Merthyr businesses boost employees’ financial wellbeing

Businesses throughout Merthyr Tydfil are showing their commitment to the financial wellbeing of their staff by becoming credit union payroll partners.

Many employers are becoming Payroll Partners of Merthyr Tydfil Borough Credit Union and helping their workforce save and borrow responsibly, while also benefitting the local community.

Each new business receives a Payroll Partner Accreditation mark which demonstrates their commitment to giving staff access to savings and affordable credit as a perk of their employment.

Delyth Shearing, Manager of Merthyr Tydfil Borough Credit Union said: “We offer people a great way to save and borrow responsibly and to keep in control of their finances.

“Financial stress was estimated to cost the UK economy 18 million working hours a year and by helping the workforce become more financially responsible and in turn more productive and less likely to fall absent from work.”

The Credit Unions of Wales Payroll Partner scheme sees employers work with their local credit union to offer the ability to save, or repay a loan, direct from their salary.

In turn, as credit unions are essentially not-for-profit community banks, the money saved benefits the local community and economy.

The Patron of Credit Unions of Wales, actor Michael Sheen said: “It’s important that we ensure everyone has access to fair and affordable finance.

“High-cost credit providers target those who can least afford it but need it the most. Credit unions offer a fairer alternative and together we can help more people to use their local provider

“Imagine a Wales where all employers offer this to their staff in recognition that caring for employees’ financial wellbeing makes good business sense.”