National trends show changing consumer savings habits
Credit unions continue to perform well in almost every financial category.Lending increased a robust 13.3% between September 30, 1999 and September 30, 2000, while deposits jumped 7% during the same time period. National credit union membership passed the 77 million point. Safety and soundness measures such as ROA (1.1%), capital to assets (11.5%) and loan delinquency (0.6%) are also strong.
There are certain trends in the consumer financial services sector that provide a slightly different perspective on performance measures. According to a recent Federal Reserve study, usage of insured savings products are decreasing despite the fact that total financial assets are on the rise. In 1989 total financial assets accounted for 30.4% of the average family’s total assets. At that time, transaction and deposit accounts represented almost one-third of the average family’s financial assets. By 1999 financial assets accounted for 40.6% of the average family’s total assets. Usage of transaction accounts has not kept pace. The average U.S. family has less than one fifth of its financial assets in transaction accounts.
Another trend highlighting the change in consumer savings habits is the growth in insured savings. While the credit union industry leads the way in insured deposit growth with a 6.1% annualized rate, the average annual growth for the sector is just 0.87%.
Since the first U.S. credit union opened its doors in 1909, the industry has led the way in adapting to the changing needs of consumers. Credit union adoption of off-balance mutual fund products and other services help maintain the movement’s strategic value to its members.
Callahan’s Strategic Guide to Planning provides you with industry wide information and allows you to get a broad understanding of where the credit union market has been and where it is going in 2001. Once you have an overview of the industry, use the 26 customized graphs to evaluate your credit union trends in comparison to peers in the industry. The Strategic Guide also comes with an interactive CD-ROM that allows you to view the past 5 years of historical data as well as the capability to enter projections for the upcoming year. These graphical projections are easily copied to PowerPoint or printed directly from the software to create impressive presentations for upcoming board meetings.
Callahan’s Strategic Guide to Planning allows using all the above information for your upcoming board presentations. Industry wide information allows you to get a broad understanding of where the credit union market has been and where it is going in 2001. Once you have an overview of the industry, use the 26 customized graphs to evaluate your credit union trends in comparison to peers in the industry. The Strategic Guide also comes with an interactive CD-ROM that allows you view the past 5 years of historical data as well as the capability to enter projections for the upcoming year. These graphical projections are easily copied to PowerPoint or printed directly from the software to create impressive presentation for upcoming board meetings. For more information on how you can get these valuable printouts and interactive software of the Strategic Guide to Planning, Click Here
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