The Scottish Government has given the country’s credit unions a mission to encourage people to save more.
This drive comes as Capital Credit Union expands its operation into the Falkirk area, having recently received approval from the Financial Conduct Authority (FCA) to move beyond its traditional base of Edinburgh, the Lothians and the Borders.
The most recent Scottish Government figures show 24 per cent of the population have no savings at all and a further 16 per cent have less than £1000.
Capital’s CEO Marlene Shiels said: “We will work with other credit unions in the area to help boost the savings rate in Scotland. There seems to be, among other issues, a distrust of the financial services sector over the last few years, but people should bear in mind credit unions offer ethical products and services.
“Credit unions can set up schemes with employers to allow their staff to save direct from payroll. It is a very simple process and encourages good savings habits. Research has shown that companies with such schemes benefit from reduced absence rates and fewer reported cases of financially related stress.”
Email firstname.lastname@example.org for more on the payroll schemes.