Credit Union Membership Continues to Grow

Thursday 8 May 2025

Latest statistics from the Bank of England for the fourth quarter of 2024 reveal that credit union membership in Great Britain has continued its steady growth, reaching a record high of 1,575,892 members. This marks a 0.5% increase from the previous quarter and a 2.5% rise compared to the same period last year.

The increase in membership demonstrates the ongoing relevance and trust communities place in credit unions, particularly during times of economic uncertainty. As many households continue to feel the impact of rising living costs and financial instability, credit unions are stepping up to provide ethical, affordable financial services to those who need them most.

Debbie Smith-Hands, ABCUL’s Head of Member Engagement, welcomed the news saying: “This growth is a testament to the critical role credit unions play in supporting people during challenging times. With growing recognition and promises of support from Government, it’s more important than ever that the sector continues to step up and show what responsible, community-focused finance can achieve.”

“As we close out 2024 on a positive note with growing membership figures, ABCUL is looking ahead to the rest of 2025 with renewed focus.  We must now double our efforts to reach wider communities, raise awareness, and ensure even more people can access the benefits of credit union membership.”