Credit Unions back people
The ‘People, Not Profit’ credit unions campaign has been launched by Aileen Campbell, Cabinet Secretary for Communities and Local Government.
The campaign has been launched after a new survey revealed that one in five people in Scotland have not heard of a credit union.
The launch was held at the Capital credit union in Edinburgh during Talk Money Scotland Week.
Currently, around 400,000 people across Scotland are part of a credit union; approximately seven per cent of the population.
The campaign seeks to support the growth of the sector by raising awareness of credit unions and the services they offer to a wider and more diverse audience.
A recent survey 1 revealed that one in five (20 per cent) people in Scotland had not heard of credit unions, and only two fifths (39 per cent) questioned thought they would be eligible to be a member of a credit union.
The survey also found that one in four people (28 per cent) wrongly believe that credit unions make profits for shareholders, just like banks.
The campaign will highlight that credit unions are not-for-profit organisations providing loans and savings, and that most people living in Scotland would be eligible to join at least one credit union based on where they work or where they live.
A new website www.CreditUnions. scot has been launched to help people find out which credit union they could be a member of.
Aileen Campbell, Cabinet Secretary for Communities and Local Government commented: “In helping build a fairer Scotland, we want to protect people from getting into unmanageable debt and falling into the hands of predatory, high cost lenders.
“A key part of this is making sure that people are aware of the financial services and fair alternatives available, including credit union membership.
“Our new campaign will highlight the benefits of joining a credit union and I would encourage everyone to visit the new website to find out more.”
Visit www.CreditUnions.scot to find out more.
Offering support Aileen Campbell, left, Cabinet Secretary for Communities and Local Government, backs the People, Not Profit campaign