Serve and Protect CU Publish Financial Resilience Report

Thursday 25 January 2024

Serve and Protect CU have released its latest Financial Resilience Report for 2022. The report aims to highlight the financial challenges its members face, and how a lack of financial resilience can impact an individual’s life.

The credit union first launched its Financial Resilience Reports in 2020, and have produced them on an annual basis since. The reports have provided employers and stakeholders with unique insights into the financial resilience of the Serve and Protect family, which includes employees across the Police, Prison, Military, Fire and Health services.

Ultimately, the report can provide suggestions to organisations on how to better support its employees. From budgeting services to financial webinars, there are various steps an organisation can take to help build the financial resilience of its employees throughout their career, with some highlighted in this report.

Some of the headline stats featured in the report:

• 31% of respondents said they would not be able to cope financially with a change in circumstances such as relationship breakdown, unemployment, or job loss.
• Over half of respondents from the Prison & Probation Service would not be able to cope financially with a change in circumstances such as relationship breakdown, unemployment, or job loss.
• When asked which factor causes the most stress, 53% of Military respondents ranked “Money” as having the biggest impact.
• 35% of Prison and 29% of Police respondents admitted that financial worries had impacted their mental health.
• 91% of  members say that the credit union have helped to improve their financial resilience.

Business Development Manager at Serve and Protect, Rob Lovesey said: “At Serve and Protect Credit Union, we are committed to improving the financial resilience of those who serve and protect our nation. To further support organisations in the markets we serve, we have developed a financial resilience programme to help support your colleagues cope financially and prepare them for the financial challenges they may face throughout their career.”