Scottish Government backs workplace savings
10 Feb 16
ABCUL has welcomed the Scottish Government's backing in its campaign to make access to credit union savings and loans a standard workplace benefit.
A new report - Scotland's Credit Unions: Investing in our Future - published on 10 February outlines the Scottish Government's support for making payroll deduction partnerships between employers and credit unions as popular in Scotland as it is in other countries like the United States.
The report is the output from the Scottish Government’s Credit Union Working Group, which was chaired by the Business Minister Fergus Ewing MSP (pictured). Launching the report, Mr Ewing said: “Payroll deduction schemes can help employees to participate in long-term saving, and I would urge those businesses not already associated with a credit union to consider this free employee benefit. It not only helps their employees, but also helps Scottish families to take control of their finances.
“We want to see the credit union sector continue to grow and thrive, and by implementing the recommendations in this report, it is hoped that Scotland will prove to be an enabling environment for credit unions.”
ABCUL Chief Executive Mark Lyonette said: "It's no coincidence that the world's most successful credit union movements have close links with employers, making saving and repaying affordable loans really easy for people via payroll deduction.
"We're delighted that the Scottish Government has responded to our call to make access to credit unions a standard workplace benefit, and we look forward to Scotland becoming a Credit Union Nation where employees, businesses and the wider economy all benefit from a more financially healthy population."
The First Minister of Scotland Rt Hon Nicola Sturgeon MSP has written a letter to employers highlighting the benefits of working with credit unions.
Nicola Sturgeon writes: "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.
"So I am urging employers across Scotland to get in touch with a credit union to explore establishing a payroll deduction relationship with a view to improving financial health and boosting the productivity of Scotland's businesses."
The Scottish Government report can be read here.