The pandemic has brought into focus a true snapshot of those who have little or no savings. Now is a good time to improve the financial wellbeing of your employees. The Welsh Government is also asking employers to help by working with a credit union to offer work based payroll savings and access to affordable credit. Additionally, employers are being encouraged to help staff improve their financial resilience and wellbeing during desperate times.
Payroll savings schemes are easy to set up. They are free to use and are a great way to build a safety net. These can help people cope better with short-term shocks and reduce worries and anxieties about money.
In Wales, there are 16 credit unions offering payroll savings and other benefits. These can offer a range of affordable and responsible lending products and savings, accessed through their offices and online.
If you would like to sign up to offer worked based savings, then please contact your local credit union using this link: Payroll Partners – Credit Unions of Wales or email enquiries@creditunionsofwales.co.uk.
Credit Unions of Wales also has more than 140 payroll partners across the country. These include large and small organisations, proving they’re genuinely keen to support social responsibility and their staff’s financial wellbeing too.
By signing on as a payroll partner, employers can help staff better their financial welfare and encourage them to save or borrow in smarter ways.