Local Household ‘Savings’ Reaches a Record as Job Market Churn Continues

California Workers Balance Deposits, Inflation, & Employment Opportunities

​Local household “savings” in checking and all other combined deposit accounts across California are hitting their highest levels ever experienced at credit unions, with the total figure skyrocketing 35 percent from pre-pandemic second quarter 2019 to second quarter 2021 (see graph down below).

THE LATEST TREND
This trend represents an unprecedented two-year increase according to the latest California Credit Union Industry Snapshot report released today by the California Credit Union League (click snapshot report for data and chart-graphs).

Collectively, deposits made by 13.1 million California credit union members rose from $172 billion to $233 billion during the June 2019 to June 2021 period at 286 locally headquartered credit unions in the state — a statistically significant barometer of local banking activity.

No other two-year period in recent history has experienced such a boost in California credit union deposits by members and households to the tune of a net-positive $61 billion (35 percent growth).

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