GoWest Declares 2025 the Year of Financial Health
Thursday, February 6, 2025
New reports released show economic and community impact of credit unions serving Americans in Western Region
SEATTLE, Jan. 29, 2025 /PRNewswire/ -- GoWest Credit Union Association has declared 2025 the Year of Financial Health, championing credit unions as a great choice for Americans seeking people-first financial services. This announcement comes as the 2025 GoWest Impact Reports became public, which highlight the economic and social contributions of credit unions across the region.
With one-third of Americans holding credit union memberships, credit unions remain a cornerstone of financial well-being for more than 140 million people. Unlike for-profit institutions, credit unions operate as not-for-profit, democratically controlled cooperatives owned by their members. This structure ensures that earnings are reinvested into member benefits, such as low loan interest rates, high savings rates, reduced fees, annual dividend returns, and more.
"Credit unions were created nearly 100 years ago to disrupt the traditional banking model," said Troy Stang, President and CEO of GoWest Credit Union Association. "The need for credit unions hasn't changed. Americans continue to trend toward financial institutions that put them first. As families face continued economic uncertainty, credit unions offer a trusted financial partnership, providing not only exceptional value but also personalized solutions tailored to members' needs."
This is backed by the newly released 2025 GoWest Impact Reports, which showcase how credit unions drive positive social change and opportunities for members, and boost local and state economies through jobs, loans, and Gross Domestic Product (GDP). Oxford Economics, one of the world's foremost independent global advisory firms, performed an analysis of credit unions' positive impact in Arizona, Colorado, Idaho, Oregon, Washington, and Wyoming. The analysis measures impact to GDP, employment, and wages.
Key findings from the reports include:
-- Economic Contributions: The report quantifies the significant
contributions of credit unions in Arizona, Colorado, Idaho, Oregon,
Washington, and Wyoming.
-- Social Impact: Nearly all credit unions offer free financial literacy
programs to help individuals make informed financial decisions,
addressing unique financial needs with personalized services.
-- Empowering Communities and Small Businesses: Credit unions are a
lifeline for entrepreneurs and small businesses, offering low-interest
loans that reduce financial burdens and enable growth. This people-first
approach fosters local economic development and strengthens communities
across the GoWest region.
-- Value: Consumer Financial Life Survey conducted by global management
consulting firm McKinsey & Company in 2023 found that respondents who
primarily relied on credit unions for financial services were more
likely to perceive that they received extremely good value than
customers of other financial institutions.
-- Innovation: By embracing innovation, credit unions are modernizing
digital tools and enhancing their member experience.
"It's easy to join a credit union, and financial health starts with choosing a financial institution that puts you first," Stang added. "Find a credit union near you, compare rates, and see the difference for yourself. No matter where you're at in life - saving for a big goal, paying down debt, or looking to keep more of your hard-earned money - a credit union is here to help you thrive."
The 2025 Impact Reports are publicly available here: https://gowestassociation.org/impact/
About GoWest Credit Union Association
GoWest Credit Union Association is the trade association representing credit unions in Arizona, Colorado, Idaho, Oregon, Washington, and Wyoming. GoWest advocates on behalf of nearly 300-member credit unions, and their 17.4 million consumer members.
Contact:
Madlynn Schreibvogel, Vice President, Public Relations
303.513.3765
madlynns@gowest.org
View original content to download multimedia:https://www.prnewswire.com/news-releases/gowest-declares-2025-the-year-of-financial-health-302363552.html
SOURCE GoWest Credit Union Association
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