The credit union industry is an integral part of the financial services landscape in the United States. Credit unions are not-for-profit financial cooperatives that offer members a wide range of services, including savings, loans, and other financial products. In this blog post, we’ll take a look at some of the latest credit union industry statistics to get a better understanding of the state of the industry.
We’ll explore the number of credit unions, their membership, and the assets they manage. We’ll also look at the impact of technology on the industry and the growth of online banking. Finally, we’ll discuss the impact of the COVID-19 pandemic on the industry and how credit unions are responding.
Credit Union Industry: The Most Important Statistics
In 2021, the average interest rate of new business loans to SMEs in France was 13.5% higher than the previous year, but still significantly lower than before the COVID-19 pandemic.
Almost 90% of the world's credit unions are located in Africa and Asia, with 40,570 in Africa and 33,500 in Asia.
Credit Union Industry Statistics Overview
Over two million cars were bought using financing instruments in the UK in the twelve months leading to September 2022, with the majority of them being used cars bought by consumers and new cars bought by businesses.
This indicates the demand for financing instruments, such as loans and leases, for the purchase of cars in the UK.
88% of UK adults who took out a hire purchase (HP) or personal contract purchase (PCP) motor instrument from 2017 to 2020 had made their last repayment in full in 2020, with only 2% not making any repayments.
It demonstrates the effectiveness of credit unions in helping people to manage their debt and make successful repayments. In addition, it shows that credit unions are providing a valuable service to their members, which is essential for the industry's long-term success.
France had the highest volume of loans and advances to households in Europe at 2 trillion euros in 2021, followed by Spain at 1.18 trillion euros and the Netherlands at 767 billion euros.
Germany had the highest volume of consumer loans per capita in the Eurozone, amounting to nearly 1,500 euros in 2022, while Greece had the least amount of consumer loans, reaching 111 euros per capita.
In 2021, the average interest rate of new business loans to SMEs in France was 13.5% higher than the previous year, but still significantly lower than before the COVID-19 pandemic.
The annual average interest rate on new residential loans in France decreased from 3.71% in 2006 to 1.15% in 2021. This indicates that the cost of borrowing money has decreased over time, which could lead to more people taking out loans and more credit unions offering loans.
The number of credit unions in the U.S. has decreased significantly from 2013 to the first half of 2022.
According to this, the industry is facing challenges, and it is important for credit unions to continue to innovate and find ways to remain competitive.
Almost 90% of the world's credit unions are located in Africa and Asia, with 40,570 in Africa and 33,500 in Asia.
Thus, credit unions are an important source of financial services in these regions, and they are playing a vital role in providing access to financial services to those who may not have access to traditional banking services.
Employment in the financial services sector in the UK decreased from 1.2 million in 2001 to 1.1 million in 2021, with no change since 2009.
The financial services sector in London, UK experienced a 9.4 thousand employee decrease from 2007 to 2014.
Conclusion
The credit union industry is a powerful force in the financial world. It is an important source of financial services for millions of Americans and is growing in popularity. Credit unions offer a wide range of services, from traditional banking to more specialized services such as loans and investments.
As the industry continues to grow, it is important to stay up to date on the latest credit union industry statistics. By understanding the current trends and developments in the industry, credit unions can better serve their members and ensure their continued success.
References
1 - https://www.statista.com/statistics/749975/cars-bought-on-finance-by-consumers-and-businesses-uk/
2 - https://www.statista.com/statistics/857923/repayment-success-rates-of-adults-with-motor-finance-united-kingdom-uk/
3 - https://www.statista.com/statistics/1307265/loans-to-households-in-europe-by-country-and-type/
4 - https://www.statista.com/statistics/1313060/consumer-loans-per-capita-in-the-euro-area-by-selected-countries/
5 - https://www.statista.com/statistics/863043/interest-rate-of-business-loans-small-medium-enterprises-france/
6 - https://www.statista.com/statistics/916114/annual-average-interest-rate-on-new-residential-loans-in-france/
7 - https://www.statista.com/statistics/516845/number-of-credit-unions-usa/
8 - https://www.statista.com/statistics/859692/number-of-credit-unions-worldwide-by-region/
9 - https://www.statista.com/statistics/298370/uk-financial-sector-total-financial-services-employment/
10 - https://www.statista.com/statistics/298354/uk-financial-sector-total-financial-services-employment-in-london/
