Backing for payroll savings scheme
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