TruStage’s February 2024 Credit Union Trends Report
MADISON, WI (March 11, 2024) — The Credit Union Trends Report is a monthly “pulse check” on the state of the credit union marketplace, often placed in a historical context. The report includes data from two months prior and is published and distributed by Steven Rick from TruStage™.
February 2024
- The personal savings rates averaged only 4.5% in 2023, below the 6% long run average, creating a headwind for credit union deposit growth.
- Real home prices rose only 1% in 2023, the second year of a home price downcycle.
- Household debt burdens, as measured by residential mortgages and consumer credit as a percentage of disposable personal income, fell to 88.1% in the third quarter of 2023, down from 91.7% in the third quarter of 2022.
- The housing market closed 2023 on a weaker note as existing home sales fell 1% to a 3.78 million seasonally adjusted annual rate in December from November and fell 6% from December 2022.
View Trends Report
View Trends Report Executive Summary
About TruStage
TruStage is a financially strong insurance, investment and technology provider, built on the philosophy of people helping people. We believe a brighter financial future should be accessible to everyone, and our products and solutions help people confidently make financial decisions that work for them at every stage of life. With a culture rooted and focused on creating a more equitable society and financial system, we are deeply committed to giving back to our communities to improve the lives of those we serve. For more information, visit www.trustage.com.
TruStage™ is the marketing name for TruStage Financial Group, Inc. its subsidiaries and affiliates. Corporate headquarters are located in Madison, Wis.
