RIVERWOODS, Ill. – Credit union members’ attitudes about the economy remain stronger than non-credit union members, according to new data from the Discover U.S. Spending Monitor.
Discover said while credit union members grew slightly more pessimistic from earlier this year, they generally are more positive about the economy and their personal finances than non-credit union members.
Forty-eight percent of credit union members rated the economy as “poor” in July 2012, a 14-point improvement from the same time period last year. By comparison, 57% of non-credit union members rated the economy as “poor” in July 2012. Members who expect the economy to get “better” increased 13 percentage points in July 2012 to 33%, versus the same time period last year.
The number of credit union members expecting the economy to get worse declined 8 percentage points to 49% in a year-over-year comparison from July 2011 to July 2012. This compares to 56% of non-credit union respondents who expect the economy to get worse, which is 4 percentage points lower than a year ago.
Meanwhile, the Discover data also found CU members have stronger views of their personal finances than non-members, and are more positive about their finances now than over the same time period last year. Members who rate their personal finances as “excellent” or “good” remained the same as April 2012 at 42%, while non-credit union members with the same view declined five percentage points to 31%. However, credit union members rating their finances as “excellent” or “good” increased seven points in July 2012 from what was reported a year ago.
Forty-five percent of credit union members believe their personal finances are getting “worse” in July 2012, a three-point increase from April.