Expectations & Experiences
First Look at Credit Union Members
Where do the spending patterns of credit union members stand?
43%
strongly agree the economy is having a direct effect on their spending habits
33%
believe they will be in a better place financially a year from now
When it comes to credit union members, 87% would prefer saving up in advance of a purchase, a testament to their cautious habits about borrowing for purchases.
According to early results from the Q1 2023 Expectations & Experiences consumer trends survey from Fiserv, 80% agree that economic issues are directly impacting their spending habits, with only 21% saying they are financially stronger compared to 12 months ago.
The latest Expectations & Experiences survey examined the saving and spending habits of more than 2,000 U.S. banking consumers, including more than 300 credit union members.
Credit union members seem to exercise caution in their approach to unplanned purchases. About 78% say borrowing money makes them uncomfortable. When faced with an unplanned purchase of $2,500, most indicate they would turn to credit cards (46%) and savings (43%) to cover the expense.
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