25 January 2021
Boost your financial wellbeing through payroll savings
Covid-19 has affected every one of us in some way or another and aside from the health toll it has caused, the financial impact has been far reaching.
The unpredictable nature of the times in which we live has made a savings pot or person-centred finance more important than ever.
With Cambrian Savings and Loans’ payroll partner scheme, you can build up a savings pot or pay off a loan directly from your wages before you have the chance to miss (or spend!) it.
For employers, a payroll partnership with Cambrian helps support the financial welfare of staff and contributes to ensuring ethical and affordable savings and loans for the local community.
It costs organisations nothing to become a payroll partner and in doing so they are protecting their staff, because research shows that when someone is more financially stable, they have lower levels of stress, which makes them more productive and motivated – and less likely to fall absent.
A study by the Chartered Institute of Personnel and Development found that money worries were the biggest source of stress to UK employees.
Over forty organisations are payroll partners with Cambrian Credit Union including local authorities, housing associations, health boards and a whole range of private businesses.
Schemes such as this are essential at a time when household debt continues to rise during such challenging times.
Covid-19 has caused a wide-spread economic crisis but furlough, loss of earnings and unemployment has also reinforced how important it is to become financially resilient for the future.
Even before the Coronavirus, the Money Advice Service estimated that 8.3 million in the UK were over-indebted, and that 22 per cent of UK adults had less than £100 in savings – making them highly vulnerable to a financial shock.
The idea of putting aside a portion of income to a savings account for a special occasion or an unexpected bill is central to personal financial stability – and it’s surprising how quickly it mounts up!
Cambrian Credit Union’s workplace loan scheme allows staff to make repayments fuss-free, direct from their salary. Loans come with no hidden charges and no penalties for early repayment, with interest is charged on the reducing balance.