Credit Union Sector Here to Talk Money

Friday 8 November 2024

This week, the Money and Pension Service has led its annual campaign of Talk Money Week, which aims to break down barriers and make it easier for people to share their thoughts and feelings about money.

Credit unions across the country have participated in the campaign by raising awareness of the support they can provide communities, and created their own initiatives to those who might be feeling the burden of this year’s squeeze on finances.

A new financial education app has been launched by Northamptonshire based Commsave this week – all part of the credit union’s commitment to helping people afford life and strive for financial resilience.

Its release date has also been timed to support Talk Money Week, a national week-long initiative designed to get people of all ages talking about money. Commsave Educates is the name of this new, free app, and its interactive content is designed to appeal to both young and old.

Richard Munro, Interim Chief Executive Officer at Commsave Credit Union, explained: “Learning how to be financially resilient from a young age will go a long way to ensuring people are equipped with solid money management know-how in their adulthood. That is why we work with local schools, colleges and universities, supporting students by running webinars, assemblies and workshops. Our new app is perfect for students but will also appeal to adults seeking to have fun while learning important money management tips.”

At London Mutual Credit Union (LMCU), members are being encouraged to using its new service to support members facing financial challenges. Whether members are looking for simple tools to manage a budget or need a bit of extra support, LMCU offer two options: a self-service tool and one-to-one appointments with its team. It’s self-service tool, the better off calculator The Better Off Calculator helps people get a clearer picture of their finances. The calculator asks for details like your income, spending, and debts, and helps show where changes might improve a members’ situation.

At Bradford District Credit Union (BDCU), Community Development Officer spoke to BBC news about the credit union working with Bradford’s major institutions to promote responsible saving and money management, including the University of Bradford, Bradford Teaching Hospitals and the BD25 City of Culture team.

Ian said it was the sixth year that the BDCU has held its Talk Money Week, Ian said: “Each year we look to work with partners to be able to bring money to the centre of the conversation,” he said. “It’s about people being able to understand money through the financial education that we do.”

He added that people often wanted to save money but did not necessarily know how to go about doing it.

“Projects like Food Savers and Uniform Savers are things that we do that use innovation in community development to help people get into a savings habit and get an incentive for doing so.”