Gallup poll examines how credit union members are affected by pandemic

As social distancing continues with the COVID-19 pandemic, many credit union leaders would like to have insight into what members think and need. Some members are communicating their needs via phone or remote connection. Other members  might not be so vocal in reporting their concerns.

But now, a new Gallup study might provide helpful insight.. The polling company reached out to Credit Union Consortium participants, a group representative of 3.2 million credit union members across the U.S. The objective was to learn how members have been affected by the COVID-19 outbreak and exactly what kind of support they need most.

A summary in the report states: “Due to the economic impact of the pandemic, supporting members’ financial wellbeing has become the central issue for credit unions. Gallup finds that credit union members are getting hit harder than the average American — 76% say they have experienced a great deal or fair amount of disruption, compared with the national average of 70% recorded in mid-March.”

The top three needs expressed  by credit union members answering the question, “In what way can your credit union support you and your family during this situation?,” were:

  1. Increase my peace of mind. Provide me with the relief I need to get through this crisis.
  2. Build my hope. Continually be there for me through guidance and solutions.
  3. Reduce my unnecessary stress. Make it easy for me to access staff and tools when and how I need them.

To read the full study and report, click here.

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The League of Southeastern Credit Unions & Affiliates represents 302 credit unions in Alabama, Florida and Georgia, with a combined total of $175 billion in assets and more than 11.6 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

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