Credit unions battle big banks to attract younger Canadians

According to a recent MNP report, attracting and retaining millennials and Generation Z is vital to sustaining the Canadian credit union system, especially as it faces an aging member base.

She later tried another bank or two but eventually, the 29-year-old Regina-based teacher returned to Conexus five years ago because of its no-fee chequing account, customer service and focus on helping local communities. In 2021, for example, the credit union reinvested more than $1.9 million back into Saskatchewan communities through their Community Investment Program.

“I feel really happy staying with a credit union because I want to make life better where I live,” Rourke said.

“It feels like at a bank I’m always trying to be sold something,” she added. “I feel like at a credit union, I’ve had such good discussions on how to build wealth or save for particular goals while keeping it realistic. I love how they’ve checked in with me to see how it’s going … I feel like at a bank I was a customer and at a credit union, I feel like a client.”