Most people don’t have strong feelings about their financial institution, unless they are talking about their Minnesota credit union. According to the Minnesota Credit Union Network (MnCUN), 48% of people surveyed said they love their credit union, compared to only 19% for banks. And that number has grown from 35% in 2022.

That’s one of the findings in a new MnCUN survey that measured the attitudes of Minnesotans regarding financial services topics. The survey of 546 adults was conducted by American Strategies from March 13-17.

Survey respondents overwhelming agreed (77%) that credit unions are owned and operated for the benefit of their members, compared to just 9% for banks. They also recognize that credit unions (58%) invest more in their communities than banks (15%).

More people (50%) see credit unions as honest and trustworthy, compared to 15% for banks and they recognize that credit unions give Minnesotans an advantage over banks (48% compared to 11%).

“More and more consumers are choosing the advantage of credit unions’ not for profit model,” said Mara Humphrey, President & CEO of the MnCUN. “Being member owned and member focused makes a real difference in the lives of our members and in our communities.”

The credit union advantage

Most people surveyed thought credit unions offered the advantage over banks:

                                                                                                     Credit union         Bank

• Which institution offers low interest rate loans?                                56%                13%

• From which is easier for low-income people to get a loan?            50%                15%

• Believe their money is safer in what institution?                               45%                42%   

It’s not surprising that interest in joining a credit union continues to increase. About 42% of respondents say they are likely to join a credit union in the future, up from 35% in 2019. After learning more about credit unions that number jumps to almost six-in-ten of non-credit union customers who say they are likely to join a credit union in the future.

The economy

• The survey also found that Minnesotans are equally split about whether things in Minnesota are going in the right direction (47%), or have gotten off on the wrong track (47%)

• Residents are slightly more positive about their personal finances (55% good or excellent) than the Minnesota economy (45% good or excellent).

Financial trends

• Seven in 10 Minnesotans use a payment app like PayPal, Venmo, or Zelle. That’s up 13 points from 2022.

• Four in five payment app users transfer funds to their bank or credit union after each transaction.

Methodology

American Strategies designed and administered this multi-modal survey conducted by professional interviewers and online via Qualtrics. The survey reached 546 adults, age 18 or older, who indicated they were registered to vote in Minnesota. The survey was conducted March 13-17, 2024. 

Twenty-six percent of respondents were reached on wireless phones and fourteen % on VOIP/landlines. Sixty percent of respondents were reached online. Quotas were assigned to reflect the demographic distribution of Minnesota voters, and the data were weighted to ensure an accurate reflection of the population. The sample was drawn from a third-party vendor file. The overall margin of error is +/- 4.2%. The margin of error for subgroups is larger and varies. Percentage totals may not add up precisely due to rounding.