  • My family would not be able to cover my financial obligations if I were to die
  • I am worried that I could lose my job
  • I do not have enough insurance or savings if I were to become disabled or incapacitated
See top priorities

Generation Z

Ages 18-23

Top financial priorities

  • Paying for monthly expenses like rent/mortgage, groceries and utilities
  • Paying for health care
  • Paying for education
  • Saving for unexpected expenses

See top concerns

Millennial

Top financial concerns

  • I wish I had a better financial safety net
  • I constantly worry about money
  • I am worried I could lose my job
  • It is a struggle to cover basic monthly expenses like rent/mortgage, groceries, and utilities
See top priorities

Millennial

Ages 24-39

Top financial priorities

  • Paying for monthly expenses like rent/mortgage, groceries and utilities
  • Saving for retirement
  • Paying down debt
  • Saving for unexpected expenses
See top concerns

Generation X

Top financial concerns

  • I wish I had a better financial safety net
  • I constantly worry about money
  • I am worried I could lose my job
  • I have not saved enough for unexpected expenses
See top priorities

Generation X

Ages 40-55

Top financial priorities

  • Paying for monthly expenses like rent/mortgage, groceries and utilities
  • Saving for retirement
  • Paying down debt
  • Saving for unexpected expenses
See top concerns

Boomer

Top financial concerns

  • I wish I had a better financial safety net
  • I constantly worry about money
  • I do not have enough insurance or savings if I were to become disabled or incapacitated
  • I struggle to cover basic monthly expenses like rent/mortgage, groceries and utilities
See top priorities

Boomer

Ages 56-74

Top financial priorities

  • Paying for monthly expenses like rent/mortgage, groceries, and utilities
  • Saving for retirement
  • Paying down debt
  • Paying for health care
See top concerns

Silent

Top financial concerns

  • I wish I had a better financial safety net
  • I constantly worry about money
  • I struggle to cover basic monthly expenses like rent/mortgage, groceries, and utilities
  • My family would not be able to cover my financial obligations if I were to die
See top priorities

Silent

Ages 75+

Top financial priorities

  • Paying for monthly expenses like rent/mortgage, groceries and utilities
  • Saving for unexpected expenses
  • Paying for health care
  • Saving for major purchases
See top concerns

Why debt protection programs are a flexible fit for members across all generations

Members are interested in loan and asset protection products. And the need for these products is clear, based on their financial priorities, concerns and preferences right now.

A flexible debt protection program tailored for your credit union can help relieve member stress. Plus, reduce financial hardship when the unexpected happens – especially life-altering events such as death, disability or involuntary unemployment.

Protecting members with exceptional value and service

  • Consultative approach
  • Custom program design
  • Lending and membership forms
  • Regulatory expertise
  • Ease of implementation
  • Superior service

Building a case for lending and asset protection products for your members

Get the infographic
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Considering a switch to debt protection?

Contact us for a consultative session to learn more.

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Interested in a debt protection program check-up?

Contact us for a consultation review session.

DOFU 11-2020
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