A promise to members

Credit unions exist to improve members' financial wellness. The specific wording varies, but the essence of this commitment is codified in each credit union’s bylaws.

Credit unions have delivered on that promise since their formation in the U.S. in the early 1900s. Their unique, not-for-profit, member-ownership structure produces obvious favorable outcomes—especially during times of crisis.

The National Voter Poll uncovers a meaningful, measurable credit union difference around financial resilience and financial wellness today.

More than 92% of credit union members in business-owner households say their credit union cares about their financial health.

Credit union members who are business owners are 1.4 times more likely than their counterparts who are nonmembers (by a 48% to 35% margin) to respond very positively to this idea.

Members in this demographic group also are more likely than nonmembers to say their credit union has positively impacted their financial health.

Polling shows that this feeling credit union members enjoy—of being cared for and looked after by trusted advisers—is rooted in members’ economic outcomes. A sizable percentage of members in business lending households (88%) say their credit union has improved their financial health.

Credit union members are 1.3 times more likely than nonmembers (by a 43% to 34% margin) to be passionate about this, saying they’re very positive about the ways their institution has improved their financial health.

Compared to nonmembers, members in business-owner household also are more likely to self-report that they’re financially very healthy.

In some respects, these key differences aren’t terribly surprising. Financial wellness has an obvious connection with financial education and financial literacy, and credit unions excel on this front.

NCUA Profile Report data shows that 86% of members have access to financial education and literacy programs at their credit unions.

However, financial health and wellness depend on much more than education and literacy. The Financial Health Network identifies four key components of financial health: spending, saving, borrowing, and planning.

The National Voter Poll draws on these concepts, exploring how consumers feel about their finances and how they behave. Across the board, the survey results show that business-owner households that are credit union members fare better than their counterparts who are nonmembers.

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