● MONEY@WORK welcomes 10 new employer partners since the scheme became a standalone identity.
● BCU’s new video explains the benefits including improved staff wellbeing and reduced financial anxiety.
With financial worries increasing in the workplace, 64% of senior managers say that addressing this issue can boost employee productivity and engagement according to MetLife UK. This has been borne out by the increased uptake of Bristol Credit Union’s (BCU) MONEY@WORK scheme by local employers to provide employees with access to low-cost loans and savings, improving their financial wellbeing. To celebrate this, BCU recently unveiled their new MONEY@WORK video which explains the benefits organisations can receive, including improved productivity, better working relationships and reduced absenteeism.
MONEY@WORK offers an affordable alternative to high-interest lenders to around 45,000 employees across Bristol and Bath as well as providing attractive savings options. Credit union payroll deduction schemes are almost universally popular amongst users, with 96% of employees sharing that they would recommend it to another colleague according to The Financial Inclusion Centre’s ‘Getting Workforces Saving’ report. The video further explains how repayments and savings are made easier as money is automatically withdrawn from the employee’s monthly salary. There are currently around 20 organisations on the MONEY@WORK scheme, including Airbus, Better Food, Bristol City Council and Bath and North East Somerset Council.
In a brand new move, employees of MONEY@WORK partners can now save up to 25% on loans from £100 to £15,000. The loan sale is helping employees to fund their short-term financial goals, including home renovations.
James Berry, CEO of Bristol Credit Union, said: “As the largest credit union in the region, MONEY@WORK prepares employees for life’s unexpected turns by helping them develop better saving habits. This year, we’re looking to increase partners by 50%. We're calling upon local organisations to join the scheme, allowing us to secure the financial resilience for many more thousands of people across South West England.”
Sim Ilyas, Business Development Manager at Bristol Credit Union, said: “Our new MONEY@WORK video explains how businesses and employees can benefit from fair and ethical finance. We can help your teams become financially resilient which in turn boosts morale at work. Not only that, when you choose Bristol Credit Union, your actions benefit local neighbourhoods and communities as well.”
Better Food’s, HR Manager, Daisy Roach commented: “As a Bristol-based ethical retailer, the new partnership completely aligns with our values, helping our employees to save and borrow in a better way. This alternative finance scheme will make a positive social impact, helping to build financial resilience, not only for our employees, but for the wider local economy too.”
BCU aims to triple its membership over the next five years. The credit union supports thousands of people across the South West region with fair finance for loans and savings. It operates across Dorset, Wiltshire, Somerset and Gloucestershire, as well as the Bristol and Bath area. Currently, BCU has 16,000 members and £7 million in deposits. Find out more about MONEY@WORK and watch the video here or below.