Credit Union Support Invaluable States Serve and Protect CU’s Financial Resilience Report

Friday 26 January 2024

Serve and Protect Credit Union serves over 40,000 members throughout the Police, Prison and Military, Fire and Health services. In October 2022, the credit union launched its annual Financial Resilience Survey which provides insight into the overall financial resilience of its members, the challenges they face and the impact this can have on their wellbeing.

Over 4,000 members of Serve and Protect completed the survey, and the results indicate financial resilience plays an important role in the lives of its members. The report aims to be useful for stakeholders to better understand the challenges faced by the Serve and Protect family.

“The last 12 months have presented a series of economic challenges to our members – with everyone feeling the impact of the cost-of-living crisis,” says CEO of Serve and Protect, Paul Norgrove. “As a credit union we have seen the real time, everyday impact this is having on our members and their families. We want you to know we are here to support you and help you build financial resilience.”

Key findings within the report found that 65% of respondents would have to borrow money to pay an unexpected expense equivalent to one month’s income and 35% of respondents revealed they would not have enough savings to cope for one month if they were to lose their job or income. Also, 70% of respondents would not feel comfortable turning to their employer if they were experiencing financial difficulty.

Commenting on the valued support, members receive from Serve and Protect, Ray Parker of the Ministry of Defense said: “Serve and Protect CU provide our Service Personal with savings and affordable borrowing facilities and with invaluable support and guidance on managing their finances through interactive briefings and in-person financial resilience sessions.”

The full financial resilience report is available to read here.