RIVERWOODS, Ill.-A new study finds consumers who belong to credit unions have a more positive view of their personal finances than consumers who do not.
According to data released from the demographic of the monthly Discover U.S. Spending Monitor, 38% of credit union members rate their personal finances as good or excellent, compared to 30% amongst non-members surveyed. Just 17% of CU members rate their finances as poor, while 29% of non- members feel the same way.
According to Discover, both groups also differ when it comes to whether their personal financial situation is getting better or worse; 48% of members feel their finances are worsening, compared to 51% of non- members. Twenty-one percent of members feel their finances are getting better compared to 19% of non-members.
But when it comes to the economy overall, confidence among both members and non-members has been declining. Forty-nine percent of CU members rated economic conditions as poor in June; by September, 57% rated conditions as poor. Similarly, in June 53% of non- members rated the economy as poor. By September, 59% of these same consumers rated conditions as poor.
Other findings:
• After paying monthly bills, 52% of CU members have money remaining, compared to only 44% of non-members.
• Ten percent of members say they plan to spend more next month on discretionary items like going out to dinner, compared to 7% of non- members. In terms of home improvements, 15% of credit union members say they plan to spend more next month, compared to 14% of non- members.
• Just 13% of members said they intend to spend more on major purchases in the next month, compared to 17% in June.
