Moneyworks Wales is a nationwide collaboration of 10 credit unions working with 150 employers to improve savings levels and access to affordable credit for workers.
Claire Savage, project manager at Wales Credit Unions speaks with Business News Wales about Moneyworks Wales and its aim to strengthen the financial well-being of Welsh workers.
Regarding the initiative, Claire said:
“Moneyworks Wales aims to help staff better manage their money. This is an ethical payroll benefit that allows staff to build a savings bank, budget better, or access affordable loans straight from their paycheck at no cost to the employer.
“Wales Credit Unions working together to improve financial well-being and resilience in the community, but the pandemic has really highlighted the need to have this support at work.
“With the support of the Welsh government, Wales TUC and 150 employers, we have brought together interactive savings, credit and budgeting tools under one banner and in one place to make it easier to get started with financial wellbeing in the world. job.
“By partnering with Moneyworks Wales, employers can enhance the financial well-being of their staff, which in turn can have a positive impact on productivity and the program benefits the entire community.
But why is now such a key time to launch this initiative? Claire says:
“The pandemic has taught us the importance of being financially resilient. We also know that the pandemic is not yet over and that part of the financial assistance that companies have received is ending. There is still uncertainty as to which route to take, and many responsible companies are really starting to think about supporting the financial well-being of staff. “
Meanwhile, Jane Hutt, Minister for Social Justice in 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 point in our lives and the Moneyworks Wales The payroll product will provide employees with the help they need to grow their money and become more financially resilient, while slowly creating a savings cushion. I strongly encourage employers to work with their local credit union to better support their staff financially, and beyond. “
The new program can provide loans ranging from £ 100 to £ 15,000. Savings of up to £ 85,000 are protected by the Financial Services Compensation Scheme
Moneyworks Wales is designed to make saving and borrowing easier and fairer for everyone. The 10 credit unions are dedicated to improving the financial well-being of everyone and we certainly think they will do just that …