Credit unions foster financial well-being in members, survey shows

by CUNA News

Credit unions’ unique characteristics produce significant pro-consumer benefits, according to CUNA’s 2022 National Voters Poll. Conducted in January, the poll shows credit union characteristics unambiguously translate to greater financial resilience and higher levels of financial well-being for credit union members.

“These numbers paint a compelling picture that the credit union difference improves members’ financial well-being and advancing the communities they serve,” said CUNA Chief Economist Mike Schenk. “Most importantly, this data comes directly from consumers and shows the stark difference between credit union members and non-members. It demonstrates that credit unions continue to do right by their members. Modernizing fields of membership would allow credit unions to do even more to continue to advance financial well-being.”

Credit union members fare better across the board on the four key components of financial health: spending, saving, borrowing, and planning, according to the Financial Health Network.

  • Spending: 90% of all credit union members say their institution makes it easy for them to manage their finances. Credit union members are 1.2 times more to respond “very positively” to the idea that their financial institution makes it easy to manage their finances.

 

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