The Discover brand's supplemental U.S. Spending Monitor that focuses on credit union members shows that credit union members have been losing confidence in the economy.
The quarterly report supplements the broader U.S. Spending Monitor report which the brand issues monthly.
Discover reported that 58% of credit union members rated the economy “poor,” up from just 49% who said the same one year ago. This compared with about 62% of non-credit union members who rated the economy as “poor,” also a 9-point increase from one year ago, the card issuer said.
Additionally, only 22% of credit union members reported they found the economy to be getting better, a 9-point drop from last year while 55% said the economy is getting worse, an 8-point increase from last year.
The report also indicated CU members feel worse about their own personal finances, with 48% of CU members reporting feeling that their personal finances are getting worse, up 3 points from last year, compared to a 4% increase in non-credit union members who believed the same thing.
Further, only 37% of credit union members rated their personal finances as good or excellent in June, a 2-point drop from those who said the same one year ago.
The non-member demographic reported a similar drop in sentiment, with just 28% rating their personal finances as good or excellent, a 2-point decline from the year prior. Discover reported.