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financial resilience,
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Black Country

TCT helps to launch Black Country Payroll Savings Campaign

We are really pleased to support the payroll savings scheme with our credit unions across Dudley, Sandwell, Walsall and Wolverhampton because our aim is to support people and communities to thrive and flourish.

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I’m Cassius Francis, the Just Finance Development Worker for the Black Country with Transforming Communities Together.

Today we ran an event for employers and employees based in the Black Country to launch the Payroll Savings Campaign.

This brought together businesses and credit unions to build financial resilience.

The partnership involves the England Illegal Money Lending Team, Black Country Chamber of Commerce, and Just Finance Black Country, along with the four local credit unions are working together to promote Payroll Savings.

These credit unions are:

6Towns Credit Union – based in Sandwell

Castle & Crystal Credit Union – based in Dudley

Walsave Credit Union – based in Walsall

Wolverhampton City Credit Union – based in Wolverhampton

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We are really pleased to support the payroll savings scheme with our credit unions across Dudley, Sandwell, Walsall and Wolverhampton because our aim is to support people and communities to thrive and flourish.

Prior to the Coronavirus pandemic, many UK households were not positioned to weather a sudden economic downturn. In 2017, research by the Financial Conduct Authority indicated that 35% of individuals lacked financial resilience and were either ‘surviving’ or ‘in difficulty’. Recent ONS figures suggest around 25% of working households could not cover a 25% reduction in income for three months.

At Transforming Communities Together we want to promote a culture of regular saving – it doesn’t have to be a lot but we know regular saving can make a difference.

In fact, according to the debt advice charity StepChange, “If a family has £1,000 in accessible savings, it reduces their chances of being in debt by 44%”. However, a report by the Money Advice Service indicated that 2 in 5 of the working population actually have less than £100 savings - all four of our Black Country authorities are among top most indebted regions in the UK.

There are lots of aspects of the economy that are out of our control, but if we can promote a culture of regular saving from our earned income it will help us to be better prepared for financial shocks in the future.