Positive Impacts of Financial Wellbeing Measures Published in Credit Union Report

Friday 5 July 2024

Serve and Protect Credit Union serves over 44,000 members throughout the Police, Prison and Military, Fire and Health services. In October 2023, 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 positive impact being a member of the credit union has on their wellbeing.  This year, the credit union captured the views of 4,293 respondents across the various markets it serves.

The report indicates that the credit union has successfully created financial resilience across those surveyed. Since its first report in 2019, one question remained constant: ‘Could you cope financially with a change in circumstances, such as relationship breakdown, unemployment, or sickness?’ Five years ago, this number stood at 38%, however now in 2024, the figure has increased to 61%.

“At Serve and Protect, we’ve not increased our loan rates while more than doubling returns to our savers, supporting our members through the challenging economic environment,” says CEO of Serve and Protect, Paul Norgrove. “This support has been vital to many of our members, preventing them from turning to high-interest and predatory lenders such as payday lenders and loan sharks.”

A primary objective of the credit union is to educate and empower its members, enabling them to make informed financial decisions. Pivotal to the credit union’s successful results in the financial resilience of its members is the education it provides.

“As a credit union, the support we offer goes beyond savings products and access to affordable credit,” Paul said. “Our monthly webinars serve as a valuable resource for our members, providing them with the knowledge and tools they need to navigate their financial journey effectively.”