Scotland – A Credit Union Nation

By February 23, 2016 News No Comments

London, February 18th, 2016: A key milestone Credit Union gathering, led by the Scottish government’s Deputy First Minister, John Swinney, MSP, and sponsored by CUNA Mutual, the Credit Union’s protection partner, concluded that the expansion of employer payroll deduction programs and attracting, educating and enabling Gen Z’s were the two key findings to it’s the government’s Working Group on Credit Unions, hosted in the Scottish Parliament, at the weekend.Credit Union Conference

The Working Group, Chaired by Fergus Ewing, MSP and Minister for Business, Energy and Tourism, led a tour-de-force assembly of  Credit Unions across Scotland at the publication of ‘Scotland’s Credit Unions: Investing in our Future’ in the main assembly chamber of the Scottish parliament.

Nicola Sturgeon, MSP and First Minister of Scotland, added in her address within the report that ‘The Scottish Government recognises the valuable role played by Credit Unions in building financial health by providing financial services and products to a wide range of customers.’

This milestone event, sponsored by CUNA Mutual, the Credit Unions insurance and protection partner, was assembled by John Wilson, MSP, who also convened the Credit Union Working Group for Scotland. Wilson led the delegates through the working group’s key findings .The reports call for the for broadening of employer payroll deduction programs for Credit Union members, a major benefit for both employees and employers, and continued drives from Credit Unions in financial education, particularl[] [/]y with younger protection members – the Gen Z grouping.

Stakeholders from all major groupings of Credit Unions across Scotland attended the event, one of the last major events prior to the Scottish Parliamentary election shortly.

Key speakers included George Hoffheimer from Filene, the Credit Union thinktank, who addressed Credit Unions on key winning strategies adopted by other Credit Union systems globally. Clear from his presentation, Scottish Credit Unions have the key ingredients needed to succeed in an changing financial market, particularly for younger and more socially aware, engaged and demanding consumers.

Credit Unions in Scotland has seen a major revitalisation over recent years. With over 100 Credit Unions in Scotland, it has the fourth highest levels of membership in the Europe, after the Republic of Ireland, Northern Ireland and Poland. Across Scotland almost 6% of the population deal with a Credit Union, and in Glasgow alone almost 25% of the local population are members of a Credit Union.

Paul J Walsh, CEO of CUNA Mutual Europe, who spoke at the conference, added ‘Scottish Credit Unions play a important role in the financial wellbeing of many across Scotland, and with continued public, and government endorsement, they have an even more vital role for the future. Credit Unions are the lifeblood of community and workplace financial support. They have changed the lives and access to finance for tens of thousands in Scotland and they play a vital role for any employer seeking to attract and retain high calibre talent, as part of an employer package of workplace benefits’

Scotland’s Credit Unions: Investing in Our Future is available from www.gov.scot

George Hofheimer speaking at the Credit Union Conference in the Chamber of the Scottish Parliament 12 February 2016 Pic - Andrew Cowan/Scottish Parliament

George Hofheimer speaking at the Credit Union Conference in the Chamber of the Scottish Parliament 12 February 2016 Pic – Andrew Cowan/Scottish Parliament

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