Financial services giant Legal & General is to offer its Birmingham staff a simple payroll deduction savings scheme with Citysave Credit Union.
The new partnership with Citysave, which has provided save-as-you-earn support in Birmingham for nearly 30 years, recognises the strong link between financial stability and employee wellbeing, a theme supported by the Chartered Institute of Payroll Professionals.
Graham Precey, head of corporate social responsibility at Legal & General, said: “We’re pleased to welcome Citysave Credit Union to Legal & General employees in Birmingham to save or borrow money through payroll, as part of our employee wellbeing programme.
“We recognise that despite us being a living wage employer for a number of years, the ups and downs of family finance exist within our own workforce, and so introducing staff to credit union services are an important part of working here.”
Nigel Bailey, chief executive of Citysave, said: “Citysave has a long tradition of helping public sector employers with responsible saving schemes for their staff.
“This endorsement of our capability by Legal & General, such a prominent Birmingham private sector employer, is something we are very proud of and hope to replicate."
Mr Precey added: “The partnership builds upon L&G colleagues in Hove having access to West Sussex Credit Union which means nearly 3,000 Legal & General employees now have access to these important services. Our London, Kingswood and Cardiff locations will be rolled out in the next few months”
The Citysave initiative with Legal & General, which starts in October, coincides with a report Issued this month by the debt charity StepChange entitles ‘Boosting Lower Income Savings’. This highlights the proven benefits of savings from payroll deduction in helping individuals stabilise their finances through a disciplined approach.