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What credit union members are saying

Generational insights to help you add value and enrich your members’ experience

There’s nothing more important to a community than healthy, happy families. As a credit union, you play a vital role in strengthening your local communities by supporting the families that live, work and play there. At Canadian Premier, we’re here to support you as well as your members, not only with financial protection products, but with insights that can help you add value to your conversations and strengthen the member experience.

The first step in providing that support is ensuring we understand the challenges you face today — as well as your members’ financial concerns and priorities. In collaboration with a third-party consultant , we conducted a survey of 434 current Canadian credit union members to better understand their needs. What we learned may surprise you. View insights below and learn more by reading our "Why life stage matters" white paper.

They're more alike than you think

Many credit unions face an aging member base and struggle to appeal to younger generations. But when it comes to credit unions and financial matters, are the generations really that different? Maybe not, take a look.

Generation Z

Ages 18-24 (born 1997-2012)

Nearly half of Generation Z members say their top financial priority is paying for their education.

49% pie chart A pie chart representing 49% completion. 49%

Paying for education

40% pie chart A pie chart representing a 40% increase. 40%

Paying down debt

36% pie chart A pie chart representing 36% completion. 36%

Paying for monthly costs - groceries, bills, rent/mortgage

Survey participants had the option to choose up to three of the options provided. 

The majority of Generation Z members are most concerned about not saving enough for their long-term goals.

65% pie chart A pie chart representing 65% completion. 65%

Not saving enough to meet my long-term financial goals

62% pie chart A pie chart representing 62% completion. 62%

Wish they had a better financial safety net

60% pie chart A pie chart representing 65% completion. 60%

Constantly worry about money

Nearly 60% of Generation Z members are interested in a personal loan or line of credit insurance.

58% pie chart A pie chart representing 58% completion. 58%

Interested in personal loan/line of credit insurance

53% pie chart A pie chart representing 53% completion. 53%

Believe insurance policies are a good value

Disability and involuntary unemployment insurance (IUI)

Disability and IUI benefits can help Generation Z members prevent long-term financial hardship and stay on track financially.

EXAMPLE: Caden is starting his first “full-time” job, has a new car and is finally moving into his own apartment. He’s also building a budget and learning to support himself. What would happen if he lost his job or was in a car accident?

Millennial

Ages 25-40 (born 1981-1996)

The top financial priority for more than half of all millennials surveyed is paying their monthly costs like groceries, bills and rent/mortgage.

56% pie chart A pie chart representing 56% completion. 56%

Paying for monthly costs - groceries, bills, rent/mortgage

47% pie chart A pie chart representing a 47% increase. 47%

Saving for unexpected expenses

33% pie chart A pie chart representing 33% completion. 33%

Paying down debt

Survey participants had the option to choose up to three of the options provided.

Sixty percent of millennials are most concerned about having a better financial safety net.

60% pie chart A pie chart representing 60% completion. 60%

Wish they had a better financial safety net

50% pie chart A pie chart representing 50% completion. 50%

Not saving enough to meet long-term financial goals

48% pie chart A pie chart representing 48% completion. 48%

Do not have insurance or enough savings to cover me if I became incapacitated or disabled

Nearly 70% of millennials believe insurance provides peace of mind that they're financially protected.

68% pie chart A pie chart representing 68% completion. 68%

Believe insurance provides peace of mind that they are protected

51% pie chart A pie chart representing 51% completion. 51%

Interested in mortgage insurance

Life, disability and involuntary unemployment insurance (IUI)

For millennials, creditor protection is a great option to supplement their savings by including life, disability or IUI benefits.

EXAMPLE: Ryan and Amanda recently got married, purchased their first home and have two young children. Financially protecting their growing family is a top concern. But they may not have the income to build a large safety net just yet.

Generation X

Ages 41-55 (born 1965-1980)

Like millennials, paying for monthly expenses is also a top financial priority for a majority of Generation X.

52% pie chart A pie chart representing 52% completion. 52%

Paying for monthly costs - groceries, bills, rent/mortgage

47% pie chart A pie chart representing a 47% increase. 51%

Saving for unexpected expenses

45% pie chart A pie chart representing 45% completion. 45%

Paying down debt

Survey participants had the option to choose up to three of the options provided.

Nearly 60% of Generation X wish they had a better financial safety net — a top concern for millennials too.

58% pie chart A pie chart representing 58% completion. 58%

Wish they had a better financial safety net

51% pie chart A pie chart representing 51% completion. 51%

Constantly worry about money

45% pie chart A pie chart representing 45% completion. 45%

Not saving enough to meet my long-term financial goals

Generation X and millenials also share the belief that insurance provides peace of mind that they're financially protected.

68% pie chart A pie chart representing 68% completion. 54%

Believe insurance provides peace of mind that they are protected

31% pie chart A pie chart representing 31% completion. 31%

Interested in personal loan/line of credit insurance

Life and critical illness insurance

For Generation X, creditor protection, with life or critical illness insurance, can help financially protect those who count on them most.

EXAMPLE: Ben and Jenny are still very much a part of the workforce. They’re helping to support both their children and aging parents, yet they're getting older themselves and face an increased risk of getting a critical illness.

