11 Aug Why NHS Credit Union Members Should Start Saving Now
Rising inflation and the resulting cost-of-living crisis has led to many people wondering how they can best prepare for the impact on their daily lives.
Within the NHS in Scotland and England, much hope is being banked on inflation-busting pay rises to prevent unnecessary strain on healthcare workers, who are already stretched thin following a challenging couple of years.
While the pay increase is still being negotiated, the NHS Credit Union has been engaging with our members to determine how we can best support their financial health in both the short and long term.
In this blog we explore what the proposed NHS pay rise means for NHS Credit Union members and how we can help you save money to prepare for whatever challenges are on the horizon.
The Value of Saving
The ongoing cost-of-living crisis in the UK has seen food, fuel, and energy prices grow to their highest levels in decades.
At the NHS Credit Union, we hope the long-overdue and deserved pay rise can bring NHS staff salaries above inflation rates to help them alleviate the stress of the current crisis.
However, another outcome of the proposed pay increase would be the opportunity for NHS Credit Union members to put money into their savings, even if they have not been able to do this before.
Recent research has revealed that 41% of Brits are living without enough savings to survive a month without regular income.
More concerning is the fact that 40% of working age people (16-64 years old) have less than £100 in savings and those aged 22–29 are the least likely to save, with 53% having no savings at all.
These figures reflect the pressure under which our members are living and brings into focus the importance of developing a habit of saving money whenever possible.
While additional monthly income from the NHS pay rise will be necessary to meet increasing expenses, a small monthly contribution into savings will help your finances in the long term.
As little as £5 a week can make a big difference and quickly grow into a pot of money for annual expenses such as memberships and season tickets, large household bills, special occasions, or a fallback for any emergency expenses such as repairs or contractor work.
No matter what you are planning to save for, the important thing is to save regularly.
For NHS staff and their families, this is made much easier thanks to the NHS Credit Union.
Save Today with the NHS Credit Union
The NHS Credit Union provides a range of savings accounts and loan products to help members and their families reach financial stability and save for whatever the future may hold.
Our goal is to encourage good savings habits and provide accounts that are easy to access and manage.
Membership is open to anyone who currently or has previously worked for the NHS in Scotland and the North of England and their families. Check our full eligibility criteria here.
The benefits* of our savings accounts include:
- Easy setup.
- Deposits can be made by salary contribution or direct debit.
- All funds are protected by the FSCS scheme.
- Available to family members.
- Potential annual dividend on savings.
- Savings can be pledged as security against loans.
- Free Life Savings and Loan Protection scheme.
*Terms and conditions apply
One important aspect of membership with our credit union is being able to borrow while you save, as taking out a loan with us does not affect your eligibility or ability to have a savings account.
In fact, when you take out a loan, we will always encourage you to save at the same time so that your money is working in your best interest.
From as little as £10 month, you can save for your future while also making repayments.
The Power of a Credit Union
At the NHS Credit Union, we fully embrace the ‘Power of Us’, encouraging members of our cooperative to save together and make the most of our NHS family and community support.
We always want you as a member to feel reassured and confident that your money is working in your best interest, and our loan products and savings accounts can assist with expenses both large and small.
However, if you find money worries are keeping you up at night, please get in touch and we can discuss products such as our debt consolidation loan that are designed especially for those seeking a manageable, fair solution to get their finances back on track.
Watch the interview below to hear how our solutions helped one member in particular to relieve their worries and get their finances under control.
Further benefits of joining the NHS Credit Union include:
- We are officially owned by the NHS and are a staff benefit
- Access to Children and Young Person Savings Account for young relatives
- Access to personal loans with low interest rates
- Helpful resources to help you make the right decisions
- Membership for life
For a full list of benefits, read more on our site about the advantages of becoming a member.
If you’re interested in setting up a Savings Account, or want to find out more about how to become a member of the NHS Credit Union, then please don’t hesitate to get in touch.
Your NHS. Your credit union. Your money.