Helping people from Durham to create their own financial safety net.
More than half of the population have less than £100 in savings, and would struggle if they lost their job or faced unexpected expenses. Our research has found that over 70 per cent of working families in County Durham are worried about their finances with many becoming reliant on high cost, long and short-term credit. Estimates have suggested that this could be costing our local economy as much as £50 million every year!
The Durham Savers project is part of our wider strategy aimed at tackling poverty and changing the debt culture into a savings culture.
How can your business get involved?
NEFirst Credit Union, our credit union partner, have developed systems that make it easy for businesses to setup and offer their employees a simple method of saving directly from their pay. They take care of membership recruitment and all of the administration. It's good for staff because research shows that being more in control of our finances, leads to less sickness due to stress, more motivated staff and better health generally.
Email firstname.lastname@example.org to find out more and arrange for someone to visit your business and show you how you and your staff could benefit from Durham Savers.
Who else can get involved?
We're setting up Durham Savers schemes in schools across the county, contact your school to find out if they're on board. Community groups can also get involved, contact us to find out more.
Anyone can join their local credit union. Find out more on our Credit unions, financial help and debt advice page.
The Credit Union is a 'not for profit social enterprise' regulated by the Financial Conduct Authority, it has been around for decades but has been very under used. Credit Unions in the UK have membership of only 3% of the population, but in other countries, it is much higher, as much as 85%. They provide a guarantee on all savings under the Financial Services Compensation Scheme, so they are a safe place to save.