Welcoming the publication of the Financial Inclusion Strategy, Andrew Gall, Head of Savings & Economics at the BSA said:

“Financial inclusion is core to the purpose of building societies and credit unions. Our recent research with Bristol University shows the benefit of saving even small amounts in terms of wellbeing and resilience against financial shocks. That’s why we’ve led the UK Savings Week campaign for a number of years to bring organisations together to help people to start saving. We welcome the Government’s Strategy endorsement of UK Savings Week as a way to champion a cross-sector approach.

“Credit unions are embedded in workplaces and communities across the country. They are already providing a large number of payroll savings schemes, helping people to save directly through their employer. It’s a model that makes a huge difference to people’s lives. The BSA is therefore proud to support the National Coalition on Payroll Savings to help to build on this expertise to help more people to benefit from saving in their workplace.

“Credit unions will also play a key role in expanding access to affordable credit, particularly to underserved groups. We welcome the Government’s commitment to support the credit union sector, including updates to the common bond and credit union legislation, and the funding from Fair4All Finance to support credit union transformation.

“We also welcome the Government’s decision to make financial education compulsory in primary schools in England, together with the broader package of support for boosting financial capability. Many building societies and credit unions deliver programmes of financial education locally which can support these initiatives."

[Ends]

Contact: pressoffice@bsa.org.uk

Note: Bristol research 1 and 2:

https://www.bristol.ac.uk/geography/research/pfrc/themes/capability-behaviours-wellbeing/savings-wellbeing/

https://www.bristol.ac.uk/geography/research/pfrc/themes/capability-behaviours-wellbeing/savings-longer-term-security/

Notes to Editors:

The Building Societies Association (BSA) represents all 42 UK building societies, including both mutual-owned banks, as well as 7 of the largest credit unions. Building societies and mutual-owned banks have total assets of almost £650 billion. They hold residential mortgages of over 485 billion, 29% of the total outstanding in the UK. They also hold over £485 billion of retail deposits, accounting for 23% of all such deposits in the UK. Building societies and mutual-owned banks account for 47% of all cash ISA balances.

With all of their headquarters outside London, building societies employ around 52,300 full and part-time staff. In addition to digital services, they operate through approximately 1,300 branches, holding a 30% share of branches across the UK.