Co-operatives UK Chief Executive talks credit unions

Wednesday 17 January 2024

Rose Marley joined Co‑operatives UK as Chief Executive in January 2021. Rose joins the trade body for Britain’s co-operative sector at a crucial moment, when the economy is looking to ‘build back better’ from the impact of Covid-19. ABCUL spoke to Rose this week about the important role the sector has in building a new generation of co-operators, its support to communities through the Covid-19 pandemic, discussing female leaders in the movement and also how Coops UK will support credit unions in the years ahead.

What role do credit unions have in building the next generation of co-operators?

Generation Z are absolutely key to the growth and development of the co-operative movement in the 21^st Century. Not only are the values of the movement intrinsically linked to the concerns and consideration of this generation, but in a recent YouGov poll that we commissioned Gen Z were more likely to be able to name three or more co-operatives than older generations.

Young people today are facing new challenges, such as crippling student debt and they are key targets in deprived areas for less than scrupulous forms of money lending.  I would really like to see credit unions demonstrating their viable alternatives in these spaces to help create good habits from a young age.

I’d really like credit unions to be more visible in schools and further education, when young people are starting to take responsibility for their own savings and spending. By understanding credit unions from a young age, they are more likely to access the services as an adult and start to learn the principles of co-operation.

The current economic situation has shown how important it is to have access to ethical lenders and financial institutions, and credit unions have an important role to play in this.

When times are tough, like they are at the moment, young people taking their first steps into the world of work may be struggling to access affordable personal finance, and many have been hit hard by job losses in the hospitality and retail sectors affected by Covid – 19 restrictions.

Credit unions provide an alternative to the cycle of spiralling debt that come with so called pay day loans, which can hang over young people for a big part of their lives. And those who do have savings want to ensure they are invested ethically to help local communities and others who are struggling.

Credit unions have done their utmost to support members/communities during the pandemic. How do you think the sector’s response has compared to that of other financial institutions?

Co-ops and credit unions have certainly demonstrated the co-operative values and principles of solidarity and concern for the community during the pandemic. But as we all know, this is not new for our sector – credit unions have always supported the communities they serve. A couple of examples recently include the Greater Manchester Consortium of credit unions creating a £15m fund to lend to those struggling financially and to help rebuild local communities after months of lockdown.

Another example is Clockwise Credit Union reporting delivering social outcomes worth more than £10m. For every £1 invested, at least £9 as much value was created for members experiencing financial exclusion. This is the stand-out difference that credit unions can make in their localities.

Women occupy the majority of CEO positions in the credit union sector. Do you have any advice/words of encouragement for young aspiring women in the sector?

I didn’t know that, but on reflection the credit unions I know are led by women which is very encouraging for the financial sector generally as it is such a male dominated environment. I don’t like to generalise too much but there is something in the female ‘nurture’ instinct that makes complete sense that women in financial leadership tend to lean towards social finance. There’s so much more to credit unions than just providing financial products and services.

For any young aspiring females in credit unions, I hold a monthly surgery which anyone can book onto and I would be more than happy to share my knowledge and advice directly. My main advice would be, that you are more than the sum of your parts when you co-operate with people to achieve an end goal, so start practicing now.

How will Coops UK continue to support credit unions in the years ahead?

That was my question for you! As one our federal members and as a new CEO I am keen to hear ideas on how we can be more effective together and build on the great relationship that’s been developed in the past. How we can develop training and advice to support the needs of the credit union sector, team up together on lobbying activity and collaborate to make our voices louder?

I’d urge members to complete the Co-op Census when it comes out this year, so that we can ensure we truly represent the whole UK co-operative sector. Work with us to ensure the next generation are the first generation to truly capitalise on the merits of the movement to help us to ‘build back better’ in the years ahead.

Read a recently blog published by Rose about her first week in the role on Co-operatives UK website here.