Manchester Credit Union introduces BEESMART
Manchester Credit Union (MCU) has recently become a Principal Partner of GMPA and we look forward to supporting them and the fantastic work they do in Greater Manchester to tackle the root causes of poverty. We believe everyone is entitled to a secure job which pays enough to live on, without constantly struggling to make ends meet.
As a business that shares similar values as GMPA, we would like to share some information about what we do and in particular, tell you about a free benefit that local employers can offer to their staff to improve their financial wellbeing.
MCU, a financial co-operative, started life in 1991 in Beswick as part of the council’s anti-poverty strategy, and we recently celebrated our 30th anniversary of providing savings and affordable loans to people who live and work in Manchester, Bury, Rochdale, Tameside, Trafford, Stockport and the High Peak. We have grown our membership to over 32,000 and so far this year have opened 1200 saving accounts and provided over 11,000 affordable loans to people in the local community who might struggle to access a small loan elsewhere without paying extortionate rates of interest.
Over the last 12 months, we have helped hundreds of members who have been affected by the pandemic by offering payment holidays, reducing payments on loans and most importantly, keeping in touch with members so they know we are there for them to help them through this difficult time. Members who need to borrow from us are encouraged to save a small amount each week whilst they are repaying their loan, which helps them become more financially resilient for the future.
There can be no doubt that financial worries are one of the main causes of stress and it is becoming increasingly evident that this can translate into how an individual performs at work. The impact of poor financial health can lead to a lack of productivity and absence from work. So how can responsible employers who care for their staff help them to build financial resilience?
Recent research by the Chartered Institute of Payroll Professionals (CIPP) has found that 55% of employees would like a savings and borrowings solution provided by their employer. Sadly, many businesses do not offer such a solution but we can help as we provide a payroll service for local businesses called BEESMART.
This is a free benefit with no risk to employers. Staff are encouraged to save regularly by having a sum of money deducted from their payroll. We will place the funds into a savings account on their behalf and also provide free life savings insurance on those savings. Saving directly through your pay is proven to make it easier to save regularly and having something put by for a rainy day can reduce financial stress which will in turn have a positive impact on the wellbeing of employees.
Staff will soon see their savings grow and have the comfort of knowing that their savings are covered by the Financial Services Compensation Scheme. An additional benefit is that once employees are saving, we can then provide affordable loans which can often be more competitive than High Street Banks and payday or doorstep lenders.
BEESMART is a simple, safe and flexible scheme which will help people get back into a savings habit and there is no cost to an employer to set it up. We would encourage any local employer to contact us so we can help you support your staff.
We are on a mission to help our local community through the services we offer, and make people better off.
For further information on the services offered by Manchester Credit Union, please visit our website
If you are an employer in the Greater Manchester area and are interested in the BEESMART payroll service, please visit this webpage or email for further information on how to set it up free of charge.