Look after your financial wellbeing – join a credit union
As the Covid-19 pandemic continues, bringing with it a number of struggles for people, it’s now more important than ever to look after financial wellbeing.
People who enjoy good financial wellbeing are more productive, less stressed about money and will in turn see positive effects on health, relationships and work.
In 2016, the UK economy lost £120.7 billion and 17.5 million hours to financial stress – and in 2018, 11 per cent of workers reported they experienced a fall in productivity over the preceding three years as a result of their personal finance situation.
Already partnered with Warwickshire County Council, Citysave Credit Union provides simple everyday savings accounts and fair priced loans to Council staff, accessed direct from their net pay.
Citysave is a non-profit credit union providing those who live and work in Warwickshire with ethical saving and borrowing services. There to provide a financial community, with members mutually benefitting as there is no profit for third-party shareholders, Citysave recognises the importance of financial wellbeing.
Their services offer an alternative to traditional banks and building societies for saving and borrowing. They help members take control of their finances by helping to organise what money members could be saving to have a handy sum tucked away for a rainy day.
As well as savings, credit unions offer ethical loan rates compared to crushingly high interest rate loans through payday lenders and loan sharks which can cause short and long-term financial issues and distresses.
Want to help your staff with basic financial wellbeing? The scheme is free to employers and easy to set up. To find out more, visit www.citysave.org.uk/employee-benefits/, which includes a short video testimonial from existing users.
Employers have access to material to help launch the scheme across their workforce, including access to a 90 second explainer video which can be branded to your firm. The message is short and simple and helps show your employees that you care about their financial wellbeing.
Cllr Kam Kaur, portfolio holder for customer and transformation at Warwickshire County Council, said: “Credit unions are perfect for meeting sudden expenses which puts you at ease amidst the current pandemic. With a small amount automatically deducted from either your salary every payday, or by standing order payment from your bank, it’s a good way to feel more secure with your finances, helping with your financial wellbeing.
“It is a difficult time for many, and it is important we help our mental health as much as possible; protecting and organising our finances is a brilliant way to do that.” Watch their short video and find out more and apply today at www.citysave.org.uk
Citysave has been providing employee benefits, through the provision of savings and loans accessed via payroll deduction, for 30 years. A number of respected Birmingham & Warwickshire based employers trust Citysave to provide safe and protected savings and ethical, fair priced loans, for their employees.