Homeownership and Savings Struggles, But There’s New Hope

As we’ve passed the one-year mark into this global pandemic, we are now beginning to see the full scope of the damage it has done financially. According to a survey conducted by Real Estate Witch, 43% of respondents currently don’t have any emergency savings. As for those who do still have some savings stashed away, a significant percentage of people don’t have enough to last them the whole year. The survey also found that renters were especially vulnerable and suffered financially due to the pandemic. The fallout it created caused renters and homeowners alike missed rent and mortgage payments, respectively.

For credit unions, this means that a good chunk of their members, depending on what their circumstances are, will continue to financially struggle long after the majority of the U.S. population is vaccinated. However, with restrictions on who can get vaccinated being lifted and more people getting shots into their arms, there is renewed optimism among the general public that things will get better soon. Credit unions will need to continue to listen to their members and understand what the current needs are. Doing so will mean that your members will be one step closer to getting their finances back on track!

Homeownership and Savings Struggles, But There’s New Hope

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