The State of Social Media in 2023 and What It Means for Credit unions   

One of the top questions my team and I are asked regularly is, “Should we be on social media?”

The obvious answer is, yes.

The bigger question is which platforms should your credit union be on. After we ask some freaking questions to gain perspective on your credit union’s ideal and legacy members, we can prescribe a thoughtful, strategic answer.

Of course, the content you curate is one of the most important pieces of your social media strategy, but that will be for another blog post. Today, I want to share some data on social media to help you determine the right platforms for your credit union.

Facebook use has plateaued, TikTok has taken a step back after its initial burst of interest, and Discord is on the up. These were all findings in the most recent study from Edison Research.

The survey results indicated that Facebook continues to be the most widely used social media brand among Americans ages 12 and older, with 61% of users reporting being active on the platform. This puts it in the same 61-63% range it has achieved in since Edison’s 2018 edition of the report. We can assume that it has plateaued at around 6 in 10 people at this point.

Other legacy social platforms also remain flat. Twitter and Snapchat are unchanged at 27% of respondents being active users, while Pinterest’s 31% adoption is a small bump from 2022’s 28%. Additionally, the 44% reporting they use Instagram is within the 43-46% range set from the previous two years. Interestingly, Instagram is the most used platform for those between the ages of 12 and 34, so definitely a younger audience.

One legacy social media platform is enjoying new growth: LinkedIn has experienced an increase in active users, up to 26% in this year’s survey from 21% a year ago.

For those credit unions using or considering TikTok for your marketing mix, keep a close watch over the trends. TikTok has taken a step back after a huge rise in active users last year. In this latest survey, one-third of Americans over the age of 12 reported using the app, down slightly from 36% last year. Despite a dip in active users, which can be expected when the shiny new-ness wears off of any new toy, engagement among active users continues to rise. While last year twice as many social media users said they used Facebook (34%) more often than TikTok (17%), this year TikTok experienced more frequent usage than Facebook (22% and 20%, respectively).

The big takeaway from this study for credit unions using social media as part of their marketing and content strategy, the most-used social platform is still Facebook, according to this Edison study.

Social platforms are more than a place to watch cat videos or Uncle Eddie unload his political rants. It’s a strategic platform that, when thoughtful and creative content is produced, can engage with your members in an informal yet meaningful way. It’s an opportunity to educate, engage, and retain your credit union members and activate your brand personality.

Unsure of your credit union’s brand or ideal member? Let’s talk!

Let’s have this conversation today!

From strat plans to rebrands, YMC President and CEO, Bo, is passionate about helping financial institutions come up with a winning formula. If you’re ready to go beyond the SWOT, you can email him at

Subscribe Today!

Subscribe now to receive a monthly email with content filled with strategy and ideas to help you meet the goals of your credit union.

Skip to content