Credit Unions Continue to See Growth Across Great Britain

Friday 7 February 2025

The latest figures reported from the Bank of England reveal that credit unions across England, Scotland, and Wales continue to oversee steady growth in membership, loans, and savings, reaffirming its crucial role in supporting communities during challenging economic times.

According to newly released data, the total number of credit union members in Great Britain has reached a record high of 1,568,726, including junior depositors. This marks a significant 4.2% rise from the previous year.

The demand for credit union loans has also seen an uptick, reflecting the ongoing financial pressures faced by many households. The total value of loans increased by 0.49% from Q2/24 to Q3/24, rising from £1.839 billion to £1.848 billion—an increase of approximately £9 million. The continued impact of the cost-of-living crisis, coupled with the upcoming energy price cap increase in January 2025, is driving more individuals to seek affordable credit solutions through credit unions.

Furthermore, member savings within credit unions have shown impressive growth. Total credit union shares increased by 0.83% from the previous quarter and have grown by 4.5% compared to the previous year. As of Q3/24, the total share value stood at £2.371 billion, reflecting the confidence members place in their credit unions as trusted financial institutions.

“These figures demonstrate the resilience and importance of the credit union movement in Great Britain,” says ABCUL, CEO Robert Kelly. “As more people face financial uncertainty, credit unions provide an essential service—offering ethical savings, affordable credit, and financial education to communities across the country. The continued increase in membership, loans, and savings is a testament to the trust and value that credit unions bring to their members. Now, more than ever, they play a crucial role in ensuring financial well-being for millions of people.”