April is National Stress Awareness Month
The pandemic has made this National Stress Awareness Month especially important. Financial Stress is one of the most prevalent contributors to mental health problems. It is the worry, fear, and anxiety related to financial difficulties.
Financial stress can stem from numerous issues, from the inability to pay off debts to a lack of income to cover necessities like food and bills. Credit Unions have been helping communities for decades to manage their finances with schemes that seek to help the community.
Stockport Credit Union can help Businesses and Organisations in Stockport by setting up payroll deduction schemes for their employees free of charge.
A report by the Financial Inclusion Centre funded by the Money and Pensions Service presents a worrying statistic that 22% of the population have under £100 in savings.
Among the many benefits, Stockport Credit Union’s payroll deduction scheme can help tackle employees’ overdraft anxiety, help consolidate debts and get people out of the debt cycle. It is vital to consider these issues to tackle employee financial stress effectively.
Payroll Saving
Stockport Credit Union can provide employees with a saving scheme that will automatically deduct a decided amount per month from their salary. Because the money is taken directly from wages, a sustainable and definite saving solution is promoted.
Payroll deduction schemes are not new but are growing in popularity as evidence presents, they help members successfully manage their finances.
The Financial Inclusion Centre’s report found that 52% of non Credit Union members do not save every month. Compared to the 66% of employees that were members who were found to save every month.
Payroll Loan
Stockport Credit Union’s payroll loan scheme can help reduce debt with sustainable lending over a more extended period with favorable interest rates.
The pandemic has shown that many households went into the economic crisis financially unprepared. Payroll deduction loans can help boost income to get people through the month in a difficult time that has caused great deals of stress amongst the public.
The scheme is simple and effective, and the employee can opt to make deposits via payroll deduction by selecting the amount they would like to deduct from their salary.
The payroll loans come with an automatic saving feature that takes a fixed amount per month from the employee’s salary and saves it until the term of the loan. This helps promote sustainable finances, independence, and stability by providing a sum of money when the loan is repaid.
Support Stockport Community as well as your employees
We would love to speak to you to tell you about how we can collaborate and offer our payroll deduction service to your employees at no cost to your organisation. . Contact Clare below for a chat on clare.davis@stockportcu.com.
Clare.davis@stockportcu.com
- Working with your local Credit Union will contribute favorably towards your Corporate Social Responsibility.
- It’s a great thing to do for your staff but it also benefits your local community.
- It’s a free of charge addition to your advertised staff benefits package.
- The potential to reduce employees’ financial stress, absenteeism.
- An opportunity to demonstrates an ethical culture within your organisation.
- Named point of contact (Our Community Engagement Manager Clare above) who will visit premises and add value to staff events i.e. money saving presentations.
- Provides an opportunity for positive publicity through marketing/social media via collaboration with the Credit Union which is recognised for its excellent work that it does for the community.