Moneyworks Wales is a national collaboration of 10 credit unions working with 150 employers to improve levels of savings and access to affordable credit for working people.
Claire Savage, Policy Officer at Credit Unions of Wales chats to Business News Wales about Moneyworks Wales and its aim of building the financial wellbeing of Welsh workers.
Regarding the initiative, Claire said:
“Moneyworks Wales aims to help staff manage their money better. It’s an ethical, payroll perk that allows staff to build a savings pot, budget better or access affordable loans direct from their salary, with no cost to the employer.
“Credit Unions of Wales work together to improve financial wellbeing and resilience across the community, but the pandemic has really highlighted the need to have that support at work.
“With the backing of Welsh Government, Wales TUC and 150 employers, we have brought savings, loans and interactive budgeting tools under one banner and in one place to make it easier to start building financial wellbeing at work.
“By partnering with Moneyworks Wales, employers can build the financial wellbeing of their staff, which in turn can have a positive impact on productivity and the scheme benefits the wider community.”
But why is now such a key time for this initiative to be launched? Claire says:
“The pandemic has taught us the importance of being financially resilient. We also know that the pandemic isn’t over yet and some of the financial assistance that businesses have received is ending. There is still uncertainty about the road ahead and many responsible business are really starting to think about supporting the financial wellbeing of staff.”
Meanwhile, Jane Hutt, Minister for Social Justice at the Welsh Government, said:
“The continued development of a strong credit union movement will provide access to fair, responsible and affordable credit for all across Wales.
“Many of us will need support at some time in our lives and the Moneyworks Wales payroll product will offer employees the help needed to make their money work for them and become more financially resilient, whilst slowly building a savings buffer. I strongly encourage employers to work with their local credit union to better support their staff financially, and beyond.”
The new scheme can provide loans ranging from £100 to £15,000. Savings up to £85,000 are protected under the Financial Services Compensation Scheme
Moneyworks Wales is designed to make saving and borrowing easier and fairer for all. The 10 credit unions are devoted to improving financial wellbeing for all and we certainly think that they’ll do just that…
