This year may be a repeat of 2010′s below-trend savings growth for credit unions as members continue to focus on paying down debt.
Low deposit yields, a modest uptick in consumer spending and a slightly more upbeat outlook in the equity markets are some of the factors which will likely keep savings growth below 5% in 2011, according to CUNA Mutual Group's February Credit Union Trends Report.
Credit unions finished 2010 with total savings growth at 4.5%, which is below the 10-year average annual rate of increase (7.7%) and results following the 2001 recession, the report's data showed.
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