LITTLETON, Colo.–A new conducted by from Red Rocks Credit Union has found that Coloradans are rethinking where they turn for financial guidance—and who they trust.
“While 75% of residents express concern about retirement and over one-third (36%) report living paycheck to paycheck, a significant number are moving away from national banks in favor of regional credit unions and alternative sources like friends, podcasts, and ChatGPT,” the credit union said.
RRCU said the survey found 40% of respondents reported banking with a credit union compared to 54% with a national bank, which it said highlights a “shift toward more community-focused institutions.”
“These findings make it clear that Coloradans are feeling the pressure—not just from inflation or housing costs, but from a system that hasn’t evolved to meet their daily financial needs,” President and CEO Darius Wise said in a statement. “They’re telling us they want help planning, saving, and managing life’s biggest moments—and they’re looking for that guidance in new places.”
The Findings
According to Red Rocks CU, the findings include:
- 34% named paying off debt as their most important upcoming milestone—more than those aiming to retire (21%) or buy a home (21%). “This number climbs to 44% for those ages 35–54. For higher earners ($100K+), 27% said their most significant financial milestone is funding a child’s college education,” RRCU reported.
- Nearly half of part-time workers (47%) described their economic outlook as “uncertain and anxious.
- 75% of respondents expressed concern that economic instability will impact their personal finances in the coming year.
- 51% of respondents feel at least somewhat confident they’ll have enough saved for retirement. More than half (55%) rely on friends and family for financial advice, while others turn to CFAs (38%), banks (38%), podcasts (10%), ChatGPT and AI tools (8%), and social media (7%), according to Red Rocks CU.
Generational Breakdown
Red Rocks CU said breaking down the survey by generations shows:
- 53% of credit union members rely on their institution for financial advice
- 72% of 18–34-year-olds rely on friends/family; 13% on social media
- 47% of those 55–64 turn to their financial institution
- 81% of online bank users lean on friends/family; 19% on social media
Drivers of Financial Choices
When it comes to choosing a financial institution, Red Rocks said it found:
- Top priorities include excellent customer service (74%) and competitive rates (61%). Yet, trust remains low: only 14% trust their traditional financial institution.
