A leading North Wales builder’s merchant is prioritising the financial wellbeing of its staff by joining the Moneyworks Wales payroll saving scheme.

Thorncliffe Building Supplies is one of 150 employers signed up to Moneyworks Wales, allowing staff to save or borrow with their local credit union direct from salary.

The company, which has branches in Flintshire and Denbighshire, is running the scheme with Cambrian Credit Union to help its staff manage their finances better.

Ann Francis, manager of Cambrian Credit Union said:

“Moneyworks Wales is a nationwide scheme that helps Welsh workers save or borrow direct from their salary, we also provide tools to help them manage their money through life’s financial journey.

“Thorncliffe Building Supplies is showing its commitment to employee financial wellbeing by becoming one of our first employer partners to have a trained Moneyworks Mentor – a member of staff who helps colleagues understand the benefits of the scheme.”

Tracey Dyment, HR Manager for Thorncliffe Building Supplies said that Moneyworks Wales was part of the package of benefits offered to the company’s staff.

“Colleagues can benefit from saving money, which comes directly as a deduction from their salary and is seen as a benefit to them because it’s an effective and easy way to save and support debt management,” she added.

Moneyworks Wales, which is a collaboration between 10 Welsh credit unions, launched this September with the backing of Welsh Government, Wales TUC and 150 employers. The scheme allows staff to set aside part of their salary for savings or repay an affordable loan before it goes into their bank account.

The Money and Pensions Service has provided interactive budgeting tools which are available on the Moneyworks Wales website to help those accessing the scheme manage their money better.

Claire Savage of Credit Unions of Wales said that Moneyworks Wales had benefits for employers, staff and the wider community.

“Money is a leading cause of stress and one in four staff say financial worries have affected their ability to do their job,” she said.

“Helping staff to manage their money better is good for staff and good for business.

“By choosing to partner with Moneyworks Wales, Thorncliffe Building Supplies is also supporting Cambrian Credit Union which, as a not for profit financial co-operative, in turn benefits communities across North Wales and Powys.”