Serve and Protect Credit Union which recently achieved two significant milestones by surpassing 34,000 members and growing its loan book to over £50million – has published its Financial Resilience Report for 2021.
The report looks at the potential impact of the coronavirus pandemic on the financial resilience of those who serve and protect our nation – including those employed by the Police, Prison, Military, Fire and Health services.
The report follows Serve and Protect CU’s first Financial Resilience Report which was published in early 2020. The intention of the report is to provide insights into what it means to be financially resilient, and to illuminate the very real and detrimental effects that a lack of financial resilience can have on individuals and workforces alike.
Events such as job loss, unexpected illness, and divorce to name a few all have a significant impact on people’s finances. However, according to the report, 38% of all respondents answered that they would not be able to cope financially if they faced a change in circumstances. The results did differ slightly by employer, with the most impacted segment being those working in the Health & Social Care sector, with one in two respondents admitting that they would not be able to cope financially.
The report also provides suggestions for organisations, to explore how they can improve the financial support for their employees. From budgeting services, to financial webinars, there are various recommendations organisations can take to help build the financial resilience of its employees.
In addition to the annual Financial Resilience Report, Serve and Protect CU have begun to work with a number of organisations to help them assess the financial resilience of employees they support by developing tailored Financial Resilience Surveys. These reports highlight areas of financial struggle and assist decision makers in the development of financial wellbeing strategies.
You can view the full Financial Resilience Report 2021 by clicking here. #News