New Data Shows Credit Unions Are Thriving at Record Levels in Britain and Around the Globe

Friday 26 January 2024

Data reported by the World Council of Credit Unions (WOCCU) has found that global credit union membership has surpassed 400 million. Also this week, the Bank of England published the credit union statistics for the UK for Quarter Two of 2023. ABCUL has analysed the data in detail (members can view this here) and found that for the third consecutive quarter, credit union membership in Britain has increased and reached a record level of almost 1.5 million.

“It may be a fraction of global credit union membership, but this milestone membership shows that British Credit Unions are going from strength to strength and growing at impressive rates quarterly.” said Robert Kelly, ABCUL CEO. Furthermore, the quarterly statistics showed that the amount held by members in credit union shares has never been higher – with 240 credit unions in Britain holding £2.22 billion. Credit union lending in Great Britain has reached the record level of £1.53 billion as credit unions have stepped up to support members through the cost-of-living crisis.

Robert added: “We know that the cost-of-living crisis meant many turned to credit unions to afford household necessities. We are pleased to be supporting the British people in these times with access to safe and affordable credit. Moreover, I am extremely encouraged to see a record level of member shares which highlights how credit unions improve the long-term financial health of members during a time where purses are so pinched.”

Across the pond, WOCCU has published its statistical report for 2022 which found that almost 83,000 credit unions serve over 400 million members worldwide. These credit unions hold $3.6 trillion in assets amassed by members and credit unions have a 13.9% penetration rate across the 98 countries data was gathered from. Global credit union membership has more than doubled over the past decade, with the largest growth seen in Asia.

Read WOCCU’s full statistical report here.