Clockwise Credit Union identifies its true value of services in its social impact report

Monday 15 January 2024

Last week on International Credit Union Day, Clockwise Credit Union published its Social Return On Investment (SROI) evaluation to identify the true value of the Credit Union’s services.

The evaluation found that Clockwise delivers social outcomes more than £10m. In other words, for every £1 invested, at least £9 as much value was created for members that experience financial exclusion.

Breaking this down even further:

• Of its 13,000 members, 5,095 increased their financial skills and were better able to manage their money. This represented a total social value of £6,639,230.
• 1,561 of the members were less stressed, resulting in savings of £1,661,720 to the public sector purse.

Researchers interviewed members of Clockwise as part of the research, Helen who has been a member of Clockwise since 2003 was previously in debt, she also experienced health and mental health issues and struggled to work, Helen said: “My quality of life was desperate because I was fighting for my son. I was highly strung because I was not getting any help. I almost had a mental breakdown. If it was not for Clockwise I may have ended up with bailiffs, courts and fines, my mental health would have got worse and I may have been sent to prison.”

Clockwise helped Helen to better manage her money. She consolidated her heavy debts and eventually started to build up savings which she used when things were difficult. Her credit rating is now excellent.

Clockwise Credit Union also benefits members who are not struggling with money. Mark, a member, said: “Having savings with Clockwise I not only get a better rate of interest but I am also proud and happy to be helping people that are financially excluded”.

The SROI evaluation is just the start of the journey for Clockwise Credit Union – it is using the results to inform its business plans and develop products that will increase the social impact and value for its members.

The Board and management team are also using the results to develop and improve their impact practice. It has recently invested more than £400,000 in a new IT system that will enable it to better collect, analyse and report its data. It has plans to share this new system with the wider credit union sector.

You can read Clockwise’ Social Impact Report here.