Innovative Credit Union Partnership a Success for Wave Community Bank

Friday 14 June 2024

In June 2023, Wave Community Bank started an innovative new project in partnership with University Hospitals Sussex (UHSx), introducing a role to the Trust of a Financial Wellbeing Support Officer (FWSO).

When the project began, the objective was for the FWSO to work with the Trust’s staff on money management and budgeting but the support FWSO, Tracy Cox-Horton has given the staff has been much more far reaching than that.

As the teams within the Trust became aware of Tracy’s presence and skills, she was increasingly delivering over 450 one-to-one appointments with staff to improve their financial position, as well as:

• Running sessions for the new migrant nursing staff to educate them on how money works in the UK, looking at how their payslip works, budgeting, what Income Tax and National Insurance are and much more.
• Become an expert on the NHS pension scheme to help staff with questions and queries
• Presenting at ‘away days’ on surviving the cost of living crisis and general financial education
• Regularly visiting the Facilities and Estates teams supporting them with pension queries and the financial help available to lower paid workers.
• Attending Induction Days, team meetings and huddles to talk to staff about how she can help with individual sessions and the services WCB offer.

“At Wave Community Bank, we are always thinking of innovative ways we can improve the well-being of our members and we’re delighted with the progress that has been made with this project,” says Deputy CEO of WCB, Emma Norledge. Tracy’s support has made tangible differences to the lives of the individuals she has helped as well as helping with staff retention.”

As well as one-to-one support from Tracy, 120 members were also supported by Wave Community Bank by apply for loans to help them with their finances, particularly debt consolidation.

Emma added: “Like credit unions across Britain, WCB is here to help people with financial services so they can manage their money and borrow affordably if they need to, and our workplace savings scheme is the perfect way for workers to use our services.”

George Findlay, Chief Executive of UHSx said: “Having a Financial Support Officer within the Trust has made a tangible difference to so many of our staff. In terms of cost of living difficulties, general financial worries and queries; our FWSO, Tracy has been able to provide support, compassion and valuable advice and guidance.
She has been a significant part of our Health & Wellbeing provision and has become a recognised face at inductions, team meetings and forums.”

Read the full case study regarding the progress made within the Trust here.