Thursday, December 2, 2010

Aging membership means challenges ahead: Mich. survey

From CUNA:

The U.S. population is aging, and seniors are the country's fastest growing demographic, which has implications for credit unions, says the Michigan Credit Union League.

The U.S. is experiencing a dramatic increase in the number of people who live to old age, according to the Administration on Aging, an agency of the U.S. Department of Health and Human Services, (Michigan Monitor Nov. 29).

This phenomenon is creating challenges for Americans of all ages as they cope with Social Security, health care, housing, employment and other national issues that are important to an aging population.

The average credit union member is 47 years old, up from 40 in just the past two decades, according to Credit Union National Association (CUNA) research quoted by the league. Given that the average adult credit union member has moved beyond his or her prime borrowing years of 25 to 44, credit unions should take notice as they plan for the future, said the league.

(Read more at:

No comments: