Member Confidence Slumps At CUs
RIVERWOODS, Ill. – Consumer confidence continues to slide for credit union members, both regarding the overall economy and their own finances, according to a new survey released yesterday by Discover Financial Services.
The survey of 8,200 consumers, including 2,500 credit union members, found that in December, 46.6% of credit union members said their finances are getting worse, up from 43.1% in November. The December figure is an equal percentage with non-credit union members.
Six months ago, there was a 5-percentage-point difference between the two, with credit union members expressing greater optimism.
The December survey found that 56.5% of credit union members rated the overall economy as poor, up from 54.9% in November.
Overall, 56% of consumers currently rate the economy as poor, a 2-point increase from November. Only 29% of consumers feel economic conditions are getting better, down 2 points from November.
“There's no question that views on the state of the economy soured a bit this month,” said Julie Loeger, senior vice president of brand and product management for Discover.
The Discover U.S. Spending Monitor is a monthly index of consumer spending intentions and capacity that is based on interviews with a random sample of 8,200 U.S. adults conducted at a rate of 275 per night. In addition to spending, the survey asks consumers their opinions on the U.S. economy and their personal finances. The Monitor began in May 2007 with a base index of 100. Surveys are conducted by Rasmussen Reports, an independent survey research firm.