Minnesota CUs launch cooperative ad campaign to attract millennials

The Minnesota Credit Union Network has launched a public awareness media campaign designed to demonstrate the benefits of credit union membership to Millennials throughout the state.

The “It’s Your Choice” digital campaign, which MNCUN member credit unions have collectively spend $500,000 on, directs consumers to the www.ChooseMNCU.org micro-site, which helps Millennials learn about local credit unions and what they offer to members.

The campaign highlights financial needs that are of particular importance to young people – including buying a car, a home, starting a family or getting married.

“Our research shows it’s clear that the cooperative model of Minnesota credit unions aligns very well with millennial values of doing business with local, community-focused organizations that give member customers a voice in governance,” Andrea Molnau, director of communications for the MNCUN, said in a statement. “Add the financial benefits of better rates and lower fees, online and mobile offerings, and it’s a great fit. Our effort now is to make sure millennials are aware they have options.”

Minnesota follows in the footsteps of other state leagues that have launched cooperative advertising campaigns, including the Michigan Credit Union League, the League of Southeastern CUs and more.

MNCUN explained that digital advertisements will appear throughout channels popular with Millennials including YouTube, Spotify and Pandora, as well as banner ads across local and national platforms and media sites.

“Our members really wanted to invest in telling the story of credit unions, and the benefits of credit unions to consumers and communities,” added Molnau.

And Minnesota is apparently a very popular place for millennials, according to some recent research.

According to a recent report from WalletHub, Minnesota is the second best state in the country for millennials to live in (neighboring North Dakota ranks first). WalletHub’s study found that Minnesota ranked ninth in terms of overall affordability; fifth on education and health metrics; eighth in “quality of life”; fifteenth in “economic health”; and second in “civic engagement.”

WalletHub founf that Minnesota also boasted the highest rate of home ownership among millennials and the fifth-highest percentage of millennials having health insurance coverage.

In addition, a recent survey conducted by MNCUN itself found that about one-fourth of Minnesota millennials say that they use a credit union as their primary financial institution. Moreover, among those state millennials who are not currently credit union members, almost half (44 percent) said that they are likely to join a credit union.

“The survey illustrates that millennials see credit unions as a very attractive option for their primary financial institution,” MNCUN CEO Mark Cummins said in a statement. “Our credit unions have been focused on ensuring they have the online and mobile services that Millennials expect and are continuing to grow in their technology offerings. What’s more, the survey indicated millennials desire a voice in their institution – which fits perfectly with the cooperative credit union model.”