Scale of the Credit Union Sector
At the end of September 2022, the British credit union sector had:
- 246 credit unions across England, Scotland and Wales
- Over 1.44 million people using credit unions, including over 100,000 junior depositors
- Total assets of £2.46 billion
- Total loans of £1.35 billion
- Total deposits of £2.12 billion
Source: Bank of England Credit Union Quarterly Statistics Q4 2022
Growth of the Credit Union Sector
In the year from September 2021 to September 2022, the sector saw the following growth:
- Membership by +2.2%
- Assets by +7.7%
- Loans by +19.4%
- Deposits by +8%
Source: Bank of England Credit Union Quarterly Statistics Q4 2022
Between 2014 to 2022, the sector:
- Increased in membership and loans by 20% and 67% respectively
- Increased in deposits and assets by 84% and 81% respectively
Source: Bank of England Credit Union Annual Statistics 2021
International
While credit unions in Britain remain relatively small, internationally there are:
- Active credit union sectors in 118 countries with 87,914 credit unions
- More than 393 million credit union members
- Assets of over $3.4 trillion
- Loans of over $2.1 trillion
- Deposits of over $2.9 trillion
High penetration rates in many developed countries:
- 61% in USA
- 43% in Canada
- 31% in Australia
Source: WOCCU Statistical Report 2021