MARLBOROUGH, Mass.–Approximately 41% of American consumers have at least one account with a credit union, but just 18% of Americans consider their credit union to be their primary financial institution, according to new data.
The findings are part of Mercator Advisory Group’s new Consumers and Personal Finance: Primary Financial Institutions Can Help report.
Among some of the other findings in the report:
- Across all financial institutions, consumers average 5.3 accounts between brokerage firms, mortgage, auto, etc.
- 94% of U.S. consumers have a checking account (94%), and 75% report having a savings account
- 80% of consumers say they have a credit card
- 38% have an investment account
- 35% have a mortgage
According to Mercator, the mix of accounts has remained relatively stable over the past five years.
Other Findings
Among the other findings in the company’s bi-annual CustomerMonitor Survey Series, more than 80% of U.S. consumers 18–34 years old would be open to budgeting, saving, and credit monitoring help from their primary financial institution.
More specifically:
- 89% would be interested in talking to their primary FI about setting a household budget to meet their goals
- 88% would be interesting in budget monitoring services
- 87% would be interested in automatic savings plans to help meet their budgeting needs
- 84% would be open to a conversation about credit monitoring services
The report is based on a sample of 3,001 U.S. adults surveyed in the annual online Banking and Channels survey of Mercator’s CustomerMonitor Survey Series, conducted in November 2018.