As an employer, you can play a major role in helping your workforce improve money habits by ensuring financial wellbeing is a focus within the workplace. As an existing Employer Partner with Glasgow Credit Union, this is an area we can help. Improving financial wellbeing is our core objective.
What is financial wellbeing?
The characteristics of a person who is considered to be financially fit and health would be someone who is able to:
Save for the future
Manage existing debts
Manage unexpected costs
Manage a budget effectively
Be free from financial stress and worry
Have the knowledge to make informed financial decisions and understand when and how to seek advice
Why financial wellbeing in the workplace matters
The statistics below, gathered from research on workplace behaviours, highlight why financial wellbeing in the workplace is a major issue. As an existing Employer Partner we can work with you to make financial wellbeing a key focus in the work environment, helping to reduce financial stress which can also lead to improvements in mental health and overall workplace performance.
Close Brothers Financial Wellbeing Index, 2019
Money Advice Service, 2016
How we can help
For over 30 years we have been supporting workforce’s across the city and, as a locally based organisation, we understand the needs of people throughout Glasgow. We are a financial co-operative and as such our members’ wellbeing is our main focus, not driving profit.
Our history, our structure and our product offering uniquely positions us to help you and your workforce on the path to financial wellbeing. We have the perfect combination of tools and resources available to help engage and support your staff, these are further explained below:
Financial workshops to help build an informed workforce
As an existing partner, you can share in the valuable resources, tools and information that Glasgow Credit Union delivers. We are proud to be able to offer free financial education sessions to your workforce on a range of topics including:
Covering the basics of budgeting, this workshop is suitable for everyone and provides some helpful tips and tricks to get a workable budget up and running.
Understanding your credit score
As well as explaining how to improve and maintain your credit rating, this workshop explains how credit rating works and how it can have a an impact on your life.
The pitfalls of debt
This workshop covers the different types of credit available and how shopping around can save you hundreds if not thousands of pounds.
Finance can be confusing at the best of times never mind trying to work out some of the terms used. This workshop aims to explain these terms further and how they relate to certain financial products.
First time buyer workshop
This workshop aims to remove the fear of the unknown by clearly outlining the mortgage process. Our experienced mortgage advisers will explain each stage in more detail and answer any questions.
The benefits of membership
We can visit your workplace at a time that suits or set up a webinar team meeting to outline what makes the credit union different from other financial institutions and the services and benefits available.
Request a free financial session for your workplace today
Our workshops aim to engage, educate and equip attendees with informed content and run for between 45 – 60 minutes. Complete the form at the bottom of the page to arrange a webinar/visit for your workplace.
Financial guidance and advice
We’ve created our Financial Wellbeing Hub which offers practical tips, guides and tools on everything from budgeting to buying your first home.
The Financial Wellbeing Hub also includes some of the best resources on the internet which offer free financial advice and planning. We’ll be updating the hub regularly with relevant tools and articles.
The hub is an ideal resource to signpost employees too as part of a staff communication on financial wellbeing.
Payroll linked employee benefits are powerful
A change in habit is sometimes more important than knowledge when trying to drive change. Our payroll linked savings account make picking up a new savings habits in the workplace much easier. We offer a range of financial services and products that can be used to support all staff and can complement your financial wellbeing approach. Simply being a member provides workers with the following financial options:
Save direct from salary
Staff members simply decide how much to save, then sit back and watch their savings grow each time they are paid. Analysts have estimated that if households build up £1,000 in accessible savings this could reduce their chances of being in debt by 44 percent therefore helping to reduce financial stress (Stepchange, 2018).
Affordable source of finance
As well as the unique ability to save through payroll, we also offer access to affordable finance. We have a range of borrowing options to suit our members’ needs and we even help our members to grow their savings alongside our loan repayments.
Member exclusive mortgages
Our mortgages have helped hundreds of people take their first step onto the property ladder. Having the ability to pay mortgage repayments direct from payroll makes budgeting monthly expenses much easier as the major mortgage commitment has already been accounted for.
Grow membership within your workplace and help financial wellbeing flourish
Contact us today to request a workshop or to find out how we can help you with a plan to further engage with staff and help promote our ethos of good money management in the workplace.
Developing a Financial Wellbeing Strategy
If you need helping developing your own workplace financial wellbeing strategy then check out this helpful four step approach produced by NHS Employers who are part of the NHS confederation.
Please check first that you are eligible to apply:
You are aged 18 or over
You have a UK bank account in your own or joint names
You are a permanent UK resident
You have never been bankrupt or had a Court Decree
To complete your application you will need:
Your current employer's address details
Details of monthly income and outgoings
Bank or building society details (sort code and account number)
To enable us to make a decision on your loan application we will contact Credit Referencing & Fraud Prevention Agencies. This will register a search against your credit record and if your application is successful we will share the information we hold for you with these agencies. Further details are available in our Privacy Notice
It is important that you read the Privacy Notice document above. If there is anything that you do not understand, please contact us.
Please be aware that the longer you take to pay back a loan, the more you will pay back in interest. If you go for a shorter term your monthly repayment might go up, but you'll save in interest and pay back your loan faster.