PEWAUKEE, Wis. (10/18/13)--A young person in Wisconsin can expect to save slightly less than $117,000 from a lifetime of credit union membership, according to Federal Reserve data.
The number was touted yesterday by the Wisconsin Credit Union League in honor of International Credit Union Day.
"Saving well over $100,000 could help offset the many costs of higher education, raising a family, beginning a retirement nest egg, or pursuing a passion, like launching a small business," said Brett A. Thompson, president/CEO of the league. "And that figure doesn't even take into consideration additional savings realized by consumers from the lower and fewer fees that are typical at credit unions."
Broken down, the $116,942 in savings calculated by the Federal Reserve Survey of Consumer Finances shows that credit union membership nets members over their lifetime:
- $5,163 on car loans;
- $44,784 on mortgages;
- $59,120 in home equity;
- $5,819 on savings certificates; and
- $2,056 on checking and savings accounts and other surcharges, including ATM fees.
Since the start of the recession in 2007, the league said, the state's credit unions have saved 2.4 million members over $1 billion.
The league noted that potential members can visit ASmarterChoice website operated by the Credit Union National Association--to locate a local credit union to join.