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Credit Unions and Low-income Communities

Author

Listed:
  • Andrew McArthur

    (Training and Employment Research Unit within the Department of Social and Economic Research, University of Glasgow, Adam Smith Building, 40 Bute Gardens, Glasgow, G12 8RJ, Scotland, UK)

  • Alan McGregor

    (Training and Employment Research Unit within the Department of Social and Economic Research, University of Glasgow, Adam Smith Building, 40 Bute Gardens, Glasgow, G12 8RJ, Scotland, UK)

  • Robert Stewart

    (Training and Employment Research Unit within the Department of Social and Economic Research, University of Glasgow, Adam Smith Building, 40 Bute Gardens, Glasgow, G12 8RJ, Scotland, UK)

Abstract

Since the late 1980s the number of community-based credit unions in Britain has grown steadily. These are financial co-operatives based on low-income neighbourhoods, owned and controlled by local residents, which aim to provide savings and low-cost credit facilities to their members. Although located in economically disadvantaged communities, credit unions are not exclusively used by the poor. While better-off groups save and borrow more, a greater proportion of low-income users would not have purchased goods and services in the absence of a credit union. Credit unions are making useful but marginal contributions to the credit and debt problems of low-income families. They could probably achieve more with additional resources, but any intervention by external agencies should be sensitive and avoid damaging the strong mutual aid foundations upon which credit unions are based.

Suggested Citation

  • Andrew McArthur & Alan McGregor & Robert Stewart, 1993. "Credit Unions and Low-income Communities," Urban Studies, Urban Studies Journal Limited, vol. 30(2), pages 399-416, March.
    • Handle: RePEc:sae:urbstu:v:30:y:1993:i:2:p:399-416
    DOI: 10.1080/00420989320080371
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    Citations

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    Cited by:

    1. M. W. Danson, 1999. "Debates and Reviews," Regional Studies, Taylor & Francis Journals, vol. 33(1), pages 63-72.
    2. Mavenga, Fortunate & Olfert, M. Rose, 2012. "The Role of Credit Unions in Rural Communities in Canada," Journal of Rural Cooperation, Hebrew University, Center for Agricultural Economic Research, vol. 40(1), pages 1-29.
    3. Nathanael OJONG, 2014. "Credit Unions As Conduits For Microfinance Delivery In Cameroon," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 85(2), pages 287-304, June.

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