New data published by the Bank of England shows growth in sector
17 Aug 18
New data published by the Bank of England shows continued growth for the credit union movement in the United Kingdom.
The figures covering the financial year for 2017 shows that UK's credit unions now serve almost 2 million people and have assets worth over £3.1 billion.
The new figures also illustrate the rapid of growth of the British credit union movement in the last decade. Since 2008, credit union membership has increased from just over 650,000 members to just under 2 million.
The new data also shows that credit unions in England now serve over 800,000 members, with £730 million in savings and over £500 million out on loan.
Scotland’s credit unions serve almost 400,000 members, or 7.4% of the population. Credit unions particularly thrive in Glasgow where 25% of the local population are members of their local credit union. Scottish members now have £520 million in savings and total assets of over £600 million.
The data also shows that Welsh credit unions are serving almost 80,000 people, who have £40 million in savings and who are currently borrowing £22 million.
Meanwhile, figures published by the World Council of Credit Unions (WOCCU) echo this growth on the global stage. In 2006 it was reported that 46,000 credit unions served over 172 million people worldwide across 97 countries. However, the most recent WOCCU statistics containing data from 2016 showed that 68,000 credit unions were now serving over 235 million people in 109 countries.
Head of Policy and Communications at ABCUL, Matt Bland welcomed the Bank of England’s latest figures, saying: “Credit unions are becoming more popular across the globe than ever. It is particularly encouraging to see the growth in the UK and that our sector continues to gather pace.
“The sector is very close to reaching 2 million members in the UK and it shows that more and more people from all walks of life trust credit unions as a place to save, as well as a great option for loans and a range of financial services.”