Businesses invited to help employees save with Stockport Credit Union

Stockport Credit Union are inviting businesses in the borough to help support their employees’ financial wellbeing through their payroll services.

The credit union provides Stockport organisations with a service to encourage employees to save and borrow through their payroll, reducing their need to turn to expensive payday loans and other high-interest lenders.

It’s understandable that employees will be feeling particularly worried right now – not just about what the future holds, but how to manage their day-to-day bills, with nearly a third of people forced to dip into their savings since the pandemic hit.

Stockport Credit Union Chief Executive, Jonathan Moore, explains more in a short video below:

With rising energy and food costs adding to financial pressure further, now, more than ever, it’s vital that businesses have the right resources in place to support their employees, argues the non-profit lender. Financial stress can also have a knock-on effect on workers’ mental and physical health, often leading to reduced productivity at work and absenteeism.

Stockport Council, Stockport Homes, Stepping Hill Hospital and Allied Bakeries are among the major local employers already participating in the credit union payroll deduction scheme. The programme allows employers to support colleagues with an affordable line-of-credit for emergencies, while keeping money invested in the local community, as well as helping them save for the future.

To find out more about signing your company up to the Payroll Deduction Scheme, visit the Stockport Credit Union website.