Employer Partner Resource

Build a financially resilient workforce

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:

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.

SMF, 2016

Close Brothers Financial Wellbeing Index, 2019

Money Advice Service, 2016

Budgeting

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.

Financial terminology

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.

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.

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.

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.