Members View CUs More Favorably than Bank Customers
Results from the Credit Union National Association's (CUNA) 2022 National Voter Poll unambiguously reveals that credit union members view their credit unions much more favorably than non-members view their banks and/or other service providers across every performance metric evaluated.
In Credit Unions Lead in Improving Financial Wellbeing for All, the differences discovered appear to stem from credit unions’ more consultative approach, more consumer-friendly pricing, thoughtful products and services, and an overall sense of trust these institutions foster. Credit union members are two times more likely than non-members to say they have received personalized financial education and/or counseling.
Responses also show that members have taken action based on the advice they received and have established a financial buffer to shield them during tough times. Those who don’t use credit unions are nearly two times more likely than credit union members to say they haven’t established a financial buffer to meet unexpected expenses. Credit union members are 1.5 times more likely than non-members to say they are “very positive” their financial institution has improved their financial wellbeing.
Polling results detail similar differences across 10 other dimensions related to financial wellbeing including trust, service, and community focus. The results are consistent across all demographic groups — including those in the nation’s most financially vulnerable populations. Activities that lead to more consumer participation in credit unions, including policies that improve consumer access to credit unions, would clearly help millions of consumers. This is especially true for those who reflect low financial resilience and those who were hardest hit during the pandemic.
This year’s poll includes questions about financial institutions and their effectiveness in improving consumer financial wellbeing and in advancing the communities they serve. The online panel survey, conducted by FrederickPolls during January 2022, is based on a nationally representative sample of 2,500 voters (with a margin of error equal to +2 percent). Questions centered on financial behaviors and outcomes, trustworthiness, and connections to the local community.
