The Credit Union Movement Supports Talk Money Week 2021

Thursday 25 January 2024

Held from 8 to 12 November, Talk Money Week aims to reduce the stigma around money by encouraging conversations among families, friends, neighbours, customers, colleagues and communities. Talking openly about money can have a huge impact on tackling money worries, and is important for our overall health and relationships. The impact of Covid-19 has made it more important than ever to start conversations about money to look after our financial wellbeing.

Talk Money Week is also an annual opportunity to celebrate the work organisations like credit unions are doing to support the long-term UK Strategy for Financial Wellbeing, launched by the Money and Pensions Service (MaPS) in 2020 with support from stakeholders across the UK, which has ambitious ten-year goals to help everyone make the most of their money and pensions.

The week is designed to increase people’s sense of financial wellbeing by encouraging them to open up about personal finance. ABCUL and its member credit unions across England, Scotland and Wales has been actively promoting via social media as “credit unions have an important role to play in advancing financial capability and inclusion”, says ABCUL CEO, Robert Kelly.

“Credit unions are the primary ethical alternative to high-cost credit in the Britain.  They are currently lending over £1 billion, much of this is in the form of small loans to those otherwise served only by payday and doorstep lenders.

“Credit unions are motivated by providing a sustainable alternative to these lending firms, and provide for short term credit needs and encourage long-term behavioural change to build savings through payroll deduction and Save As You Borrow. Our social mission, our social conscience and our ethical base means that we provide a real daily difference to peoples’ lives in a positive way.”

Caroline Siarkiewicz, Chief Executive at the Money and Pensions Service says: “As we continue to respond to the challenges of the Covid-19 pandemic, financial wellbeing remains key to the UK’s recovery: a financially healthy nation is good for individuals, communities, business, and the economy. Talk Money Week provides a key opportunity for the nation to break the taboo of discussing money and finances. We are pleased to see so many organisations encouraging conversations about money – from pocket money to pensions – to help people across the country make better informed and more positive decisions about their finances.”

For more information on Talk Money Week visit www.maps.org.uk/talk-money-week/