WASHINGTON—Updated data from America’s Credit Unions’ Consumer Pulse Survey shows the credit union difference “resonates with members, including those of key demographic groups,” according to the association.
The trade group said the survey polled 2,500 consumers in February with questions centered on financial behaviors and outcomes, trustworthiness, and connections to the local community. Women, people of color, lower-income consumers, rural residents, military households, and business-owner households are among the key demographics studied in the survey, ACU added.
“The survey results make it abundantly clear that credit union members view credit unions differently—and much more positively—than their counterparts view the institutions they use,” said America’s Credit Unions’ Mike Schenk in his latest Economic Update. “That’s true basically across the board, in every metric we look at, in the demographic groups we focus on, and over time.”
According to America’s Credit Unions, the data indicates this stems from “credit unions’ more consultative approach, more consumer-friendly pricing thoughtful products and services, and an overall sense of trust fostered by member-ownership.”
Additional Findings
ACU said the survey further shows credit union members:
- Have lower financial stress and are less likely to use expensive alternative service providers
- Have a more positive view of their financial well-being and trust in their institutions
- Are more likely to engage in behaviors that promote financial resilience
The survey also reveals credit unions are seen as leaders in lending, providing affordable loans to their members, ACU said.
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