A lack of organisation can be one of the reasons people find themselves in a position where they need to borrow money. Saving can be difficult, especially after bills have been paid, and putting money away for a ‘rainy day’ just isn’t always possible.
But for an employee of a business which has signed up to a payroll deduction savings and loans scheme through a credit union, there are numerous benefits to be had which can help make building up savings that much easier.
The scheme deducts a set amount from an employee’s salary each month, just like tax and national insurance, transferring it into an account which can be accessed when it’s needed. Members can also apply for low-cost, flexible loans through the service.
It doesn’t cost the employer anything, but results in several benefits to the workforce. Encouraging responsible saving can boost staff wellbeing, while helping to improve performance; employees who are pre-occupied by financial worries are less likely to focus on their jobs.
It’s also one way in which businesses can ensure they’re giving back to the community, which is one of the main benefits of borrowing and saving through a credit union such as CLEVR Money.