21st October was International Credit Union Day when 57,000 credit unions across 105 countries celebrate the contribution they and their members are making to the community.
The theme this year was ‘Building financial health for a brighter tomorrow’.
Claire Savage, Policy Officer at Credit Unions of Wales chats to Business News Wales about International Credit Union Day.
Regarding the celebration, Claire said:
“International Credit Union Day is on the 21st October this year and is an annual global awareness day when the 57,000 credit unions across 105 countries celebrate the contribution that they and their members are making to their communities.”
The theme of International Credit Union Day is very poignant for Moneyworks Wales as they are working with 150+ Welsh employers to help their staff build their financial health for a brighter tomorrow.
The group know that setting up a Moneyworks Wales scheme has a positive benefit on the financial wellbeing of staff. A study by the Money and Pension Service found that:
- Three quarters (78%) of people who save with a credit union through payroll deductions are far more likely to save regularly compared to just under half of staff (47%) who are not members of a credit union at all
- 59% of payroll scheme members had never or rarely saved before joining the scheme however, 89% of new joiners maintained or increased the amount they saved every month.
- Almost all payroll savers (96%) would recommend this type of scheme to their co-workers, and said ease and simplicity of this type of saving (79%) is the biggest draw
Building financial resilience has never been more important in the UK. This study shows that access to payroll savings schemes is a major component in helping employees build financial resilience, to take control of their financial wellbeing and to protect themselves in the event of future emergencies.
Credit Unions of Wales say that:
‘Every employer, no matter what their size should seriously consider establishing a salary saving scheme with a credit union. Employers that look after their employees are also looking after their businesses, with better productivity and fewer sick days because of debt related stress. A win for employees, a win for employers.’
For the last few years, Credit Unions of Wales has used International Credit Union Day to recognise the people that make up the credit union movement, with an annual awards ceremony.
This year Moneyworks Wales payroll partners have been recognised for their work in improving the financial health of their employees, they are:
- Cardiff Council
- Merthyr Valleys Homes
- Admiral
These three employers embody the spirit of Moneyworks Wales in supporting the financial health of their staff, and through partnering with credit unions, supporting the wider work in the community that credit unions carry out to build a brighter financial future for all people in Wales.
