Cardiff-based insurers Admiral has received a national Credit Unions of Wales award for supporting the financial health of more than 500 members of staff.
The company was nominated for the Payroll Partner (Private Sector) award by Cardiff & Vale Credit Union who have worked in partnership together since 2014. Since then more than 500 employees have accessed financial services from the ethical savings and loans cooperative as a perk of their employment.
The credit union has granted 227 affordable loans to staff, totalling over £275,000 and with an average loan value of £1,215, the partnership has ensured that those needing access to lower value loans have been able to access affordable credit.
Heather John, Benefits Officer at Admiral said:
“We are very proud of our partnership with Cardiff & Vale Credit Union and are delighted to have received the Credit Union Award for our payroll services to staff.
“We are actively doing this for our employees to encourage them to save and borrow responsibly and make them more financially aware and prepared for the future.
“It has been particularly important during the last 18 months of Covid because staff are able to build a financial safety net to help them through any difficulties, and we want them to continue this sound financial habit in the future.”
Leanne Herberg, Chief Executive of Cardiff & Vale Credit Union said:
“Admiral has adapted to the pandemic by ensuring ongoing promotion of the scheme and have pro-actively supported us in developing future services for staff.
“Admiral is at the forefront of delivering financial wellbeing for staff, and their input has helped us to develop and improve our payroll savings and loans schemes for the benefit of their staff and all of our other partners.”
Admiral is one of nine winners of this year’s Credit Unions Awards which is sponsored by the Welsh Forum of the Association of British Credit Unions Ltd (ABCUL) with support from the Welsh Government.
Robert Kelly, Chief Executive of ABCUL, said:
“The Credit Unions of Wales Awards illustrate the commitment and dedication of businesses, workers, organisations, members and volunteers towards the global credit union movement.
“It shows how credit unions are building communities and helping people manage their finances for a better future.
“Congratulations to all of the winners for all that they do to further the incredible work of ethical savings and loan providers across Wales.”