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3,000 DWP staff join credit unions

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07 Apr 17

More than 3,000 staff at the Department for Work and Pensions (DWP) have joined a credit union since last summer and have borrowed over £1 million.

The DWP launched the new payroll deduction scheme last July in partnership with Commsave Credit Union, Hull & East Yorkshire Credit Union and Voyager Alliance Credit Union.

The scheme has proven an instant success, with more than 3,000 of the Department’s staff already taking advantage of the opportunity to easily save and repay loans direct from their pay.

Credit union membership has proven popular with DWP staff of all ages, and they have saved around £200,000 in their accounts and have so far borrowed over £1 million for which they might otherwise have turned to high cost lenders.

The DWP’s Ian Albert said: “Financial wellbeing has been identified as one of the top 3 wellbeing priorities for DWP staff, and the credit union payroll savings scheme is one of the ways we are supporting colleagues to improve their financial resilience and support their wellbeing.”

DWP staff have a dedicated web page which allows them to explore what credit unions are all about and then click through to their own online joining form. Because DWP office locations have been divided between the three credit unions, when an employee enters their work postcode, they are routed to the credit union which serves their workplace.

Hull & East Yorkshire Credit Union Chief Executive John Smith said: “We are delighted with the inflow of members, savings and loans from the partnership so far and impressed with the DWP’s pro-active approach to promoting the service among their staff family. We’ve also been thrilled to receive many favourable reviews from our DWP members saying how easy it is to join and complimenting us on our welcome pack and speedy response. It all shows that credit unions can deliver great solutions for working people.”

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