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Black Country

Black Country Payroll Savings Campaign

Join us and share this event as we launch the Payroll Savings Campaign, bringing together businesses and credit unions to build financial resilience.

Cassius cropped

A blog by Cassius Francis from our Just Finance Black Country team

Strange times

This may seem like a very strange time to talk about payroll savings, but although the effect of the Covid-19 pandemic is unprecedented we are keen to prepare employees for unexpected economic shocks that may arise in the future.

Prior to the 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.

An event for employers and employees based in the Black Country

Join us and share this event as we launch the Payroll Savings Campaign, bringing together businesses and credit unions to build financial resilience.

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A partnership approach

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

We are launching this scheme using Zoom online on Tuesday 15 September 2020, 1:00pm-2:00pm.

We hope you can join us!

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