Saving is a Key Part of Wellbeing Strategy – says Commsave Credit Union

Thursday 25 January 2024

Reporting to members at its recent annual general meeting, as the postal based credit union reported on a successful 30^th anniversary year, Commsave were delighted despite the distortions caused by the pandemic, Commsave proposed a dividend of 1.5% savings, and a loan interest rebate of 1.5% in line with its business plan projections.

“The most important thing for a credit union is that we are people helping people. Our core aim is to help our members afford life by providing a safe place to save and an affordable way to borrow,” says James Richards, Business Development Manager at Commsave Credit Union.

“For the companies who partner with us, I think it’s very much about looking after the wellbeing of their people. It costs nothing to offer the benefit to your staff, but it can make all the difference to them. A survey recently suggested 70% of employees have spent time at work worrying about their finances – that is costing the business money, through days missed with stress-related absence, or loss of productivity from staff that are preoccupied by their money worries.

“By deducting an amount that suits them direct from their pay they can develop a regular savings habit, while still having instant access to the money later on if they need it. If one of life’s little emergencies does happen, and they need to borrow some money to get them through, we are here to help. They don’t have to resort to high-cost pay-day lenders or ask for an advance on their wages, which just pushes the problem forward.

“Most of us know it’s sensible to put away some of your money each month, but it’s made so much easier if it’s taken directly from your wages for you, you don’t have to remember to do it! It’s amazing how soon you can build a nest egg for when you need it.”

Source – All Things Business