EDINBORO, Scotland–Membership in Scotland’s credit unions is picking up pace. About 250 people a week are joining credit unions in the country, according to The Herald Scotland.
Membership of credit unions has grown 4% in Scotland over the last year, with approximately 375,000 people in Scotland now credit union members.
“The number of people using credit unions is continuing to increase at quite a fast rate in Scotland,” Frank McKillop, communications manager at the Association of British Credit Unions (ABCUL), told The Herald. “We’re at the stage now where Scotland has the fourth highest level of credit union membership in Europe behind the Republic of Ireland, Northern Ireland and Poland. However, Scotland is gaining on Poland for third place. Poland has 8.1% of the adult population using credit unions, while Scotland is now at 7.3%.”
According to ABCUL, during 2015 savers put £454 million into credit unions in Scotland, up almost 8% on 2014, while borrowers took out £276m, up 5%.
The Herald reported that Glasgow is the nation’s “credit union capital,” with the highest level of credit union membership of any city in Britain. About a quarter of people in Glasgow are using credit unions, versus 2% across Britain. Two of Britain’s biggest credit unions are based in the city – the NHS Credit Union, with 14,000 members – and The Transport Credit Union, with 13,000 members.
Ahead of the Scottish Parliament elections this May, ABCUL is calling for all employers to offer credit union membership, which would allow workers to save and repay loans via payroll deduction.