WASHINGTON, DC – The Credit Union National Association (CUNA) recently published its CUNA Voter Poll Update, a panel survey based on a nationally representative sample of 2,500 voters and conducted during July 2023 by FrederickPolls.
The purpose of CUNA’s survey was to measure feedback on the efficacy of credit union membership and the financial well-being of the communities credit unions serve. Poll questions center around financial behaviors and outcomes, trustworthiness, and connections to the local community.
Survey results revealed military households belonging to credit union membership view their credit unions much more favorably as compared to how nonmembers view their banks & other service providers across every performance metric evaluated. The differences seemed to be a result of credit unions’ more consultative approach, more consumer-friendly pricing, thoughtful products and services, and an overall sense of trust fostered by credit union institutions.
• Military households that are credit union members are nearly two times more likely than nonmembers to say they have received personalized financial education/counseling. And they have acted on the advice they received.
• Military households that do not use credit unions are 1.6 times more likely than military household credit union members to say that they have NOT established a financial buffer to meet unexpected expenses.
• Not surprisingly military credit union member households are 1.5 times more likely than nonmembers to say they are “very positive” their financial institution has improved their financial well-being.
CUNA’S polling results showed similar differences across ten other dimensions related to financial well-being. These included topics related to trust, service provision, and community focus.
“The credit union philosophy has always centered around people helping people. CUNA’s Voter Poll Update provides the credit union industry with proof of this mission and provides us with the motivation to continue showing up for our members’ financial needs,” said Hernandez. “These surveys are a great way to reflect on our efforts and ensure we continue bringing a measurable impact to our members’ lives and financial prosperity.”