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CU Snapshot

 Apr '17Mar '17
# of CUs 5,926 5,953
Members
(millions)
111.2110.7
Total Assets
($ billions)
$1,381.2$1,374.7
Total Savings
($ billions)
$1,161.4$1,163.6
Net Cap.
Assets
10.4%10.4%
Loans to Savings79.3%78.2%
Loan Delinq.0.8%0.7%

         Credit Union Indicators

Younger Consumers Save Differently

They're much less likely to use traditional financial institution savings accounts.

Consumers age 25 or younger are more likely than the general population to use alternative savings products and methods, according to an online survey by America Saves.

Overall, survey respondents indicate their primary savings vehicles include a traditional credit union savings account (20%) or bank savings account (43%).

But when researchers compare savers who are 35 and older to those under age 25, they find the younger group is:

Much less likely to select "credit union savings" or "money market" as their main savings products;

More likely to select "checking account" or "safe place at home" as their main savings vehicle;

Much less likely to select "automatic electronic funds transfer" and "website" as their main methods of saving;

More likely to select "ATM or teller," "mobile app," or "prepaid card" as their main savings method;

Somewhat less likely to agree that products they use to save are convenient, easy to understand, and feel safe; and

More likely to choose saving for education, a motor vehicle, and a special event.

Additional overall findings show:

Thirty-nine percent of all respondents save automatically through direct payroll deposit while 25% employ automatic electronic funds transfer. Two-thirds indicate these options represent their primary saving method.

Respondents also use nontraditional methods of saving; 34% employ their checking account and 21% use a safe place at home. Ten percent choose a checking account as their primary savings method; 6% use a safe place at home.

Sixteen percent say they save for a single goal, while 33% have three goals, 22% choose four or five goals, and 22% select two goals.

(Via news.cuna.org)