Wolverhampton City Credit Union offers emotional support as well as Financial throughout lockdown

Wednesday 17 January 2024

Credit unions have contributed to helping their members’ emotional and mental health, says Wolverhampton City Credit Union (WCCU). In response to the mental impact the global pandemic has made for communities, WCCU asked members to complete a survey to strategize how they can best support members, whether that was with financial help or personal support. Chief Executive,  Rob Shearing said: “Our own survey of members shows how isolated, lonely and stressed people have been feeling over the past few months.

“Though we’re a credit union not a mental health organisation, members have poured out their hearts to our staff. During an exchange to check a balance or apply for a loan, members have welcomed the opportunity to talk to staff. In a number of cases, credit union staff might have been the only people they talked to from one day to the next.

“Members have talked to staff about feeling suicidal about losing their job, experiencing domestic violence and homelessness. For some, the Covid-19 crisis has been catastrophic.

The credit union asked members how the crisis had affected them. Over half of those who responded to the survey conducted in June said they felt ‘worried about family and friends’ while over a quarter felt ‘very lonely and isolated’.

Over 41% said they were worried about money and how they will pay their bills though nearly 30% said they were coping better than they thought they would.

Commenting on their next approach, Rob added: “Though our staff weren’t on the frontline of key services during lockdown, they nonetheless contributed to people’s wellbeing.  And that is due in part to how people perceive credit unions – as friendly and accessible.

“We’re now keen to work with organisations in Wolverhampton and South Staffs who can help members who are still struggling and make sure we signpost them to the right support.”

In the survey, nearly 70% said they were very satisfied by services from the credit union, Operations manager Tameka Spencer said: “It’s been the toughest time in our history with credit union staff put under enormous pressure. But they really rose to the challenge and despite very difficult circumstances, did their very best to maintain services.

“We’re determined to learn from the survey how we can improve services and we’ve already started to introduce improvements. But it’s good to know that the majority of our members appreciate what we do.”

During this time, the credit union has recruited 121 new members, answered over 5,000 emails and helped local workers save over £222,867 directly from their salaries.