Birmingham businesses unite to launch 'City of Savers' pledge, tackling financial exclusion
In a powerful display of corporate commitment to community well-being, major Birmingham based businesses have joined forces with Citysave Credit Union to make Birmingham a City of Savers.
This employer-led initiative aims to build a more financially resilient city by tackling the cycle of living payday to payday.
The partnership leverages the proven power of payroll deductions, which makes saving simple and automatic for employees.
Citysave membership allows individuals to save directly from their pay, building a financial safety net effortlessly.
Members also gain access to fair and ethical loans, providing a vital alternative to high-cost credit providers when they need a helping hand.
The initiative comes as new data highlights a complex challenge. High employment in Birmingham does not always translate into financial security.
Average earnings of full time workers in Birmingham is £33,952 per year, below the UK average of £37,430.
Many entry-level and graduate roles start closer to £25,000, while average house prices sit at more than seven times average earnings.
In areas like Birmingham Northfield, where employment rates are among the highest in the city, average annual gross pay still falls around £31,280, illustrating how strong employment can sit alongside ongoing deprivation and financial strain.
Employers across Birmingham are encouraged to sign the pledge and join the movement to make the city a true City of Savers.
The City of Savers pledge provides a powerful and practical solution to this issue. At a launch held last week, three key employers, Birmingham City Council, West Midlands Combined Authority and England Illegal Money Lending Team - BCC Trading Standards, formally signed the pledge.
Sean Lynch (pictured), CEO of Citysave said: "This is more than a pledge; it's a movement.
"We believe everyone in our city deserves the chance to build a secure financial future, regardless of their income or background.
“By working directly with employers, we are removing the friction from saving and making it a natural part of working life."
Richard Parker, mayor of the West Midlands, said: “City of Savers is the grassroots movement we need.
“It's a simple, smart way to tackle in-work poverty by helping working people save money and feel more secure.
“This is about creating a more productive and resilient workforce and building a stronger, more stable economy for everyone.”
