U.S. members of credit unions have a more positive view of their personal finances than people who don’t belong to one, according to a survey by Discover Financial Services
Most credit unions, which are member owned and nonprofit, didn’t engage in the kinds of speculative financial practices that hurt many banks.
Discover’s U.S. Spending Monitor found that 38% of credit-union members rate their personal finances as excellent or good, versus 30% of the noncredit-union group. Only 17% of the credit-union group said their finances were poor, compared with 29% of those who didn’t belong to a credit union.
However, the Discover survey of more than 8,000 consumers found that both groups view the overall economy as declining. The percentages characterizing the economy as poor in both groups increased in September compared with responses in June. More than half of both groups said economic conditions are worsening.
Of the total number polled, about 2,500 said they were part of a credit union.
