Building Societies Association
A report published by the BSA reveals the breadth of building societies’ community and their support for local causes with donations of money, staff time and expertise.
The report shows:
- Each society donates, on average, 790 hours of staff time to community activity each year, equivalent to almost £25,000
- Nearly £8 million per year is given by building societies to good causes
- Members frequently have a say in which causes are supported
- Financial education is an area to which building societies are directing a growing share of their efforts
Community activity
It is natural for building societies to support their local communities, as they are owned by and run for people within these communities, as well as drawing many of their employees from the local region. Investing in community activities therefore deepens this relationship and strengthens the association of the building society with its community, improving customer loyalty and staff morale.
Volunteering
Building societies do more than just give money to good causes. One of the main methods that societies contribute to their communities is by staff at all levels giving up their time to offer their effort and skills to others.
One of the main areas where building society employees help out is in local schools. This might be providing mentors or judges for Young Enterprise schemes, participating in the Right to Read scheme, running school savings schemes, giving lessons on financial management or general numeracy, or delivering comprehensive financial education packages in cooperation with teachers.
On average, each society donates more than 790 hours of staff time, equivalent to almost £25,000.
Charitable giving
One of the main distinctions that many societies draw is that the causes must be related to the society’s local area. Activities that societies tend to encourage are those that are aimed at helping disadvantaged or vulnerable groups, as well as small neighbourhood and community groups that might struggle to attract funding from elsewhere. Nearly £8 million per year is given by building societies to good causes.
Financial education
Financial education is an area where many building societies have seen an opportunity to use their expertise to make a real difference to their communities. This can range from running school banks, to fully fledged educational programmes and interactive games.
Commenting on the report, Adrian Coles, BSA Director-General, said:
“Building societies' mutual structure engenders within them a sense of responsibility to their communities which helps to distinguish their charitable activities from those of large publicly quoted companies. Frequently, building society members help to determine which causes are supported, and how support is given.
“By forging links with local communities, societies help good causes in their region, but also benefit themselves by forming a relationship with current and potential members and staff.”
To view the full report follow the link below -
