Workforces Across Wales Benefit From Payroll Saving
Workforces across Wales are benefiting from payroll saving schemes with their local credit union through Moneyworks Wales.
Payroll saving is when an employer partners with a credit union to offer their staff saving schemes and affordable loans.
The Moneyworks Wales scheme is straightforward for staff and employers, with a central website making it easy to open an account online.
All employees have to do is agree on a nominal amount of money to be moved from their salary into their savings account before they have a chance to miss or spend it.
Schemes like this are essential at a time when the cost of living continues to rise.
For businesses, there are added benefits as employees who save regularly. Research shows that it makes them more financially stable, they have lower levels of stress, which makes them more productive and motivated – and less likely to fall absent.
When businesses partner with Moneyworks Wales they demonstrate their social responsibility and strengthen employee relationships while also benefitting the community at large.
Smaller companies often do not have the budget to give their staff bonuses or large pay rises, but payroll saving is a simple and free staff benefit that can people to create a more financially secure future.
Being irresponsible with finances at a young age can have a detrimental effect on their lives for many years to come. Not only are they faced with paying back high-interest payday loans but are also creating bad credit which can be damaging.
The idea of putting aside a portion of income to a savings account before paying bills or enjoying any luxuries is central to personal financial stability.
Members also have a say on how their credit union is run and may reap the reward of any profits in the form of an annual dividend.
If you are a director or an employee who feels that your organisation could benefit from joining a payroll savings scheme, head to Moneyworks Wales to find out more.