Growth Of UK Credit Unions

The credit union sector in the UK has seen significant growth over the past decade, with a particular uptick in the last year despite challenging times like lockdowns due to COVID-19. Credit unions have been able to support the financial security of their communities by providing accessible and inclusive financial services that help members save and borrow responsibly.

According to the Bank of England's Credit Union Quarterly Statistics for Q2 2022, there are now around 250 credit unions operating in England, Scotland, and Wales. These credit unions have over 1.4 million members, with total assets of £2.4 billion, total loans of £1.2 billion, and total deposits of £2.1 billion. Over 100,000 junior depositors are also using credit unions in the UK.

Despite the challenges posed by the COVID-19 pandemic and lockdowns, the credit union sector has continued to grow. In the year from June 2021 to June 2022, the sector saw a 0.7% increase in membership, an 8.5% increase in assets, a 19.3% increase in loans, and an 8.8% increase in deposits. This growth is a testament to the resilience of the credit union sector and its ability to adapt to changing circumstances.

Over the past decade, the credit union sector in the UK has increased membership and loans by 41% and 71%, respectively. It has also increased deposits and assets by 135% and 127%, respectively. This growth is a positive trend for the financial security of the UK's communities, as credit unions are well-positioned to provide affordable and accessible financial services to a wide range of people.

Credit unions are not only growing in the UK, but they are also an important part of the financial landscape internationally. Across 118 countries, there are over 87,914 credit unions, with more than 393 million members, assets of over $3.4 trillion, loans of over $2.1 trillion, and deposits of over $2.9 trillion. Countries like the United States, Canada, and Australia have high penetration rates of credit union membership, indicating the importance and value of these institutions in providing financial security to communities.

In conclusion, credit unions have been growing and supporting the financial security of their communities in the UK despite challenging times like COVID-19 lockdowns. With their focus on inclusive financial services, credit unions are well-positioned to continue to grow and provide essential financial support to their members in the years ahead.

Consider joining Boom Community Bank for affordable financial services that prioritise your needs and support your community. As a credit union, we offer savings accounts, current accounts, and loans tailored to meet your needs.