Scottish First Minister Praises Vital Credit Union Support for Nation

Friday 6 September 2024

This week, Scottish First Minister, John Swinney celebrated the vital impact credit unions have for communities across the country.

At a special event inviting nine credit unions hosted by Capital Credit Union, the First Minister learned about the pivotal role credit unions play day-to-day for their members and how the sector can continue to extend its support further in the years ahead.

Speaking to the attendees of the event, the First Minister said: “Credit unions play a crucial role in helping people in Scotland to build better financial futures. As we continue living through a cost-of-living crisis, access to affordable credit is a vital lifeline for individuals and communities.

“My Government is committed to working closely with our credit unions to ensure that they can continue to grow and thrive in the years to come.”

Scotland leads the way in Great Britain for levels of credit union membership, with over 7% of the popular being a member of their local credit union, amounting to total membership in the country of over 460,00 people, holding savings of over £900 million.

“The Scottish Government has been a great supporter of credit unions for many years, and we are delighted to see it continue its support pledged from the First Minister”, said ABCUL CEO, Robert Kelly.  “ABCUL has been working closely with the Scottish Government for many years to deliver effective support to those credit unions who need it most. The sector will continue to explore working with the current Government to increase access to affordable credit.”