Credit Unions: Improving Financial Situations Nationwide
Did you know, a recent survey reported that 44% of the 2,500 responders said that being a member of a credit union has had a “very positive” impact on their financial situation? Compare this to the only 29% who said being a part of a big bank has had the same positive impact. These results were reflected across various demographics as 43% of women surveyed and 44% of people of color felt their financial situation was improved by a Credit Union.
Digging a little deeper, most respondents who did all their banking with a big bank stated that they wouldn’t have $500 saved that could be used in case of an emergency.
While these numbers alone are staggering, the study took a closer view at how those surveyed viewed Credit Unions.
For instance, the survey reported that most respondents were more likely to “associate their credit union with serving a socioeconomically diverse membership, granting easier access to low-cost loans, and having a more meaningful connection with their community.” We couldn’t agree more with this statement. In fact, we pride ourselves on connecting with our community. The Caro Cares Community Impact Project has benefitted three local charities over the last few years.
Speaking about their findings, those who conducted the survey said, “We have data that shows credit unions return billions of dollars to their members and their communities, but it is especially meaningful to hear how members actually feel about the impact credit unions have on them personally.” Consider this: According to the most recent CUNA Membership Benefits report, financing a $25,000 new automobile for 60 months at a South Carolina credit union will save members an average $179 per year in interest expense compared to what they would pay at a banking institution in the state.
The study also found that Credit Union members are more financially savvy than those who completely rely on big banks (go ahead and pat yourself on the back). That is also because credit union members are twice as likely to take advantage of financial counseling or education offered by their credit unions. Members of Caro have access to free and confidential financial counseling, credit report reviews, and budgeting assistance.
After reading this study, how do you feel? Do you feel pride in your credit union membership? You should. We thank you for your membership as we wouldn’t be what we are without you. If there is anything you need from us, don’t hesitate to contact us. If you aren’t a member of a credit union, now is the perfect opportunity! You can improve your financial situation and gain access to so many fantastic benefits. So, what are you waiting for? Join today!