More People Looking to Tik Tok Than Their Credit Union for Financial Advice, Survey Finds

CUToday 07/2022

SAN ANTONIO—More consumers are looking to Tik Tok and YouTube for financial advice than they are their own financial institution, according to new research.

Nearly half of the respondents in the research from Vericast said they seek financial advice from friends or family, while less than a third are seeking it from a bank, credit union or financial advisor. Thirty-four percent of Gen Z consumers obtain financial advice from TikTok and 33% get it from YouTube, while only 24% of this age group seek advice from financial advisors, according to Vericast, which surveyed 1,000 adults.

“It is clear that financial institutions have a critical need to innovate quickly and reimagine their approach to retain customers,” said Stephenie Williams, VP-financial institution marketing product and strategy at Vericast. “Banks and credit unions need to meet customers where they are, not only positioning themselves as a go-to, trusted resource providing education through traditional strategies, but also using new channels and platforms to reach younger generations.”

Opportunity Seen

According to Vericast, the findings show there is an opportunity to deliver on evolving expectations to help banks and credit unions acquire and retain customers/members amid market volatility.

According to the survey, consumers expect “financial institutions to accommodate them during widespread financial hardships, like the unprecedented inflation we are experiencing today. Seventy-nine percent expect flexibility on rates and fees, such as waiving overdraft or late fees, while 66% say they expect it to be easier to obtain new lines of credit.”

An additional 69% said notifications about lines of credit available to them and promotions on special rate offers, such as low-interest balance transfers, are also expected during times of financial instability.

The Specifics

According to Vericast, the survey found:

There is a correlation between mental well-being and banking. Seventy-five percent of consumers said the amount of money in their bank account impacts their mental health. For this reason, almost half (48%) are prioritizing building their savings account in 2022, the company found.
Mobile banking, interest rates, and sign-up incentives factor into choosing a financial institution. Sixty-one percent of consumers surveyed selected mobile banking capabilities as one of the top factors influencing their choice to bank with a financial institution.

Vericast added that when asked what would persuade them to switch financial institutions, two-thirds noted better interest rates as well as incentives to open an account, such as a cash reward for signing up, while 68% said fewer fees would incentivize switching.

Financial priorities for 2022 show opportunity. Amid market volatility, building up savings (48%), paying off debt (47%), and investing directly in stocks (21%) are top financial priorities this year.

The survey further found only 12% plan to open a new checking account this year, and only 19% anticipate opening a credit card; for over half of consumers, it has been five years or more since they last opened a bank account.

“There are opportunities for financial institutions to generate business: nearly half (42%) of consumers are planning to buy a car in 2022 and 34% are planning to remodel their homes,” Vericast reported in its analysis.

Comments

Sunday Reading - What's the point of a consumer electronics show?

What's the point of a consumer electronics show? Consumer electronics shows are large convention-type events where companies debut new technologies and products. The largest and most notable shows are CES in Las Vegas, a trade show every January, and IFA Berlin, which takes place annually in September. The events have historically introduced novel, cutting-edge products that later became household standards, like HDTVs, VCRs, DVDs, and gaming consoles ( see list ). Over time, these shows evolved from product showcases ( see last year's coolest gadgets ) into complex industry ecosystems, serving as a meeting ground for startups, multinational technology companies, investors, and the media. Hardware launches, keynote speeches, and...

Read Complete Article HERE>»

A Perfect Example - What Makes Credit Unions Different from Banks!

When the government shutdown hit in October and paychecks stopped, thousands of federal employees were left wondering how to make ends meet. Credit unions across the country stepped up—but Keesler Federal Credit Union went above and beyond. No loans, no hassle—just your paycheck Instead of making members apply for emergency loans, Keesler Federal launched its Paycheck Relief Program. Revolutionary in its simplicity, it worked like this: if you were a federal employee with direct deposit at Keesler Federal, your paycheck kept coming—interest-free, fee-free, and stress-free. Each qualified member could receive up to $6,000 per pay period for as long as 90 days. No hoops, no headaches. From October 1 until the shutdown ended, Keesler Federal advanced more than 5,000 paychecks totaling $6.5 million to 1,710 members. For non-members, they even offered zero-interest loans up to $6,500 with a year to pay it back. This proactive approach meant that before the first missed paycheck, Keesler Fed...

Read Complete Article HERE>»

Eight Credit Unions Pay $42 Million in Special Dividends to 1.1 Million Members

By Jim DuPlessis | January 05, 2026 at 04:00 PM So far this season, CU Times has tallied 19 credit unions, which have announced $160.3 million in special dividends for members. Eight more credit unions have reported special dividends, paying their 1.1 million members $42.1 million in December and January. The bulk of the dividends came from Police and Fire Federal Credit Union of Philadelphia and Eastman Credit Union of Kingsport, Tenn., which each announced $16 million in rewards approved by their boards. The late January payout from Eastman ($9.7 billion, 356,492 members) will bring its total special dividends to $225 million since 1998. A news release from the credit union said “the Extraordinary Dividend is never guaranteed, but the strong financial performance of ECU in 2025 enabled the Board of Directors to approve this year’s $16 million payout.” Eastman’s $16 million payout represents about $47 per member and 19 basis points of its averag...

