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A policy survey of its members carried out by ABCUL earlier this year, showed that 66% of credit unions had seen an increase in demand for loads from those on low incomes over the last year.
Reports indicate that it is not just those on low incomes who are making use of credit unions as there has been a 46% increase in demand from those on middle and higher incomes.
At the same time, the number of credit union members depositing money into credit unions has increased dramatically with 62% of members surveyed reporting 'slightly more' or 'significantly more' deposits than this time last year.
Despite this indication of a shift in consumer behaviours from a reliance on credit to increased levels of savings, credit unions are not immune to the impact of the recession.
The ABCUL survey also showed that 73% of credit unions had reported an increase in the number of people struggling to repay since the credit crunch and credit unions are being advised to be vigilant about bad debt.
For more information visit ABCUL's website
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Reports indicate that it is not just those on low incomes who are making use of credit unions as there has been a 46% increase in demand from those on middle and higher incomes.
At the same time, the number of credit union members depositing money into credit unions has increased dramatically with 62% of members surveyed reporting 'slightly more' or 'significantly more' deposits than this time last year.
Despite this indication of a shift in consumer behaviours from a reliance on credit to increased levels of savings, credit unions are not immune to the impact of the recession.
The ABCUL survey also showed that 73% of credit unions had reported an increase in the number of people struggling to repay since the credit crunch and credit unions are being advised to be vigilant about bad debt.
For more information visit ABCUL's website
More...
