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Tel: 020 7561 1786 (Multilingual advisors available)  •  Fax: 020 7272 8192  •  Email: info@credit-union.coop

Wed 16-Aug-2017
NewsCredit unions can help solve poverty
Print
14 September 2016
Credit unions can help solve poverty

A new report on tackling poverty in the UK has highlighted the role that credit unions can play.

The new report, We can solve poverty in the UK, from research charity the Joseph Rowntree Foundation (JRF), offers a plan to end poverty in this country by 2030. It is the most comprehensive strategy of its kind to set out how to solve poverty across all groups in the UK, calling for a new ‘long term deal’ between governments, businesses and the public.

A role for credit unions is identified in providing fair and affordable access to credit, as well as in helping people to save, budget and avoid problem debt. The strategy encourages employers to provide – and promote the take-up of – credit union membership as a staff benefit to promote saving and access to affordable credit, highlighting the ease with which employees can save and repay loans direct from payroll.

The report also calls for the expansion of credit unions’ capacity to provide affordable credit through support from employers, local government and social investors.

“London Capital Credit Union serves people from all walks of life, including those who struggle to access credit and services from other financial providers,” explains Credit Union Chief Executive Martin Groombridge. “We welcome the recognition in this report that credit unions have an important role to play in alleviating poverty and keeping people out of hardship.

“Our Credit Union already works with many local and national employers to provide savings and affordable credit to their employees through payroll deduction, so we know just how effective this sort of scheme can be in helping people manage their money and avoid building up expensive debts.”

Click here to find out more about our employers payroll deduction scheme and click here to apply for membership of the credit union.


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