Welsh Government’s vision for credit unions set out by Minister for Communities and Tackling Poverty
The Wales Co-operative Centre runs a number of projects that promote financial inclusion and that provide advice on money management. These projects are a key part of the Centre’s role in developing and implementing solutions to strengthen communities and promote inclusion in Wales. Rhian Hughes, who works on one of these financial inclusion projects, blogs about the recent Welsh Government Credit Union Conference…
Yesterday’s (Thursday 17 July) Welsh Government Credit Union Conference showed the innovative and flexible approach that credit unions have in Wales. Jeff Cuthbert AM, the Minister for Communities and Tackling Poverty, set out the Welsh Government’s vision for credit unions in Wales and that modernising credit unions, so they attract more working middle income earners and work more closely to offer financial products nationally, will help make them fitter for the future.
From offering low cost loans and savings to those who are financially excluded, to offering loans at rates that compete with the high street lenders, credit unions are for everyone and we should all be promoting this around Wales. An example of this is North Wales Credit Union offering a lower rate on loans of £7,500-£15,000 at a very competitive APR compared to the high street.
The Wales Co-operative Centre has a strong history of supporting the credit union movement in Wales, and was pleased to be part of this day. Jo Lovell, Tackling Homelessness through Financial Inclusion (THFI) Project Manager and Rhian Hughes, North Wales Financial Inclusion Champion, delivered a workshop looking at how credit unions can work with the housing sector.
It was also great to hear about the success of the advertising campaign for Credit Unions Wales, which had been funded by Welsh Government. The all Wales branding shows the partnership working between credit unions in Wales.
So, if you’re not yet a member of your local credit union, what are you waiting for! Visit – http://www.findyourcreditunion.co.uk/home to find your nearest one.