RIVERWOODS, Ill.-Consumers banking with credit unions continue to be more confident in the economy and their personal finances than non-credit union customers, according to data from the most recent credit union member demographic of the Discover U.S. Spending Monitor.
Credit union members' optimism in the continued improvement of the economy rose significantly year-over-year; however, their views of their own personal finances declined from the same time period, Discover reported.
Among the findings in the latest survey:
The number of credit union members who rated the economy as "excellent" or "good" in May 2013 increased to 21%, a five-point increase from the same time period last year. By comparison, 18% of non-members also rated the economy as "excellent" or "good," a four percentage-point increase.
* Credit union members who rated the economy as "poor" declined to 44%, a five-point change year-over-year.
* In May 2013, the number of CU members who expect the economy to continue to get better declined two percentage points year-over-year, to 35%. However, this is five percentage points higher than the non-credit union members who expect the same.
* When asked about their personal finances, 36% of members rated them as "excellent" or "good" in May, compared to 32% of non-members. Compared to the prior year, this is a decline of three percentage points and four percentage points, respectively.
* Credit union members who believe their personal finances are getting "better" also declined year-over-year to 28%, a two-point drop. Respondents not banking with a credit union who believe their finances are getting "better" had no change year-over-year, at 23%.
* There is an eight-point difference between members who expect to have money left after paying bills this month (51%), and non-credit union members with the same expectation (43%).
Intentions To Spend
* Overall intentions in May to spend more next month declined for credit union members year-over-year, from 30% to 27%.
* However, spending intentions for credit members on household improvements next month increased four percentage points year-over-year to 21%.
* Intent to spend more on discretionary entertainment next month also increased for members, by one point in May 2013 when compared with the same period last year.
* Members' intent to spend more on major personal purchases fell one percentage point in May to 18% from the same time last year.
However, there was a three-point increase quarterly from March 2013.
The Discover U.S. Spending Monitor polls more than 8,200 consumers each month.
Beginning in June 2010, the survey started asking participants to indicate if they are members of a credit union. Of those polled each month, an average of 2,500 have said that they are CU members.
