Credit union members hold a record-breaking more than $1 trillion in savings, according to the CUNA Mutual Group, a leading provider of insurance and wealth management products to credit unions.
The insurer reported credit union members had $1,002 trillion in their savings accounts in March 2015 and credited an annual trend that saw savings rise in March as members receive tax refunds and employment bonuses from the previous year.
“Expect savings balances to fall below one trillion dollars in April as members pay their tax bills,” CMG said in its monthly Trends Report.
The report also echoed other research that found auto loans continued to move at a very quick pace, with used auto loans in March rising at a seasonally adjusted rate of 14.9%, the highest since November 1999 and new auto loans rising by a record-breaking 24.2%.
In addition, the insurer reported that credit union memberships also grew in March to 102.8 million, and that the annual growth rate on memberships hit 4%, the highest since March 1997.
“Credit union members are an extremely close proxy for the American middle-market consumer, and this report goes beyond sentiment data to demonstrate that these consumers are feeling better than they have in quite some time,” CMG Chief Economist Steven Rick said. “The savings and lending growth that we’re seeing in the credit union landscape speaks to rising economic confidence,” he said, adding: “[b]reaking the trillion dollar mark is an important moment for the credit union movement. It captures the improving financial health for millions of Americans and demonstrates the trust they continue to have in their local credit unions.”