Scale of the Credit Union Sector
At the end of June 2022, the British credit union sector had:
- Around 250 credit unions across England, Scotland and Wales
- Over 1.4 million people using credit unions, including over 100,000 junior depositors
- Total assets of £2.4 billion
- Total loans of £1.2 billion
- Total deposits of £2.1 billion
Source: Bank of England Credit Union Quarterly Statistics Q2 2022
Growth of the Credit Union Sector
In the year from June 2021 to June 2022, the sector saw the following growth:
- Membership by +0.7%
- Assets by +8.5%
- Loans by +19.3%
- Deposits by +8.8%
Source: Bank of England Credit Union Quarterly Statistics Q2 2022
In the decade from 2011 to 2020, the sector:
- Increased in membership and loans by 41% and 71% respectively
- Increased in deposits and assets by 135% and 127% respectively
Source: Bank of England Credit Union Annual Statistics 2020 and ABCUL
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