Cardiff Bus has been running a payroll savings and loan scheme with Cardiff & Vale Credit Unions for more than 20 years.
A pro-active approach
The social enterprise takes a pro-active role in ensuring that membership of Moneyworks is embedded in the businesses’ culture of supporting financial wellbeing for staff. Its consistent approach means that nearly half of the company’s employees have joined the scheme and are able to save or borrow through payroll.
To ensure that staff are aware of this payroll perk, Cardiff Bus:
- facilitates regular credit union promotional sessions;
- sends out payslip messages to promote the service;
- ensures that leaflets promoting the scheme are available for all workers;
- displays posters in communal spaces.
This focused approach has not only embedded the scheme within the company, staff now recommend the credit union to family and friends which helps the wider community access affordable and ethical savings and loans.
Feedback and results
Cardiff & Vale Credit Union receives regular feedback from Cardiff Bus about the scheme and staff comments show how the payroll perk is helping to take the stress out of their finances:
“Through regular savings… I know that summer holidays and Christmases are sorted and I don’t have to worry about finding the extra money for these things.”
“When my washing machine broke down, Cardiff & Vale Credit Union was able to provide me with a loan to replace it and I had the money in my bank within two days of applying.”