Great Western Credit Union (GWCU) has released its 2023 Social Impact Report.
The report highlights their ongoing commitment to financial inclusion and positive impact it has had on its 19,088 members and the wider community across South West England. Having welcomed 1,864 new members in 2023, GWCU has seen an increase in the amount of loan members who are in employment, showing that while a majority of their members are financially vulnerable, people within a higher income bracket are also looking for help with their finances.
The report also shows a rise in saver members, including junior saver members, along with a growing number of borrowers becoming savers. As the cost-of-living crisis has led to a greater reliability on savings, this data is indicative of the increasing popularity of, and need for, community finance. With 93% of those surveyed feeling that saving is good for their financial wellbeing, and a majority saying it has helped them better plan for the year ahead, the report shows that people are growing more conscious of savings regardless of their income - and are making a choice to opt for ethical loans that benefit not just themselves and their families, but their communities as a whole.
In 2023, GWCU launched their first ever Bond Offer, including match funding from Fair4All Finance, which closed having exceeded the £800k target with a raise of £1.9m. They also provided 359 loans to 265 people at risk of homelessness, supported 143 members as part of the Vulnerable Person’s Resettlement Scheme, and helped support 121 homes for members from Ukraine. 2023 also saw the launch of GWCU’s Family Saver pilot, with a focus on making saving easier for mothers who research shows often carry outsized responsibility to manage their household’s finances. Within seven months, all pilot members had become active savers, with the Credit Union helping bring financial wellbeing and structure to their families.
The report offers insight into how the savings and loans of GWCU members help people and communities in their everyday lives. While the mothers in the Family Saver pilot program were shown to dip into their savings mainly to purchase school supplies at the beginning of Autumn, a third of borrowers stated they use their loans to pay for day to day expenses like food. The loans were also used to pay for home renovations, furniture and household goods, clothes and shoes for children, birthday presents, and to cover rent, mortgage, existing debt and other bills.
James Berry, CEO of Great Western Credit Union, said:
“We’ve made great strides in helping our members navigate the financial challenges posed by the cost-of-living crisis and inflation, and this report highlights the tangible difference we’re making in people’s lives. In the last 25 years, we have gone from an inner-city credit union with 16 members to becoming the largest credit union in the South West. As we celebrate two and a half decades of serving our communities, the insights from this year’s Social Impact Report reaffirm our dedication to providing ethical, affordable finance to those who need it most, all the while promoting social and economic inclusion. We look forward to continuing this important work in the years to come.”
The Credit Union’s employer partnership scheme, Money@Work, has also continued to grow significantly in scale and impact, having lent over £3.3 million since launching in 2019. The 2023 report found that 100% of Money@Work borrowers would recommend the service to their colleagues.
The report draws on customer data as well as data collected from responses to a survey sent to GWCU’s borrower and saver members, delving into their financial situations and offering valuable insights that allow the Credit Union to better understand who is benefiting from their services. Their research into financial wellbeing also lets them tailor their offerings to meet the evolving needs of their members, and provide help to those who struggle to find support elsewhere. Since its inception 25 years ago, GWCU has helped 30,790 members access affordable loans. The GWCU mission remains focused on supporting individuals at risk of financial exclusion by offering ethical finance solutions that help prevent the cycle of high-cost lending and debt.
To read the full 2023 Social Impact Report and learn more about how GWCU is making a difference, please click here.
