Back­ing for pay­roll sav­ings scheme

Rutherglen Reformer - - News -

In a let­ter of sup­port, Ms Stur­geon said: “Scot­land has the fourth high­est pro­por­tion of credit union mem­ber­ship in Europe, and our credit unions are part of a global move­ment with a proven track record which serves 217 mil­lion peo­ple in 105 coun­tries

“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.”

A credit union is a fi­nan­cial co-op­er­a­tive body, owned and con­trolled by its mem­bers. It seeks to pro­mote thrift by en­cour­ag­ing the habit of sav­ing, of­fers loans at fair and rea­son­able rates of in­ter­est, and of­ten pro­vides other fi­nan­cial ser­vices to its mem­bers.

And 2016 also sees Credit Unions fo­cus on in­creas­ing the num­ber of ju­nior sav­ing ac­counts.

A num­ber of credit unions in Scot­land en­gage with chil­dren and young peo­ple via ju­nior saver schemes.

These seek to em­bed a sav­ings ethos amongst the stu­dents at a young age, by hold­ing reg­u­lar col­lec­tions of chil­dren’s sav­ings in the school. In or­der to re­ally achieve buy in from the pupils, such col­lec­tions should be geared to­wards a clear out­come, for ex­am­ple sav­ing to­wards a school trip or res­i­den­tial ex­pe­ri­ence

La­nark­shire Credit Union’s Savvy Savers project is a real suc­cess story, help­ing over 7000 pri­mary and sec­ondary school pupils save over £650,000.

The credit union op­er­ates Savvy Savers in 74 pri­mary and five sec­ondary schools in South La­nark­shire alone.

In 2013, La­nark­shire Credit Union re­ceived £64,498 from Scot­tish Gov­ern­ment via the Peo­ple and Com­mu­ni­ties Fund. The award en­abled the credit union to em­ploy two full time school project work­ers over a two year pe­riod.

They have been awarded a fur­ther £39,953 for the year 2015/16.

This fund­ing is help­ing lo­cal peo­ple to take a com­mu­nity led ap­proach to tack­ling poverty and in­equal­i­ties on their own terms.

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

Sav­ings plan La­nark­shire Credit Union of­fers sav­ing schemes and ser­vices to the area

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