Scottish Government backs call for workplace savings

ABCUL Scotland logo ABCUL – the Association of British Credit Unions Limited – has welcomed the Scottish Government’s backing in its campaign to make access to credit union savings and loans a standard workplace benefit.

A new report – “Scotland’s Credit Unions: Investing in our Future” – published on 10 February outlines the Scottish Government’s support for making payroll deduction partnerships between employers and credit unions as popular in Scotland as it is in other countries like the United States.

ABCUL Chief Executive Mark Lyonette said: “It’s no coincidence that the world’s most successful credit union movements have close links with employers, making saving and repaying affordable loans really easy for people via payroll deduction.

“We’re delighted that the Scottish Government has responded to our call to make access to credit unions a standard workplace benefit, and we look forward to Scotland becoming a Credit Union Nation where employees, businesses and the wider economy all benefit from a more financially healthy population.”

The First Minister of Scotland Rt Hon Nicola Sturgeon MSP has written a letter to employers highlighting the benefits of working with credit unions.

Nicola Sturgeon writes: “The Scottish Government recognises the valuable role played by credit unions in building financial health by providing financial services and products to a wide range of customers.

“So I am urging employers across Scotland to get in touch with a credit union to explore establishing a payroll deduction relationship with a view to improving financial health and boosting the productivity of Scotland’s businesses.”

There are over 100 credit unions in Scotland serving 375,000 people who are saving £454 million and borrowing £276 million.

The Scottish Government report can be read here: http://www.gov.scot/Publications/2016/02/4045/0