Dataset: Family Resources Survey (Adult, Individual, Family (Benefit Unit), Household)

Field: Credit union memberships of the Adult, Individuals in the Household or the Family (Benefit Unit)

Description

Whether the adult or individuals in a household or a family (benefit unit) are members of any credit unions, as reported by FRS respondents, where:

• All individuals who are aged 16 and over are classified as an adult, unless the individual is defined as a dependent child. All adults in the household are interviewed as part of the FRS.
• A household consists of one person living alone or a group of people (not necessarily related) living at the same address, who share cooking facilities and share a living room or sitting room or dining area. A household will consist of one or more benefit units.
• A family (benefit unit) may consist of: a single adult, or a married or cohabiting couple, plus any dependent children. Same-sex partners (civil partners and cohabitees) have been included in the same benefit unit since January 2006.
• A credit union is a financial co-operative similar in many respects to mainstream building societies. Its members both own and control the credit union, which is run solely for their benefit. All members of a specific credit union must share what is known as a "common bond" i.e. they must be connected in some way to the other members of that credit union. The members pool their savings into a single 'pot' from which loans can be made to members of the credit union. Members who have deposited money receive an annual dividend, while those to whom money is lent have to pay interest on the loan.

Classification

Applicable to: all adults or all individuals in a household or a family (benefit unit).

• None
• One or more
• Not available
• Not applicable

Total number of categories: 4

Quality Statement

Further information can be found in the FRS Background Note and Methodology here.

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