Monday, November 08, 2010 1:28:14 PM
A recent blog posted on Bankrate.com cites the recent survey by Discover Financial Services (DFS) that found that credit union members generally have a more positive view of their financial standing compared to non-credit union members.
According to the data released by the Discover U.S. Spending Monitor in September, "38% of credit union members rate their personal finances as good or excellent, compared to 30% amongst non-credit union members surveyed. Just 17% of credit union members rate their finances as poor, while 29% of non-credit union members feel the same way.
There is also a small but worth noting difference in the percentage of those who think their finances are improving and worsening; "48% of credit union members feel their finances are worsening compared to 51% of noncredit union members.21% of credit union members feel their finances are getting better compared to 19% of noncredit union members."
The blog speculates a number of different reasons these numbers are greater for credit union members - credit unions offer better interest rates on loans and savings accounts, credit unions lack marketing and convenience so they naturally attract a more financially diligent population - however, regardless of the reasoning, the blog states, "if you're a member of a credit union, you're in good company financially."
To read the blog in its entirety, visit http://www.bankrate.com/financing/banking/credit-union-members-immune-to-bad-economy/.