Credit Union Members Displaying Confidence in Economy, Finances
Do credit union members think more positively than non-credit union members do when it comes to the U.S. economy and their personal finances? According to the Discover U.S. Spending Monitor, a monthly consumer survey conducted by banking and payment services giant Discover Financial Services, the answer is yes.
Financial confidence improved among credit union members—more so than among non-members—in the fourth quarter of 2010, says the Discover U.S. Spending Monitor, which surveys more than 8,200 consumers, including an average of 2,500 credit union members.
Credit unions are also breeding grounds for individuals who put a lot of thought into their finances, he said.
“Even though credit unions are serving an expanding community, they still have their SEGs, like teachers, who tend to be more stable,” Johnston said. “But if you are not a SEG member and you decide to join a credit union, you’re making a decision and you’ve looked at all your options. That automatically puts you in a category of having more financial sense.”