East Lothian Council and its partner organisations are launching research to better understand how local people and businesses view and use credit unions, and what would encourage them to engage more.
The research is being carried out in partnership with Clackmannanshire Council as part of community wealth building initiatives in both areas, in which credit unions play a key part.
The credit union operating in East Lothian is Capital Credit Union.
Credit unions play a growing role in supporting local financial wellbeing, says East Lothian Council, and the study will look at how aware residents and employers are of credit unions, what might be stopping people from getting involved and gather views on what products and services they would like to see.
The results, the authority says, will inform practical steps aimed at helping people save, borrow affordably and keep more money circulating locally.
Related: Green finance guide launched for UK credit unions
Cllr John McMillan, cabinet spokesperson for environment, economic development and tourism, said: “At the heart of our work is our local people and businesses. Credit unions can and do make a real difference but participation doesn’t just happen on its own.
“This research is about listening. We want to understand day-to-day realities, what matters to people, what support would make the biggest impact and what barriers might currently be standing in their way. Understanding all of this in terms of credit union use could help us build a stronger, fairer financial future for our local communities and businesses.”
East Lothian adds that the potential for growth in credit union participation is demonstrated by the experience of Glasgow City Council.
The area saw a growth in credit union membership from around 3% of the population to more than 27% after they carried out similar research, and this level has been sustained for a number of years.
The work is being led by Dr Juliette Summers, an independent researcher and former senior lecturer and associate dean at Stirling University, and will include short online surveys for individual residents and local employers and enterprises.
The surveys are open from now until 10 July with one for individuals and one for businesses. ,
