Black Country workers urged to save with credit unions as new payroll campaign launches

Monday 15 January 2024

A new campaign has been launched to improve the financial health and resilience of employees across the Black Country and encourage workforce savings through credit unions.

The campaign, called #PaydayYourWay, aims to encourage staff to save regularly, help them manage their money and keep them out of the clutches of loan sharks.

The partnership involves the England Illegal Money Lending Team (IMLT), Black Country Chamber of Commerce, and Just Finance Black Country, along with four local credit unions (Wolverhampton City Credit Union, Walsave, Castle & Crystal and 6 Towns), working together to promote savings through payroll deduction.

Black Country Chamber of Commerce are encouraging employers and businesses to sign up to a payroll deduction savings and loans scheme through a credit union.

Chamber, Chief Executive Corin Crane, said: “We are pleased to support the launch of the Payroll Savings campaign and offer this free service to businesses, which can improve the financial wellbeing and productivity of their staff in the workplace.

“It’s important that we help people to save and build up their financial resilience, protecting them against future unexpected events and falling into the trap of unscrupulous loan sharks.”

Wolverhampton City Credit Union (WCCU) currently has 16 payroll partners signed up to the scheme and credit union members who save directly from their salary have amassed nearly £250,000 during the pandemic.

Wolverhampton City Credit Union’s, Chief Executive Rob Shearing, said: “Employers know that their staff could face a tough few months financially – so it makes sense for them to encourage employees to save and borrow responsibly at work.

“The scheme can be set up in minutes and is virtually cost-free for the employer. Most important, having money put aside cuts money worries and helps employees keep their minds on the job.”

Tony Quigley, Head of the England Illegal Money Lending Team, said: “The Covid-19 pandemic has highlighted the importance of financial resilience to deal with unexpected life events.

“We welcome the launch of this campaign and encourage businesses to set up a payroll deduction scheme for their employees that provides them with easy access to savings and affordable credit.

Rev Cassius Francis, from Just Finance Black Country said: “We are really pleased to support the payroll savings campaign with our credit unions across Dudley, Sandwell, Walsall and Wolverhampton because our aim is to support people and communities to thrive and flourish.