LONDON–New data published by the Bank of England shows continued growth for credit unions in the United Kingdom.
According to the 2017 data, the U.K.’s credit unions now serve almost 2 million people and have assets worth over £3.1 billion, the BoE reported. Since 2008, credit union membership has increased from just over 650,000 members to just under two-million.
The new data also show credit unions in England now serve more than 800,000 members, with £730 million in savings and over £500 million in loans.
Scotland’s credit unions serve almost 400,000 members, or 7.4% of the population, the Bank of England said. Credit unions have done particularly well in Glasgow, where 25% of the local population are members of their local credit union. Scottish members now have £520 million in savings and total assets of over £600 million, according to the BoE.
‘Becoming More Popular’
In Wales, credit unions now serve nearly 80,000 people, who had £40 million in savings and who had borrowings of £22 million in 2017, the data show.
Head of Policy and Communications at ABCUL, Matt Bland welcomed the Bank of England’s latest figures, saying: “Credit unions are becoming more popular across the globe than ever,” said Bland. “It is particularly encouraging to see the growth in the UK and that our sector continues to gather pace. The sector is very close to reaching two million members in the UK and it shows that more and more people from all walks of life trust credit unions as a place to save, as well as a great option for loans and a range of financial services.”