By Scott Simpson
Americans are struggling with a combination of economic and technological anxieties. They are trying, often quietly, to hold steady. And, for the most part, they are succeeding. Even though a majority believe the country is headed in the wrong direction, they are far more optimistic about their own financial footing.
According to recent survey by conducted by Harper Polling and Federick Polls, roughly two thirds say their personal finances are healthy. Most believe they are keeping up, though barely, with the rising costs of everyday life. This division between national pessimism and personal resilience has become a defining feature of modern economic life. People trust themselves more than they trust the system around them.
The system, they think, is not serving them especially well. More than half of Americans rate their local economy negatively, the first time that figure has crossed 50 percent. Households are bracing themselves. A third say they struggle to meet the cost of essentials, and a third say they could not cover a $500 emergency without borrowing.
‘Strikingly Pragmatic’
Yet for all the financial fatigue, Americans are strikingly pragmatic in their financial behavior. They are slowly testing new tools. 35% have used online lenders. Nearly one-in-five hold cryptocurrencies. But enthusiasm is muted, especially when risk comes into the picture. Stablecoin, the supposedly steadier cousin of crypto, attracts some interest in theory. But that evaporates when people learn that deposits are uninsured. In a financial landscape where trust is scarce, uninsured digital money is considered a nonstarter.
Fraud Becomes the ‘Norm’
Fraud, on the other hand, is all too familiar. One-in-three Americans has experienced credit card fraud, and nearly one in five has seen unauthorized withdrawals from a bank account. Consumers are navigating a payments system whose complexity seems designed for corporate advantage rather than public confidence. Card fraud has become the norm, and nearly one in five has seen unauthorized withdrawals from a bank account. ‑card fraud, and nearly one in five has seen unauthorized withdrawals from a bank account.
The surveys surface an important consensus about the role of government in consumer investment. An overwhelming 85% support keeping the federal Community Development Fund, which helps expand lending in low-income areas. This is significant. Americans still believe in programs that help working people build assets and stability.
What Polls Also Reveal
Indeed, the poll reveals that Americans increasingly are choosing to conduct their finances through institutions that are lower-cost and more accountable to them rather than through institutions that are viewed as remote and fee-driven.
Consumers are looking for support in a financial services market dominated by bank consolidation and eroding affordable services. One-hundred forty-five million Americans have placed their accounts in credit unions.
Due to their not-for-profit cooperative financial model and personal dedication, credit unions outperform large national banks in several financial metrics. Three quarters of Americans view credit unions positively, 17 points above national banks, according to the polls.
This statistic, along with their community commitment, is why credit unions opened a net 673 branches around the country from 2012 to 2024. More than 20,000 bank branches closed during the same period.
CUs Seen as Caring
Credit Unions poll highly. The surveys show that 93% say their credit union cares about their local community compared to just 76% of bank customers. Also, 94% of consumers favor allowing credit unions to expand into more communities and provide more loans to small businesses.
Americans are not confused about what works. They are choosing credit unions because they offer a proven path to affordability, security, and opportunity.
The Challenge Now
The challenge now is not consumer trust but consumer access. Congress and the Administration should do more to ensure Americans know they have the right to join a credit union and take advantage of a financial model built to help them succeed. At a time when families are working harder than ever to get ahead, expanding awareness of and access to credit unions is one of the most direct ways policymakers can help people achieve the financial freedom and long-term prosperity they have earned.
Scott Simpson is president and CEO of America’s Credit Unions.
