Elevating Financial Well-Being: The Credit Union Advantage
The choice of financial institution can significantly influence personal financial well-being. The Canadian Credit Union Association (CCUA) recently conducted a comprehensive poll shedding light on this very topic. This first installment of a series focusing on Canadians’ financial well-being and attitudes towards money reveals compelling insights into the benefits of credit union membership.
Groundbreaking Findings on Financial Health
Our recent survey carried out with 1,639 Canadians, illustrates stark differences in financial well-being and service satisfaction between Canadians who bank with a credit union and those who don’t. Key findings include:
- A higher percentage of credit union members (84%) rate their personal finances as good or very good, compared to 78% of non-members.
- Credit union members worry less about their finances, with 81% expressing some level of concern, versus 87% among non-members.
- Members feel more comfortable with their personal debt levels and are more likely to have a “rainy day fund” sufficient to cover at least six months of expenses than their counterparts.
- Canadians whose primary financial institution is a credit union are less likely to delay major life decisions due to financial concerns than those whose primary institution is a traditional financial institution or FinTech, underscoring the positive impact of credit unions on financial decision-making confidence.
Service Satisfaction and Values: A Clear Difference
The survey also highlighted a significantly higher level of service satisfaction among credit union members, with many strongly agreeing that their financial institution cares about their financial well-being and actively helps them achieve financial goals. This contrasts sharply with the responses from those primarily dealing with other financial institutions.
About the Survey
This vital research was conducted by the CCUA in collaboration with the Angus Reid Group. These findings are based on a survey sample of 1,639 online Canadians, who are members of the Angus Reid Forum. Results were weighted to ensure findings are representative of the Canadian population, offering credible insights into the financial well-being of Canadians. For comparison purposes only, a probability sample of this size would carry a margin of error of +/- 2.4 percentage points, 19 times out of 20.
Conclusion: A Member-Focused Advantage
The data underscores the unique position credit unions hold in fostering an environment that nurtures their members’ financial health and confidence. By prioritizing the financial well-being and goals of their members, credit unions demonstrate a clear advantage over other finance institutions.
The CCUA remains committed to championing the credit union sector as it plays a pivotal role in supporting Canadians in achieving financial well-being. This report is a testament to the credit union difference, and we encourage our members and the broader public to explore the full findings.
The full report is accessible below: