Message from the CEO: State of the Economy

The first half of 2025 has certainly been dynamic from an economic perspective as new tariffs were announced, which contributed to a decrease in consumer confidence in the U.S. In fact, a recent University of Michigan survey showed that consumer sentiment decreased 30% from January 2025 to May 2025. That can be unsettling.

It is normal to feel uncertain about the economy and your personal finances in a time of seemingly constant change. So, what should you do now?

If you are concerned about your day-to-day money management, it's a good time to focus on the basics. Ensure you have a budget that reflects an affordable lifestyle, and do your best to meet that budget every month. Saving money for the unexpected, making your credit card and loan payments on time, and prioritizing buying the necessities can all help you steadily navigate these uncertain times.

Need help with budgeting? Our financial wellness platform could be a great resource for you. Through this platform, you can take a financial wellness checkup, create a budget, read tips on saving and paying off debt, and more.

If you are wondering how the current economic landscape could impact your future, sitting down with someone who can review your financial plan and help determine if any adjustments are needed may bring you peace of mind. As a member of South Carolina Federal, you have access to advisors with South Carolina Federal Investment Solutions.* Whether your long-term goals are focused on retirement, paying for a child's secondary education, or simply having enough funds to sustain your lifestyle, the Investment Solutions advisors can help.

One of the many benefits of banking with a local financial institution is that we are ingrained in the communities we serve. Our employees live in these communities – they are your friends, family, and neighbors. We are passionate about helping people, and we are here to partner with you and be an advisor and an advocate.

Founded in 1936, we have stood strong through many economic cycles and environments. Though our organization has evolved over the years, one thing has remained the same: our commitment to safety and soundness. We have earned a 5-star rating from Bauer Financial, an independent research firm that ranks the strength of banks and credit unions, for 59 consecutive quarters. This rating means that we exemplify stability and proactive financial management across a variety of factors.

Thank you for choosing to be a member of South Carolina Federal. We are grateful that you are part of our family, and we are here to help you navigate whatever the future holds.

Scott Woods
President and CEO
South Carolina Federal Credit Union