Building better credit unions
This study seeks to identify patterns of credit union development; quantify the performance of credit unions; and isolate those factors that make for success. An assessment of the credit union movement was undertaken based upon financial data specific to each credit union. This enabled the relative performance of credit unions to be considered for the UK as a whole and separately for Northern Ireland, Scotland and England and Wales and the report outlines how the movement?s success differs between the main UK regions. Through case studies and interviews with senior representatives and board members the report explores key trends within the sector, including recently established 'fast growth' credit unions and mergers. Key findings: *The credit union sector has experienced solid growth in recent years. Currently there are 779 credit unions with 814,538 members and œ900 million in assets. *Across the UK, only one in a hundred of the adult population belongs to a credit union; in Northern Ireland, the figure is one in four. *There is a question mark over the long-term survival of at least half of credit unions in Great Britain. * In Great Britain, credit unions have focused too much on low-income communities, creating the perception of credit unions as the ?poor man?s bank?; this has hindered development of the movement as whole.
