September 30, 2018

Survey Demonstrates Members Are Becoming More Savvy About Finances

In the summer and fall of 2018, we conducted an online survey of our members. The survey was comprised of 15 questions, mostly multiple choice, and addressed three main topic areas: current use of financial tools, financial goals, and customer experience. One hundred and eleven individuals, which represent approximately 1% of our membership, completed surveys. The information they offered will help us as we continue to provide tools to help our members build brighter financial futures.

Becoming a member of the Lakota Federal Credit Union has changed the way people are thinking about and handling money here on the Pine Ridge Reservation. Here’s what our members said:

  • 62% have a savings account for the first time
  • 36% are more aware of their finances
  • 34% spend less money and time traveling
  • 31% save more money
  • 29% make better financial choices

In comparison to the 2015 member survey results, we identified several trends that indicated our members are thinking more critically about money and becoming more savvy in how they engage with financial tools. Fewer of our members are using check cashing and money orders (8% and 15% respectively), and more of our members are using direct deposit and online banking (13% and 12% respectively).

In addition, we saw more members reporting higher income levels. Eleven percent of survey respondents stated their income was in the $35,000-$45,000 range, while we saw a decrease respondents that reported lower income levels.


Download Highlights Download Full Report