Balancing your money could get easier with a credit union
#HowsYourBalance is a campaign created by SoundPound – the Consortium of Greater Manchester Community Credit Unions.
The campaign challenges people to balance something on their body, take a picture or video, and post it on social media – nominating 3 friends to do the same along with the hashtags ‘#HowsYourBalance’ and ‘#CreditUnionAwareness’.
The challenge aims to have fun whilst raising awareness of credit unions. We want everyone to learn about the positive impact credit unions have in their communities and how they are here to support people through saving and ethical lending.
Credit unions are the finance industry’s best kept secret and our goal is to let as many people know about us as possible!
So, what is a credit union?
Credit unions provide saving accounts, affordable loans and financial support to people within their community. We’re not-for-profit, so we’re not in it for the money – instead, we strive to provide people with financial peace of mind. This is why #HowsYourBalance fits so well with our ethos – balancing your money could be easier with a credit union.
You may have noticed high-cost creditors struggling to stay in business. Well, credit unions are the opposite, standing tall with our affordable rates. We’re here for the long term because we want to invest in local people.
For almost 60 years, UK credit unions have been coaching people to manage their money. Across Greater Manchester, there are over 65,000 credit union members – all from different financial backgrounds. So, whether you’re financially secure or your money is strained, your credit union is inclusive and will go the extra mile for those who need it.
Credit union social impact
A part of credit union life, and why we started How’s Your Balance to create credit union awareness, is supporting local people’s finances through savings and loans.
In 2020, Greater Manchester credit unions saved their borrowers £13m in interest and charges. And 80% of people who borrow from us spend their money locally – driving local economies and encouraging local businesses.
Everyone who borrows from a credit union is encouraged to save with over 70% of members continuing to save regularly after repaying their credit union loan.
Credit Unions have a proven track record of improving financial wellbeing. Hoot Credit Union reported that established members are 3x less likely to worry significantly about money.
A lifeline through the pandemic
The pandemic has altered people’s lives. For some, their bank balance has been hit hard due to reduced pay or redundancies. Credit unions have stood by those experiencing financial hardship, offering a friendly and human approach to provide financial help as well as referring people for additional support.
Others have had time to focus on personal ventures and started something for themselves. Credit unions have backed entrepreneurial opportunities and given them a fresh career path.
Throughout the pandemic, we’ve seen so much change. People have come together for support and positives can be taken. We are determined to continue these positives to build back fairer and give more people in our communities a chance through safe and honest lending, fair rates of interest and dedicated time to listen and understand current circumstances.
Opening an account
Opening an account is simple – just click here to find your credit union.