TORONTO–Canadians who bank with a credit union score better on key financial health metrics than those who don't, according to a new poll conducted by the Canadian Credit Union Association (CCUA).
The poll, "Elevating Financial Well-Being: The Credit Union Advantage," surveyed 1,639 Canadians and seeks to provide a comprehensive analysis of the financial well-being among credit union members versus customers of other financial institutions.
The Key Findings
Key findings from the poll include:
- 84% of credit union members rate their personal finances as good or very good, surpassing 78% of non-members.
- Credit union members are more comfortable with their personal debt levels and more likely to possess a "rainy day fund."
- Canadians whose primary financial institution is a credit union report lower frequencies of delaying major life decisions due to financial concerns compared to those whose bank primarily with a traditional financial institution or a fintech.
‘Significant Impact’
"These findings underscore the significant impact that choosing the right financial institution can have on one's financial well-being,” said CCUA President and CEO Jeff Guthrie. “Credit unions across Canada are committed to the financial health of their members, offering personalized advice and support that clearly resonate with better financial outcomes.”
The poll also revealed superior service satisfaction levels among credit union members, with a notable percentage strongly agreeing that their financial institution cares about their financial well-being and assists them in achieving their financial goals, according to the CCUA.
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