Read Complete Article HERE>»

Auto Link, Home Link, and CalcuLink Unite Under New Parent Brand: Centergy Solutions

Auto Link, Home Link, and CalcuLink Unite Under New Parent Brand: Centergy Solutions Auto Link announced a major rebrand that unifies its three established product lines- Auto Link, Home Link, and CalcuLink- under one cohesive parent brand. The transition marks a strategic evolution designed to simplify the company’s ecosystem, strengthen product synergy, and enhance the overall experience for credit unions and the members they serve. The new Centergy Solutions brand reflects the company’s mission to deliver a more connected and integrated suite of digital tools across auto and home lending, auto and home buying, and financial decision-making. From an operational perspective, the unified brand also allows Centergy Solutions to accelerate innovation and improve platform alignment. Under the new parent brand: • Auto Link continues to support financial institutions with industry-leading digital auto lending tools that boost member engagement and loan volume. • Home Link provides consume...

Read Complete Article HERE>»

Temporary Corporate Credit Union Share Guarantee Expires December 31, 2012

NCUA LETTER TO CREDIT UNIONS NATIONAL CREDIT UNION ADMINISTRATION 1775 Duke Street, Alexandria, VA 22314 DATE: March 2012 LETTER No.: 12-CU-03 TO: Federally Insured Credit Unions SUBJ: Temporary Corporate Credit Union Share Guarantee Expires December 31, 2012 Page Content Dear Board of Directors and Chief Executive Officers: We are entering the final phase in the successful stabilization of the corporate credit union system. By the end of this year, all products and services offered by conserved corporate credit unions will be seamlessly transitioned to other providers – with no interruption of service to members. In the meantime, all ongoing corporate credit unions are meeting NCUA’s higher regulatory standards for capital, investments, and governance. ***READ COMPLETE LETTER; Temporary Corporate Credit Union Share Guarantee Expires December 3...

Read Complete Article HERE>»

Become a Royal Credit Union

Welcome Royal Member Services Royal Member Services About Royal We stand behind the most dependable automotive service plans in the business. We offer a range of automotive service plans for new and used vehicles that provide exceptional protection against repair costs while increasing dealer value on each and every sale. Our plans are backed by more than 50 years of dependability and customer satisfaction. We offer a world-class service organization, marketing, training, and a complete line of services. We have plans to fit most every vehicle and consumer budget. Call today and put Roya...

Read Complete Article HERE>»

DENVER (CO) FIREFIGHTER SUCCUMBS TO INJURIES

The Secret List www.FireFighterCloseCalls.com We regret to pass on to you that the Denver Firefighter who fell through a skylight while fighting a fire on June 28 died in the Line of Duty from his injuries last night. John Whelan, a 15-year veteran of the department was taken to St. Anthony North Health Campus about 1945 hours with shortness of breath, according to a release from the Denver Fire Department. Whelan died less than an hour later after going into cardiac arrest. Whelan was at the scene of a dumpster fire that broke out near an abandoned building at 3860 Blake Street on June 28th. He was on the roof of the building checking for damage when the skylight collapsed. Whelan fell 20 feet and suffered several injuries including a broken arm, broken ribs and internal injuries. More details will follow as a press conference is scheduled for this morning outside Denver Fire Headquarters. Our condolences to all those affected. RIP.

Read Complete Article HERE>»

Fed Raises Rates to Highest Point Since 2001; Here's What CU Economists Are Saying

WASHINGTON—Emphasizing it remains “highly attentive to inflation risks,” the Federal Resoerve has moved to hike interest rates by 25 basis points, setting the target range for federal funds at 5.25 to 5.5%--their highest level since 2001. The Federal Open Market Committee made the announcement Wednesday at the close of its July two-day meeting here, and suggested it may not yet be done with rate increases. “Recent indicators suggest that economic activity has been expanding at a moderate pace. Job gains have been robust in recent months, and the unemployment rate has remained low. Inflation remains elevated,” the Fed stated in a release. Tighter Conditions “Tighter credit conditions for households and businesses are likely to weigh on economic...

Read Complete Article HERE>»

'Anatomy' Of A Ransomware Attack

By Ray Birch BALTIMORE—Credit unions should brace for almost a month of major problems if they’re victimized by a ransomware attack, according to one cybersecurity expert, whose insights into the “anatomy” of a ransomware attack are coming at the same time nearly 60 CUs are currently trying to restore their own operations. As those credit unions have come to learn, it takes on average 22 days to get through a ransomware attack and get to the other side, that same expert stated. That information and additional insights were shared during a webinar hosted by cybersecurity firm Think/Stack, which that was held to provide CUs with insights and answers regarding ransomware in light of the recent attack that that continues to affect those five-dozen CUs hit by an attack on a common vendor. ...

Read Complete Article HERE>»

Fed may cut rates sooner and faster than expected if disinflation holds up, Waller says

Fed may cut rates sooner and faster than expected if disinflation holds up, Waller says By Howard Schneider and Ann Saphir January 16, 2025 11:47 AM EST Updated 7 days ago , opens new tab Summary Waller's inflation outlook sees a faster return to 2% target He says a rate cut at Fed's March meeting cannot be ruled out Investors see two cuts as more likely in 2025 after his remarks WASHINGTON, Jan 16 (Reuters) - Inflation is likely to continue to ease and possibly allow the U.S. central bank to cut interest rates sooner and faster than expected, Federal Reserve Governor Christopher Waller said on Thursday in comments that pushed against recent market moves that anticipate a shallower Fed rate path. Inflation "is getting close to what our 2% inflation target would be," Waller said on CNBC, citing estimates indicating that one key measure of underlying inflation, the Personal Consumption Expenditures Price Index excluding food and energy costs, has been close to the...

Read Complete Article HERE>»

First-responder Credit Union Newsroom

Search This Blog