19 September 2023
Member Financial Wellbeing Survey 2023
Financial Wellbeing Survey Results 2023
In April 2023, we carried out our first survey to gauge how our members were faring in the light of the cost-of living crisis. We are pleased to now publish the results of that survey, and hope that you can take the time to read over them. Some key summary points are:
- 52% of respondents would not be in a position to cope financially with a change in circumstances like the loss of employment or a relationship change.
- Respondents are most concerned about the rising cost of electric, food and household items, fuel and heating.
- In the last year, most respondents have cut their household spending to cope with the rising cost of living.
- 28% of respondents said that money worries have impacted their mental health a lot or a great deal in the last 12 months.
However, we were delighted that the survey highlighted that approx. 60% of respondents saved with the credit union either weekly or monthly, which is part of our key ethos and values.
Some steps we have taken recently to assist our members in the current financial climate:
- Introduced a 0% interest rate Oil Loan so that members can borrow to heat their homes and pay it back without interest.
- Reduced the rate of borrowing within savings to 4.9% (APR 5.02%), to encourage members to keep their savings intact and borrow against the strength of these.
- Promote regularly on social media and in direct email campaigns the importance of talking to us if members are struggling with loan repayments.
- Ask new members to set up a savings direct debit or standing order, to get into the habit of regularly saving small amounts.
- Donated to local charities and food banks that are supporting the most vulnerable in our community.
We would like to take the opportunity to also ask our members to recommend BCCU to your family and friends, as together we can achieve more. BCCU are here to support our local community, through the good times and the bad!