Being the largest city in the state of Nebraska, Omaha is home to six Fortune 500 companies, the most popular of which is Berkshire Hathaway. Billionaire Warren Buffett owns the multinational holding company.
Buffett is one of this generation’s prime influencers. When asked about rising bank fees, he suggested that customers choose the better deal from among the many financial institutions.
Millennials follow similar words of advice from financial gurus. They understand that financial literacy is the key to achieving their personal goals.
With Omaha recognized as the best metro area for millennials, learning more about Omaha FCU (federal credit unions) is an excellent way to start.
Here are some reasons why it is wise for millennials to place their hard-earned money into credit unions.
Lower interest rates on loans
Since credit unions are nonprofit financial institutions, they return profits to its members by providing lower interest rates in the vehicle, home equity, and personal loans.
According to a study made by ZipRecruiter in 2018, Omaha was ranked #1 as the best city for college graduates to start their careers.
With millennials falling under the group of first-time home buyers and parents, the lower interest rates in Omaha FCU will be a big help in starting their families.
Moreover, millennials with substantial student loans discover that joining credit unions will help them save money. Credit unions are usually the only way that they can get credit.
Higher interest rates on savings accounts
Members of credit unions enjoy higher rates on their savings.
Millennials, who are known to hoard cash and are averse to risk, need a place for their money to get good returns while being safe from market fluctuations. They should take advantage of credit unions that offer free checking accounts.
Omaha FCU members enjoy savings on:
- Omaha Storm Chasers games at Werner Park
- Adventureland in Des Moines, Iowa
- Cell Phone plans
- Tax software products
- Car and home insurance
- Security systems
- Theft protection
- Car maintenance
- Theme parks
- Preferred access tickets to events like concerts and sports
- Movie tickets, concerts, and shows
- Ski resorts
- Rental cars
- Outdoor vehicles
Credit unions share their commitment to support the needs of the community.
Based on a survey done by the Corporation for National and Community Service (CNCS), Nebraska’s millennials ranked as 14th in volunteer rate.
Millennials will appreciate being part of a group that shares the same objectives of volunteerism, sponsorships, and donations.
Personalized customer service
Credit unions, with its community involvement, are sympathetic to borrowers struggling to make payments on loans. Seeing firsthand the pains of having to live from paycheck to paycheck, they take the initiative to equip their members through free financial advice.
Millennials need help in preparing for retirement. According to research done by Social Science Research Network, millennials are likely to live longer than previous generations and, therefore, will need to fund a longer retirement. However, on a positive note, millennials are better exposed to financial education.
Most credit unions hold free seminars on financial topics. In contrast, professional financial advisors frequently sell investment products. Therefore, millennials would prefer getting their investment questions answered from credit unions instead.
While millennials may not have much money to invest yet, credit unions assist by creating financial strategies.
With the benefits above, credit unions are the perfect fit for millennials. They should choose a credit union that is rooted in helping the underprivileged of the community, with opportunities to volunteer in causes aligned with their values.
There are credit unions serving counties in Nebraska and Iowa with a long history of positive relationships with its members.