WVSC has become the latest Wolverhampton employer to promote financial wellbeing at work with the city’s community bank.
Thanks to a partnership with Wolverhampton City Credit Union, employees of Wolverhampton Voluntary Sector Council (WVSC) will now be able to save regularly directly from their salary. They will also have access to ethical, affordable loans which they can also repay directly from their salary.
WVSC’s deputy chief executive Saffi Price said the partnership with the credit union would benefit both employees and the wider community.
She said: “There is a direct link between people’s mental health and wellbeing and financial wellbeing. Money worries can be at the root of stress, anxiety and depression. Not having enough saved for an emergency can expose people to high interest lenders, even loan sharks.
“Saving directly from your salary has been shown to be one of the most effective ways for people to grow a rainy-day fund. When people have a little put aside, they worry less.
“There are benefits too for the wider community. People who save with the credit union provide funds for other members to borrow affordably – and steer clear of high interest lenders. At a time when people are under even greater financial pressure, saving with the credit union is an act of civic kindness, mutual support and resilience.”
The credit union’s chief executive Rob Shearing said: “We’re really delighted to welcome WVSC to our savings at work scheme. The organisation has been so critical in supporting the resilience of voluntary and community organisations during the pandemic. We’re proud to work with an organisation that makes such a positive contribution to the city.”
Rob added that setting up the scheme was quick and easy to do and virtually cost-free to employers.
WVSC is the latest Black Country employer to support a region-wide campaign to encourage saving at work which is spearheaded by the Black Country Chamber of Commerce, the England Illegal Money Lending Team, Just Finance Black Country and four local credit unions – Wolverhampton City Credit Union, Walsave, Castle and Crystal and 6 Towns).
Wolverhampton City Credit Union currently has payroll partnerships with the following employers:
- Accord Group
- Black Country Chamber of Commerce
- Bushbury Hill EMB
- City of Wolverhampton Council
- FBC Manby Bowdler
- Gazebo Theatre
- Heath Park (through Central Learning Partnership Trust)
- Highfields Academy (through Services 4 Schools)
- Housing Plus Group
- Moseley Park (through Central Learning Partnership Trust)
- Northwood Park (through Services 4 Schools)
- Radleigh Metal Coatings
- Royal Wolverhampton NHS Trust
- South Staffordshire District Council
- St Stephens (through Strictly Education)
- The Way Youth Zone
- Wolverhampton Homes
- Woodlands Quaker Home
Wolverhampton City Credit Union is a not for profit community bank owned and run by its members – people who live or work in a WV postcode area. People who save with the credit union provide funds for other members to borrow affordably. They also receive a return on their savings in the form of an annual dividend. We’re authorised by the Prudential Regulation Authority and authorised and regulated by the Prudential Regulation Authority and the Financial Conduct Authority who regulate all the banks and building societies. We’re also a member of the Financial Services Compensation Scheme (FSCS) which pays compensation of up to £85,000 to consumers if a financial services firm is unable, or likely to be unable, to pay claims against it. We also hold a Consumer Credit Licence that is registered with the Financial Conduct Authority.