Guest blog: Boldness, creativity and a mutual mindset – the driving force that’s needed right now

Guest blog by Teddy Nyahasha, CEO of OneFamily

Guest blog by Teddy Nyahasha, CEO of OneFamily

I recently spoke at the Building Societies Annual Conference in Liverpool, a city known for the impressive Royal Liver Building.  Liverpool was at the heart of the development of the friendly society – offering a way to pool risk and provide support to their members at a time when there was no such thing as a welfare system.

I was at the conference, as CEO of the friendly society OneFamily, to talk about mutual businesses in our post-pandemic world.

My opener was that things were already tough enough before the pandemic hit. There were massive challenges; the climate crisis, the country’s over-reliance on foodbanks, a greater life expectancy and a lack of social mobility.  Irrespective of Covid, the urgency and importance of these challenges continue, and will do so for many decades to come.

Then Covid hit us, which necessitated putting the country on what has often been described as a “war footing”.  As with the economic consequences of wartime, we’re now seeing inflation rising rapidly.  And higher living costs combined with rapidly devaluing savings are hitting families hard. 

People are hurting.  No-one wants to have to decide between heating and eating or having to skip meals so they can feed their children.  This is a brutal situation, which will only get worse as we head towards the winter months again. 

So how can the mutual sector help to bring about lasting change?

Mutuals were the original crowd-funders – helping members to provide for their futures, irrespective of their financial position.  Today’s version of mutuality still supports its members but also seeks financial inclusion, to enable everyone to have the same opportunities – regardless of their wealth or who they are.  We’re here to serve the underserved, the marginalised and excluded.

For example, at OneFamily we have fought for the rights of children who lack mental capacity to find a way to ensure that they’re able to access their savings without unnecessarily difficult legal barriers being thrown in their way.  We’ve campaigned hard for a change in the law that recognises and puts right the unfairness that they currently face.

We choose to serve everyone, to reach the whole of the market – not just the profitable bits. We’ve undertaken research and focused our innovation on products for those in the mid-lower income bracket and not those with the greatest wealth.  So, it’s possible to enjoy the benefits of investing in the stock-market for just £10 per month and save for the future with a straight-forward climate-friendly product that can be managed without the need of an investment expert.

I think technology is going to be a key tool in financial inclusion, making it easier and less daunting to manage money.  Giving improved access allows people more control over their own financial wellbeing.  Empowerment is right there, simply through a tap on the screen of a smartphone. 

Throughout history mutuals have faced the challenges of their time.  They’ve shown they’re fleet of foot and are unafraid to be bold, to be positive and to think creatively to support their members – whether that’s pooling risk, campaigning for change or embracing technology.  These are the qualities that will be needed if society is to progress forward and secure a stable and lasting recovery for the country following the last few hard years.

Modern mutuality could be just the driving force that this country needs right now.

For more information: Visit www.onefamily.com

You may also be interested in...

BSA Card
  • BSA.IndustryResponse Industry Response
  • Prudential Regulation

BSA responds to CP10/25

The BSA responds to the PRA's consultation CP10/25 on managing climate-related risks

BSA Card
  • BSA.Event Event
  • Prudential Regulation

Risk appetite training for credit unions

With increasing regulatory focus on the safety and soundness of Credit Unions, it is crucial that you understand the regulator’s risk appetite expecta...

BSA Card
  • BSA.Event Event
  • Prudential Regulation

An introduction to treasury management

Due to popular demand, we now offer three tiers of treasury management training for BSA Members, Associates and Non-members. The courses will be repea...

BSA Card
  • BSA.Event Event
  • Mortgages & Housing

Annual meet-up for mortgage professionals

The 2025 Annual Mortgage Meet-up will be taking place in London on Thursday 25th September. Exploring some of the biggest issues shaping the futu...

BSA Card
  • BSA.PressRelease Press Release
  • Savings

Cash ISA Transfer Performance H1 2025

Collectively, the industry can report that 89 per cent of cash ISA transfers were completed within this timeframe between 1 January 2025 and 30 June 2025.

BSA Card
  • BSA.PressRelease Press Release
  • Mortgages & Housing

Generation Stuck: Majority of 25-44 year old renters thought they would own a home by now

New BSA research finds that a huge proportion of would-be first-time buyers have been unable to fulfil their dream of homeownership in the timeframe t...

BSA Card
  • BSA.Newsbite_1 Society Matters
  • Thought leadership

The future is mutual if we want it to be

Featuring many of the brilliant speakers from the Building Societies Conference, with plenty to inspire, challenge, and empower.