UK Savings Week: The Importance of Saving and How Credit Unions Help

Friday 26 January 2024

This week was UK Savings Week, where a campaign in collaboration with the Building Societies Association was launched to raise awareness of the benefits of saving and encourage financial resilience.

Saving is difficult for many, and 26% of working-age adults in the UK have no savings, leaving them vulnerable to unexpected costs and economic turbulence. Furthermore, approximately 11.5 million people in the UK have less than £100 of savings to fall back on in an emergency. This year, UK Savings Week launched the savings challenge and invited the nation to get involved by setting a savings goal, make saving a habit, and reward your achievements.

Credit unions across Britain have been promoting the UK Savings Week challenge as improving the financial wellbeing of members is integral to credit unions’ core business. Saving with a credit union is proven to positively benefit financial health, as research funded by Citi Foundation found that 70% of employees who take advantage of credit union partnerships feel more financially capable and better supported.

The number of individuals in Britain who are credit union members has never been higher, as the latest statistics published by the Bank of England found that over 1.4 million Brits are members of a credit union. Credit unions are supporting more people than ever to kick-start savings habits and boost the financial well-being of families across Britain.

Robert Kelly, ABCUL CEO said: “UK Savings Week is a perfect opportunity to highlight the importance of saving when you can do so. Whether it’s £10 or £100 a month, credit unions provide a place to keep savings safe and build long-term financial resilience.”

To find out more about UK Savings Week, visit the website here, and you can find a recent example of credit union savings schemes transforming individuals’ lives here.