Businesses in North Lanarkshire are being encouraged to sign up to credit unions as employer partners following an event held at ACS Clothing at Eurocentral. The business breakfast gathering, held in partnership with North Lanarkshire Council, highlighted the issue of in-work poverty and how credit unions can help, as well as the benefits of saving with credit unions through payroll deductions.
The event was attended by local businesses who heard from representatives from The Joseph Rowntree Foundation, the Poverty Alliance and the Scottish League of Credit Unions, as well as some North Lanarkshire businesses that have already signed up to credit unions and about the benefits to their employees.
Lazy Days Foods, one of the UK’s leading manufacturers of free-from food products with 140 employees in Harthill, signed up as a credit union employer partner in 2020. Sally Beattie, joint managing director, highlighted the importance of offering employees the opportunity to save and access services directly from payroll through Scotwest Credit Union.
ACS Clothing Ltd, the EU’s largest Circular Fashion Hub, also signed up as a credit union employer partner last year. One of their employees, a neurodiverse person diagnosed with ADHD, faced challenges in saving money due to executive function issues common in neurodiverse individuals. The credit union facility provided through ACS Clothing’s partnership enabled this employee to save and access low-interest loans easily.
With 19 credit unions operating in North Lanarkshire, employees and employers alike can benefit from the services they offer. Whether it’s saving for the future with competitive interest rates or accessing low-interest loans for unexpected expenses, credit unions can play a crucial role in promoting financial well-being in the community. Businesses are encouraged to explore the potential of partnering with credit unions to support their employees’ financial security.