South Manchester Credit Union’s Emergency Plan Offers Hope to Local Families with Spiralling Cost-of-Living
Residents across South Manchester are being offered support and advice from their local credit union on how to protect themselves and maximise their income as the cost-of-living continues to soar.
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Friday 26 January 2024
Residents across South Manchester are being offered support and advice from their local credit union on how to protect themselves and maximise their income as the cost-of-living continues to soar.
South Manchester Credit Union has launched a ‘Cost-of-Living Emergency Plan’ which outlines five vital steps for people to take, whatever their income bracket or financial situation, in order to survive the current crisis and work towards long term financial security for themselves and their families.
The Credit Union’s plan, which is outlined below, has been created to help those on lower incomes as well as those with more stable finances.
Sheenagh Young, Chief Executive of South Manchester Credit Union, said: “We are all experiencing a really tough and unpredictable time with everyday costs, such as heating and food bills, rising beyond our income bracket and, as we head rapidly towards the winter, it is becoming a huge source of stress for a lot of people.
“As a credit union, we are a not-for-profit, ethical financial organisation and there is a lot we can do to help people. That is why we have created this ‘Cost-of-Living Emergency Plan’ which is there to provide support to those on lower incomes who have struggled to access credit in the past and may be stuck in a cycle they feel they can’t escape from.
“It also offers support to those on more stable incomes but who are now, due to the cost-of-living crisis, having to tighten their belts and want to make sure they maintain their financial stability through the crisis by simplifying their credit and consolidating any loans they have.”
Credit unions exist to put people first and to help anyone who needs financial support. Credit unions also help people to save for the future and become financially independent.
Sheenagh continued: “Following the Covid pandemic, we saw a huge increase in people wanting to do more to help others in their community and, if we can encourage those people on higher and more stable incomes to use the credit union for their loans, whether it’s for a house, car, wedding or holiday, rather than borrowing from a corporate lender, it will have a huge benefit on their local community and will enable us to help more people who are desperately struggling though this crisis.”
Lisa Smethurst, from Ardwick, is a single parent living on benefits. She says that the credit union is helping her to budget and restore her credit through the cost-of-living crisis; “The credit union has supported me through some very tough times and is now helping me to start saving for the first time. They have been my guardian angels through this cost-of-living crisis.”
Winston Carrington, from Withington, is a retired DJ and stagehand in the music industry. Winston says that the credit union is good for his mental health; “I always feel secure knowing my money is being looked after by the credit union as they only ever do what’s best for me. They have given me complete financial peace of mind.”
Hichem Boualeche, from Burnage, is a cargo agent. The credit union has helped Hichem to focus on simplifying his expenses and repair his credit. He said: “The credit union’s consolidation loan meant I was able combine all of my loan repayments from other providers into one simple loan package. Their helpfulness, professionalism, and positivity have made navigating this cost-of-living crisis much more straightforward.”
Kimberley Hudson, from Burnage, is a working single parent as well as a student at Manchester College. She said: “The credit union has been a lifeline for me. I’ve been able to get two car loans, as well as save up for rainy days. They help you into a better financial position and equip you with the money management skills you need.”
South Manchester Credit Union’s five step ‘Cost-of-Living Emergency Plan’ is:
- Maximise your income
- Simplify your expenses
- Kickstart a savings habit
- Repair your credit profile
- Take good care of your mental health
Sheenagh, concluded: “Following two years of the pandemic, our communities are struggling once again. Many who have never experienced debt or hardship before, are facing a very uncertain winter and we can help. Because of the unique way that credit unions operate, we are able to lend money that people can afford to repay, as well as encouraging them to save for a more secure future.”
Read full details about South Manchester Credit Union’s five step plan here.
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