Press
White Paper: Credit Unions Better at Promoting Financial Well-being Than Banks
Also outperform on perceptions of diversity, ease of access, and financial education
FOR IMMEDIATE RELEASE
May 9, 2022
Washington, DC
Credit union members nationwide are more likely to say that credit unions improve their financial well-being compared to customers of other financial institutions, according to a new white paper issued today by Credit Union National Association (CUNA).
“We have data that shows credit unions return billions of dollars to their members and their communities, but it is especially meaningful to hear how members actually feel about the impact credit unions have on them personally,” said CUNA Chief Economist Mike Schenk. “The findings also illustrate the stark difference between credit union members and non-members.”
The white paper, which consists of a survey of 2,500 voters, finds that credit union members are more likely to say that their financial institution has a “very positive” impact on their financial well-being than those who identified as bank-only customers (44% to 29%).
Respondents were also more likely to associate their credit union with serving a socioeconomically diverse membership, granting easier access to low-cost loans, and having a more meaningful connection with their community. Bank-only customers were more likely to report that they don't have $500 in savings to cover an emergency, long a measure of financial well-being.
The white paper shows that credit union members are also twice as likely to take advantage of financial counseling and education classes, engaging with their not-for-profit, member-owned credit union to build a more stable foundation for success.
The white paper is available online at cuna.org/advocacy.
|
Prompt |
Credit Union Members |
Bank-Only Customers |
Difference |
|
Provides low-cost loans to consumers to meet family needs. (% Very Positive) |
49% |
23% |
+26 |
|
Easy to get loans. (% Very Positive) |
44% |
22% |
+22 |
|
Cares about your local community. |
49% |
23% |
+19 |
|
Serves diverse customer base of all income levels and ethnicity. (% Very Positive) |
50% |
37% |
+17 |
|
Have used personal financial education or counseling services (% Use) |
44% |
22% |
+22 |
|
Has positively impacted my financial well-being. (% Very Positive) |
44% |
29% |
+15 |
|
Does not have $500 emergency savings (% Without) |
21% |
38% |
-17% |
###
About CUNA:
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 130 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org. To find your nearest credit union, visit YourMoneyFurther.com.
CONTACT:
Deshundra Jefferson
CUNA Communications
202-809-4081
Spring 2023
Credit Union Magazine’s Spring 2023 issue features the 2023 Credit Union Heroes and examines CUNA-League advocacy priorities, board leadership, the impact of financial well-being efforts, fee-related compliance issues, predictions for the year ahead, and more.