New Somerset Credit Union Financial Wellbeing Project Launches

Tuesday 23 January 2024

A new Somerset Financial Wellbeing project is being launched by four Somerset-based credit unions to support people concerned about money and help them to plan for a better financial future. The project is being delivered by Westcountry Savings & Loans, Great Western Credit Union, Somerset Community Credit Union, and Mendip Community Credit Union.

The exciting new initiative is being funded by Somerset County Council aims to give people the tools they need to understand and manage their finances better, manage debt, and know where to go to for help, as well as raising awareness of the benefits that becoming a member of your local credit union can offer.

Working with a number of national and local charities and organisations that offer free expert and confidential help, the scheme aims to provide free information, events, and training to both local residents and employees of Somerset businesses who may be facing financial anxiety caused by the cost-of-living increases, the aftermath of Covid-19, or because they are facing a change in circumstances.

Kathryn Delve, Financial Wellbeing Officer (Somerset) from Westcountry Savings & Loans said: “We are delighted to be involved in this important project throughout Somerset especially as we know that many people are worrying about money, and they do not know where to turn to for help.

“By working together and with the support of Somerset County Council, we can provide an invaluable free service that shares free information, community events and training for both individuals and businesses that want to support financial wellbeing throughout their workforce. It will also give more people an opportunity to find out more about their local credit union and the ethical and regulated financial products and service they offer.”

Councillor Adam Dance, Somerset County Council Executive Lead Member for Public Health, said: “The stress many of us face when managing tight finances can cause negative impacts for both mental and physical wellbeing.

“With the impacts of the cost-of-living crisis being felt across the country, the Somerset Financial Wellbeing project could not be more-timely. It gives people in Somerset a great opportunity to benefit from free help and advice on prudent budgeting and improving their financial wellbeing in these testing times.”

Anyone living or working in Somerset can find out more information by visiting www.westcountry.org.uk/SFWP. The calendar of events and training will be confirmed over the coming months but free information is available now from the website.