Credit Union Growth Plan Sets Ambitious Path to Double Membership by 2035

Wednesday 28 January 2026

A major new Credit Union Growth Plan, launched today in Westminster on behalf of the credit union sector, sets out a roadmap to double UK credit union membership from 2.2 million to 4.4 million by 2035 and unlock an estimated £6.4 billion in additional annual economic growth.

The Growth Plan is the product of extensive collaboration across the credit union movement, developed by representative bodies across the UK. It provides a clear, evidence-based framework for scaling the sector’s reach, resilience and impact at a critical moment for financial inclusion, mutuals and co-operative growth.

With the UK Government having recently published a refreshed Financial Inclusion Strategy, including landmark commitments on credit union transformation, the plan provides the basis for that transformation to make credit unions a central part of a more inclusive, competitive and resilient financial system.  It contributes to the Government’s ambition to double the size of the co-operative and mutual economy and the Mutuals & Co-operatives Sector Business Council which has been established to drive that agenda forward.

The Growth Plan highlights the proven social and economic value of credit unions, while making the case that a renewed programme of reform, investment and support can return the sector to the strong growth seen in earlier decades.

Between 2002 and 2012, UK credit unions doubled their membership and trebled lending and savings. By contrast, growth over the past decade has slowed to around 30 per cent. The plan sets out how targeted action can reverse this trend and enable credit unions to support millions more people, particularly those underserved by mainstream financial services.

At the heart of the Growth Plan are five pillars for success:

• Collaboration and consolidation
• Leadership and skills
• Innovation and infrastructure
• Legislation and regulation
• Appropriate investment

Together, these priorities form a practical roadmap for strengthening credit unions as modern, sustainable financial institutions capable of supporting household financial resilience, workplace financial wellbeing, SME growth and the transition to a greener economy.

The Growth Plan has been jointly developed and endorsed by the UK’s credit union representative bodies, reflecting a shared commitment to collective action and long-term ambition for the sector. Contributing organisations include:

• Association of British Credit Unions Limited (ABCUL)
• ACE Credit Union Services
• Building Societies Association
• Irish League of Credit Unions
• National Credit Union Forum
• Scottish League of Credit Unions
• UKCreditUnions  (UKCU)

Matt Bland, Chief Executive of ABCUL said: “This Growth Plan is the product of genuine collaboration across the credit union sector and reflects a shared ambition to build on our strengths and unlock our full potential. Credit unions are uniquely well-placed to grow their reach and impact at a time when financial inclusion, resilience and mutual models matter more than ever.

“By setting out clear priorities around collaboration, skills, innovation, regulation and investment, this plan provides a practical roadmap for sustainable growth and a stronger future for the millions of people and communities we serve.”

The consortium is calling on government, regulators, policymakers, funders and partners to engage with the Growth Plan, support its recommendations and work with the sector to unlock its full potential.

Stakeholders are encouraged to read the plan, share it widely and engage with its delivery to ensure credit unions can play a larger role in tackling financial exclusion and supporting inclusive economic growth across the UK.

The full Credit Union Growth Plan is available below.
[LINK TO FULL REPORT]

The executive summary is available below.

(LINK TO EXECUTIVE SUMMARY)