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Credit Union member savings tops $1 trillion!

June 06, 2015

By Alliant Credit Union

The savings balances of credit union members nationwide hit an all-time high in March, topping $1 trillion for the first time ever. This milestone was announced on Monday, June 1, in the CUNA Mutual Group’s monthly Credit Union Trends Report.

According to CUNA Mutual’s chief economist Steve Rick, “Breaking the trillion dollar mark is an important moment for the credit union movement. It captures the improving financial health for millions of Americans and demonstrates the trust they continue to have in their local credit unions.”

CUNA attributed the March bump to several factors:

  • Rising household income
  • Job growth
  • Low gas prices
  • A seasonal bump due to annual bonuses and tax refunds

CUNA Mutual sees the trends highlighted in the report as reflecting an improving economy. “The savings and lending growth that we’re seeing in the credit union landscape speaks to rising economic confidence,” said Rick.
The economist also added this note about credit union members: “Credit union members are an extremely close proxy for the American middle-market consumer, and this report goes beyond sentiment data to demonstrate that these consumers are feeling better than they have in quite some time.”

 

Learn more about the advantages of being a member of Alliant Credit Union by visiting our website.