MAS Financial Capability Strategy supports credit union services as an employee benefit
14 Jul 17
The Money Advice Service (MAS) helps people manage their money. It does this directly through its own free and impartial money guidance as well as funding and co-ordinating debt advice services. It is an independent service, set up by the government and funded by the financial services industry.
MAS leads the UK’s Financial Capability Strategy with the aim to improve people’s ability to manage money well and to manage through financial difficulty. To find out more about the UK Financial Capability Strategy click here.
ABCUL sit on two of the strategy’s steering groups advising the MAS team and highlighting the important role that credit unions play in promoting financial capability in communities and workplaces across the country.
MAS have recently recognised the work of credit unions in Wales. Welsh Government and Wales Co-operative Centre have been testing ways to support credit unions to increase their engagement with employers. This has recommended that payroll schemes should be part wellbeing packages available through the workplace.
ABCUL are working hard to promote employer partnerships and the role of credit unions in promoting saving as a route to financial wellbeing. MAS also works with the Fairbanking Foundation which recently reported on the powerful effect that credit unions’ practice “Save as you Borrow” has on creating savers.
Surveys by Ipsos MORI of over 1,000 members of seven credit unions found that borrowing from a credit union transformed reported rates of regular saving from 26% before the Save as you Borrow loan to 71% thereafter.
For more information and to read the report, click here.