Credit unions are member-owned financial co-operatives that provide a range of financial services that make a significant contribution to the financial wellbeing and inclusion of their members.
Over recent years, the financial security of many low- and middle-income households has weakened. Technology has changed how people borrow and save. Many people end up paying high levels of interest on loans that they need to get by, and struggle to put enough money aside to give them a buffer.
The credit union sector could play a much larger role in helping to build financial inclusion and resilience. However, the path it takes to expand its services across communities is unclear.
The New Economics Foundation and Swoboda Research Centre are working with the credit union sector to co-create a 10-year vision and roadmap for the credit union movement that aims to identify and capitalise on opportunities to grow.