Supporting SS Great Britain Trust’s ambitions as an inclusive and Living Wage Foundation employer
Brunel’s SS Great Britain, Bristol’s flagship tourist attraction, has joined Great Western Credit Union's (GWCU) MONEY@WORK employer partnership scheme to build financial resilience across their team. After signing a contract in December 2021, workers now have access to affordable loans and savings directly from their monthly payroll, reducing stress and allowing them to enjoy more of life. The MONEY@WORK scheme currently serves over 35,000 people and 30 businesses across South West England, including Airbus, Bristol City Council, Dorset Council, Centre for Sustainable Energy and Sunseeker.
The historic ship and museum receive around 200,000 visitors each year. The organisation has over 80 paid employees and 250 volunteers and this move supports SS Great Britain Trust’s ambitions as an inclusive and Living Wage Foundation employer by offering financial support to all staff. The partnership also showcases GWCU’s move into the travel and tourism sector, a sector that the growing credit union has identified as one where employees can more often struggle to access mainstream services, whilst also employing higher numbers of people who report lower levels of financial wellbeing. A recent report by Aviva, ‘Evolving in the age of ambiguity’, discovered that 43% of people do not feel financially on track to live the life they want to in the future. The study also showed that employees believe that there should be better workplace financial education due to rising inflation.
Angela Spreadbury, Director of Finance & Resources at SS Great Britain Trust said:
We wanted to provide the services of Great Western Credit Union to help support all staff and volunteers with their financial wellbeing. It is easy to set up and we are confident that everyone who takes up any of the services available will be looked after by Great Western Credit Union throughout the whole process.
Repayments and savings are automatically withdrawn from employees’ monthly salaries, allowing them to develop good money habits. Employees can take advantage of Loans@Work, making borrowing simpler and more affordable, and the newly launched Flex@Work, providing credit as and when members need it. Any profit Great Western Credit Union makes is reinvested into their services, shared between their members as dividends or used to support relevant community initiatives and local projects.
James Berry, CEO of Great Western Credit Union, said:
Improving employee financial wellbeing has undoubtedly increased in importance during the pandemic and the subsequent rise in the cost of living. The MONEY@WORK scheme can help safeguard employees’ finances, leading to improved productivity and reduced stress in the workplace. Ultimately, it’s a win-win for all and by signing up, businesses can show that they are doing right by their employees.
Before 28th February 2022, members of the MONEY@WORK scheme who apply for loans of £4,000 or more could qualify for an extra 2% reduction on APR, helping employees to achieve their short-term financial goals. Members can find out more by heading to their account and selecting ‘Loans@Work’.