Asian Credit Union members, employees face similar challenges from pandemic
MADISON, WI (July 13, 2020) — More than half of Asian credit union members and employees cited health risks and a lack of emergency savings as “very relevant” challenges they are facing due to the COVID-19 pandemic, according to the results of a June survey conducted by the Association of Asian Confederation of Credit Unions (ACCU) – an associate member of World Council.
More than 50% of credit union members cited health risks due to age or weakened immune systems as very relevant challenges, while 69% of employees put health risks associated with member services in that same category.
While health risks were listed as the top challenge by employees, an “inability to pay loans due to loss of income source” topped the list for members—with 75% citing it as a very relevant challenge.
55% of members surveyed listed “no emergency savings” as a very relevant concern, as did 52% of employees.
ACCU reported 89 respondents to the survey, all from countries seeing a “spiking infection” of the virus.
Click here to see full results from ACCU’s survey.
About World Council of Credit Unions
World Council of Credit Unions is the global trade association and development platform for credit unions. World Council promotes the sustainable development of credit unions and other financial cooperatives around the world to empower people through access to high quality and affordable financial services. World Council advocates on behalf of the global credit union system before international organizations and works with national governments to improve legislation and regulation. Its technical assistance programs introduce new tools and technologies to strengthen credit unions' financial performance and increase their outreach.
World Council has implemented 300+ technical assistance programs in 90 countries. Worldwide, 82,758 credit unions in 97 countries serve 404 million people. Learn more about World Council's impact around the world at www.woccu.org.
