Credit Union Membership Hits Record High as Sector Sees Five Years of Strong Growth

29/08/2025

The Bank of England’s 2024 Credit Union Annual Statistics paint a positive picture for the sector, showing record-breaking membership levels, the highest value of loans issued, and the largest ever amount of shares held.

Membership of British credit unions now stands at an all-time high of 1.52 million people – including both adult and junior depositors – representing a 3% increase over the past year and an impressive 8.8% rise since 2020. This sustained growth highlights the increasing role credit unions play in supporting communities across Great Britain.

Lending activity has also reached new heights. Loans to members increased by 11.2% in the past year alone – an additional £183.4 million – taking the total to the largest sum ever recorded. Over the past five years, lending has grown by an extraordinary 70.27%, a sign of the sector’s ability to meet growing demand during the ongoing cost-of-living crisis.

Member savings remain strong, with total shares reaching £2.34 billion in 2024 – up 3.41% from 2023 and 37% higher than in 2020. Assets have also reached their highest-ever level at £2.71 billion, up 3.68% on last year.

Dividends to members have surged by 27.9% – a powerful demonstration of how credit unions reinvest back into their communities. Unlike many financial institutions, these returns go directly to members, helping households and local economies to thrive.

Capital within the sector stands at £278.91 million – up 37.55% since 2020 – and liquidity remains stable at 20.26%, underscoring the resilience of credit unions in navigating economic challenges.

Overall, the 2024 figures show that credit unions in Great Britain are stronger, more resilient, and serving more members than ever before. ABCUL members can access an exclusive briefing comparing the trends from 2020 to 2024, offering a deeper look at the sector’s growth over the past five years.

Matt Bland, ABCUL Chief Executive, said: ““These record-breaking figures underline the vital and growing role that credit unions play in people’s lives across Great Britain. The latest data shows continued growth in membership, lending and savings – a clear sign that more and more people are choosing credit unions as trusted, community-owned financial institutions.”

“At a time when households continue to face economic pressures, it’s inspiring to see credit unions not only providing affordable and responsible credit, but also returning millions in dividends that go directly back to members and their communities.

“The sector’s resilience and commitment to financial inclusion has never been stronger, and ABCUL is proud to stand alongside our members in driving this progress forward.”