Why save through your employer’s payroll savings scheme with a credit union?
Payroll saving is a hassle free method of regularly putting money aside or repaying a loan with a credit union.
Credit unions are a financial co-operative body, owned and controlled by its members.
It seeks to promote thrift by encouraging the habit of saving, offers loans at reasonable rates of interest, and often provides other financial services to its members.
Once you start saving you’re not just a customer, you’re a member and have a say on how its run.
Members can be assured that any money invested benefits the local community – not shareholders – by providing low-cost, affordable loans.
Credit unions usually offer a dividend rate rather than an interest rate.
Just like a bank or building society, Credit Unions are regulated to ensure your money is looked after.
They are governed by the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) so your money is protected up to £85,000.
Payroll savings allows you to save as little or as much as you want by nominating a sum of money to be taken from your wage and placed in a savings account.
Saving money protects you from unexpected financial pressures and helps you manage your money more effectively.
It also means that you are less likely to suffer stress and mental illness due to money troubles.
According to the FCA one in ten employees said they found it hard to concentrate or make decisions at work because of money worries and 19per cent have lost sleep worrying about money, all of which impact productivity.
As the average household debt in the UK continues to rise, with 23 per cent of people either revolving a credit card or using high-cost short-term credit, the need to be more financial responsible is greater than ever.
Whether you need to save for a special occasion or have a buffer available if your car breaks down, regularly saving is a route to becoming financially sound.
Evidence suggests that people across the UK have a strong tendency to ignore the future and live for today.
Around one in three UK household have very little put away for emergencies and would be unable to pay more than a month’s rent or mortgage if they lost their income.
So don’t be another statistic. Start saving today.