The finding: Credit union membership has held relatively steady between 2023 and 2025 for Gen Zers but has declined significantly among millennials—to 22% in 2025 from 31% in 2023, per a Sogolytics study.

That isn’t the only concerning statistic in this study pointing to a knowledge gap among younger consumers.

• 48% of millennials say they “know a lot” about credit unions, but only one in four Gen Zers can say the same.
• 49% Gen Zers and 37% of millennials have at least heard of credit unions but don’t know how they work.

Their (limited) perceptions of credit unions are also somewhat troubling. While 38% can point to credit unions’ positives like community focus and lower fees, Gen Zers aren’t as generous with their opinions. Most simply say they don’t know enough to have an opinion, but 17% say they’re for “older” customers, and another 17% think they aren’t modern enough for them.

What this means for credit unions: Credit unions must reposition themselves for younger consumers by closing the knowledge gap with simple, clear messaging about what they are and why they matter while also countering the perception that they’re outdated. 

Marketing should highlight their digital strength and convenience, showcase member ownership and community impact to align with Gen Zers’ and millennials’ values, and promote youth-friendly products like starter accounts or fee-free checking. By combining education, modern branding, and value-driven messaging, credit unions can shift perceptions from outdated to relevant, digital-first, and socially aligned—which still matters to younger consumers too.