WASHINGTON– Military households belonging to credit unions view their credit unions much more favorably as compared to how nonmembers view their banks and other service providers across every performance metric evaluated, according to a new survey conducted by CUNA.
The findings were released as part of the CUNA Voter Poll Update, a panel survey based on a nationally representative sample of 2,500 voters and conducted during July 2023 by FrederickPolls.
The Survey Objective
According to CUNA, the objective of the survey was to measure feedback on the efficacy of credit union membership and the financial well-being of the communities credit unions serve. Poll questions center around financial behaviors and outcomes, trustworthiness, and connections to the local community, CUNA said.
The positive feelings by military households toward credit unions seemed to be a result of credit unions’ “more consultative approach, more consumer-friendly pricing, thoughtful products and services, and an overall sense of trust” fostered by credit union institutions, according to the trade association.
The Findings
Among the other findings:
- Military households that are credit union members are nearly two times more likely than nonmembers to say they have received personalized financial education/counseling. “And they have acted on the advice they received,” CUNA found.
- Military households that do not use credit unions are 1.6 times more likely than military household credit union members to say that they have not established a financial buffer to meet unexpected expenses.
- “Not surprisingly military credit union member households are 1.5 times more likely than nonmembers to say they are ‘very positive’ their financial institution has improved their financial well-being,” CUNA said.
Similar Results
According to CUNA, it’s polling results showed similar differences across ten other dimensions related to financial well-being. These included topics related to trust, service provision, and community focus.
‘Proof of Mission’
“The credit union philosophy has always centered around people helping people. CUNA’s Voter Poll Update provides the credit union industry with proof of this mission and provides us with the motivation to continue showing up for our members’ financial needs,” said Anthony Hernandez, president and CEO of the Defense Credit Union Council. “These surveys are a great way to reflect on our efforts and ensure we continue bringing a measurable impact to our members’ lives and financial prosperity.”