Partnership to help WMCA employees take better control of finances

Citysave Credit Union and West Midlands Combined Authority (WMCA) are celebrating a new partnership which will make it even easier for employees of the Authority to take control of their finances.

Under the partnership, West Midlands Combined Authority Employees will be able to easily join the Credit Union, giving them access to savings accounts and affordable loans.

The WMCA said: “The West Midlands Combined Authority believes that its employees are at the heart of everything we do. That is why we are committed to ensuring all staff have access to a range of wellbeing services including the Citysave payroll scheme.

“We have launched a Thrive at Work scheme under our own wellbeing initiatives and would encourage other employers in the region to follow in our footsteps.”

Research suggests partnerships like these have been proven to improve the financial and mental wellbeing of employees which reduces stress and increases financial resilience, leading to happier and more productive workforces.

In March 2023 Fair4All commissioned research to look at the positive effect payroll deduction can have.

The report stated that Payroll deduction should become a policy priority for business organisations, trade bodies, funders, central and local government and civil society. 

Sean Lynch, Citysave chief executive officer, said: “We are delighted to welcome the West Midlands Combined Authority onto our employee benefit scheme. It is encouraging to see forward thinking employers bringing in our services to help support the financial wellbeing of their staff.

“A key theme in the Money and Pension Services strategy for financial wellbeing is to get 2 million more people saving. We know that our partnerships drive real change in employees' savings habits while at the same time insulating them from financial shock.”

Andy Street, mayor of the West Midlands, said: “I’m pleased to learn of the Citysave scheme - making it easier for employees to save, borrow and build up financial resilience.

“This initiative chimes with the WMCA’s Thrive At Work programme - nurturing the wider employee wellbeing agenda. I expect other employers will be keen to follow suit in the months and years ahead. I wish Citysave all the best in their endeavours.”

The credit union is based in the heart of Birmingham and offers a range of online and mobile banking services to people living or working in Birmingham and Warwickshire.

To find out more about the products and services they offer, head to their website or contact them.