The scheme will help to build the financial resilience of its workforce
The St Monica Trust has joined Great Western Credit Union’s (GWCU) Money@Work employer partnership scheme to build the financial resilience of its workforce. As part of the scheme, Great Western Credit Union provides affordable loans and savings directly from employees’ payrolls making fairer finance more accessible.
The charity, which operates five retirement communities across Bristol, BANES and North Somerset, chose the credit union as they both want to create a positive impact for the local community, with profits from GWCU being reinvested directly in local people, businesses and projects. The St Monica Trust has more than 1,200 employees dedicated to providing high-quality accommodation and care for older people, including residents funded by social services.
Thousands of people across the region can access Money@Work as their common bond area extends to South Gloucestershire, Bristol, Bath, Dorset, Somerset and Wiltshire. There are now 35 employers and 36,000 people benefiting from the Money@Work scheme, including Airbus, Bristol City Council, Centre for Sustainable Energy, SS Great Britain and Sunseeker International among others. This comes at a time when 83% of workers say that workplace benefits will play a key role in helping them navigate the financial crisis according to HR Zone.
James Berry, CEO of Great Western Credit Union, said:
“In uncertain times, people across the country are finding new ways to become more financially secure and one of the simplest ways to do that is through employee benefit schemes. Over the past two years, we have almost doubled the number of companies on our Money@Work scheme, showing there has been an increased appetite for these services. From Poole to Stroud, we’re hopeful that we can help create better-saving habits and present more affordable services to people, one business at a time.”
The St Monica Trust’s Reward and Engagement Manager, Naomi Stone said:
“We’re very excited to be partnering with Great Western Credit Union to offer an additional area of financial support to our colleagues. Saving or borrowing through payroll makes life easier for our staff and they have the peace of mind that the interest rates are fair. Not only that but Great Western share the same values as us in supporting community initiatives in our local area.”
Last year, GWCU launched Flex@Work alongside employee saving and borrowing services, providing credit as and when members need it. Following a recent upgrade to their digital platform, applications to all services can be completed online making it quicker and easier than ever before.