Baby boomer

Ages 56-75 (born 1946-1964)

Like Generation X and millennials, more than 65% of boomer members also prioritize paying for monthly costs like groceries, bills and rent/mortgage.

65% pie chart A pie chart representing 65% completion. 65%

Paying monthly groceries, bills, rent/mortgage

47% pie chart A pie chart representing a 47% increase. 47%

Saving for unexpected expenses

46b% pie chart A pie chart representing 46b% completion. 46%

Paying down debt

Survey participants had the option to choose up to three of the options provided.

Having a better financial safety net is also a top concern for boomers — just like Generation X and millennials.

44% pie chart A pie chart representing 44% completion. 44%

Wish they had a better financial safety net

31% pie chart A pie chart representing 31% completion. 31%

Constantly worry about money

45% pie chart A pie chart representing 45% completion. 28%

Do not have insurance or enough savings to cover me if I became incapacitated or disabled

More than half of boomers believe insurance policies are easy to acquire.

56% pie chart A pie chart representing 56% completion. 56%

Believe insurance policies are easy to acquire

23% pie chart A pie chart representing 23% completion. 23%

Interested in mortgage insurance

Disability and critical illness insurance

For boomers, creditor protection with critical illness and disability insurance can help provide peace if mind if something happens.

EXAMPLE: Michael and Mary are retired from their careers and are enjoying life traveling and playing with their grandchildren but they still need to protect their future. Their car is aging and they will need a new one soon.

We found it interesting that a top concern across the generations is “wishing they had a better financial safety net,” yet less than half of them are “saving for unexpected expenses.”

Wish they had a better financial safety net

A better financial safety net chart by generations. Gen Z 62%, Millennials 60%, Gen X 58% and Boomers 44%. 0 20 40 60 80 100 62% 60% 58% 44% GenZ Millennials GenX Boomers

Saving for unexpected expenses

Saving for unexpected expenses. Gen Z 36%, Millennials 47%, Gen X 45% and Boomers 46%. 0 20 40 60 80 100 36% 47% 45% 46% GenZ Millennials GenX Boomers

As you can see, there's a gap between wishing and actually saving, but saving for those unexpected expenses isn’t the only way to build a financial safety net. You can help your members prepare for the unexpected by offering creditor protection products when you issue a mortgage, loan or line of credit.

Credit union members generally believe insurance products offer peace of mind. But with these member survey findings, we see even more opportunity.

You can deepen your relationship with members by helping them fulfill a financial need. A simple conversation about the benefits of creditor protection and how it can help provide peace of mind if the worst were to happen, can bring added value to your loan transactions.

Insurance products offer peace of mind

Insurance products offer peace of mind. Gen Z 49%, Millennials 68%, Gen X 54% and Boomers 51%. 0 20 40 60 80 100 49% 68% 54% 51% GenZ Millennials GenX Boomers

Why creditor protection products are a flexible fit for members across all generations

No matter what generation or stage of life, creditor protection products provide a cost-effective, easy way to help financially protect your members and their loved ones, when they may need it most. They can help supplement existing coverage for a more comprehensive insurance portfolio, as well as offer financial protection in the event of a critical illness such as cancer, disability or involuntary unemployment.

On average, nearly 617 Canadians are diagnosed with cancer every day and nearly 1 in 2 Canadians will be diagnosed at some point during their life.1

A disability can happen anytime, at any age and is defined as an illness or injury which prevents someone from performing the material duties of their occupation. “According to an Angus Ried study, disability affects around 30% of Canadians directly and another 42% report knowing someone close to them with a health condition or disability that poses significant challenges to their day-to-day activities.”2 This can put a huge financial burden on families.

We also learned from our survey that of those who were currently unemployed, 46% lost their job due to the coronavirus pandemic.

Creditor protection can reduce or eliminate a mortgage, loan or line of credit balance up to a certain amount, so your members can focus on healing.

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Check out our white paper "Why life stages matter" for more insights and conversation starters.

Download white paper

Canadian Premier’s credit union products are distributed by Valeyo, a leading Canadian-based solutions provider for financial institutions nationwide.

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About Canadian Premier

Shared success creates enduring relationships

We believe in the power of mutual success. When you do well, we do well. Our goal is to help you achieve your goals and protect your members. Our flexible approach puts success first and demonstrates our commitment to providing relevant compliant solutions that your members will value today and always.

For more than 60 years, Canadian Premier has been committed to providing financial security to Canadians and their families in the face of uncertainties. We insure over 2 million Canadians and families coast-to-coast. Our insurance products are available through financial institutions, retailers and other businesses.

Learn more about Canadian Premier

Visit canadianpremier.ca and follow us on LinkedIn.

Survey results from November 2020.

1. “Cancer statistics at a glance.” Canadian Cancer Society, 2021.

2. Khedr, Rabia and Parent, Guillaume. “Canadians expect our government to do more for those living with disabilities.” Toronto Star, July 5, 2021.

Products are optional and not a condition of a loan. Insurance products are issued by Canadian Premier Life Insurance Company, 1400-25 Sheppard Avenue West, Toronto, ON, 1-800-763-1300. Eligibility requirements, terms, conditions and exclusions are all listed in the certificate of insurance. Premiums typically are calculated based on age, smoking status, answers to medical questions and total amount of loan. Please contact Canadian Premier Life Insurance Company for more information.