New Poll Reveals Credit Union Members Experience Higher Financial Well-Being

TORONTO, March 26, 2024 /CNW/ - The Canadian Credit Union Association (CCUA) today released findings from its latest poll, "Elevating Financial Well-Being: The Credit Union Advantage," which finds that Canadians who bank with a credit union score better on key financial health metrics than those who don't.

The survey of 1,639 Canadians, facilitated by the Angus Reid Group, provides a comprehensive analysis of the financial well-being among credit union members versus customers of other financial institutions.

Key findings from the poll include:

• 84% of credit union members rate their personal finances as good or very good, surpassing 78% of non-members.
• Credit union members are more comfortable with their personal debt levels and more likely to possess a "rainy day fund."
• Canadians whose primary financial institution is a credit union report lower frequencies of delaying major life decisions due to financial concerns compared to those whose bank primarily with a traditional financial institution or a FinTech.

"These findings underscore the significant impact that choosing the right financial institution can have on one's financial well-being. Credit unions across Canada are committed to the financial health of their members, offering personalized advice and support that clearly resonate with better financial outcomes," CCUA President and CEO Jeff Guthrie said.

The poll also revealed superior service satisfaction levels among credit union members, with a notable percentage strongly agreeing that their financial institution cares about their financial well-being and assists them in achieving their financial goals.

"The credit union difference is not just about offering financial services; it's about fostering a community where members feel valued, understood, and supported," Guthrie said. "This poll reflects credit unions' ongoing commitment to serving their members' best interests and the positive impact of their member-focused approaches."

For more information about the poll findings and to explore the full report, visit CCUA's website.

The Canadian Credit Union Association (CCUA) is the national trade association for Canada's credit unions, caisses populaires (outside Quebec), and regional Centrals. Representing 193 credit unions and caisses populaires with $308 billion in assets, CCUA provides advocacy, research, education, and compliance support to its members. CCUA is dedicated to the success of credit unions and promotes their values of putting members first and supporting local communities.

SOURCE Canadian Credit Union Association Cooperative