New study reveals growth opportunity for credit unions

A new study reemphasizes the growth opportunity credit unions have when it comes to wealth management services.

Magnify Money released a report last week noting that nearly 75% of Americans across a variety of demographics regret not investing sooner, including 31% who wished they had started saving for retirement earlier in life.

Among other results:

• 21% of respondents said they regretted not investing in stocks sooner
• 14% said they regretted pulling money from their retirement accounts
• 9% lamented not monitoring their investment portfolios more closely

And it’s not just older Americans. A 2017 study from Navy Federal Credit Union revealed 72% of millennials aren’t saving for retirement.

As reported, a recent J.D. Power retail banking survey showed 78% of respondents want financial advice from their bank or credit union, but only 28% are actually receiving it. And the numbers are even lower for credit unions – just 19% of CUs offer investment or wealth management services, according to CUNA Mutual Group, indicating a big growth opportunity.