Credit Union Sector in GB Hits Membership Milestone

Friday 26 January 2024

On the 28 April, the Bank of England published the latest quarterly statistics for the credit union sector for quarter four of 2022. Alongside other insights (ABCUL Members can view here), the publication showed a record-breaking number of credit union members across Great Britain.

According to the quarterly data, there are more credit union members (including junior depositors) in Great Britain than has ever been recorded. The total number is at 1.44m, with nearly 950,000 in England, over 415,000 in Scotland and 80,000 in Wales.

“This is an incredible milestone for the sector to reach and shows that as membership numbers continue to increase, the sector is supporting even more people with the exemplary care and services always offered,” says ABCUL CEO, Robert Kelly.

Further analysis shows that total borrowing from Credit Unions saw huge growth through 2022 as people tackle the cost-of-living crisis. The total value of credit union loans in GB increased by 5.8% from £1.28 billion in Q3 to £1.35 billion in Q4.

Robert added: “This indicates that people need our sector as an alternative to high-cost credit more than ever and we at ABCUL will continue to champion our great sector.”