The importance of saving

Research conducted earlier this year by finder.com found that 41% of adults in the UK don’t have enough savings to live for a month without income and that 1 in 10 have no savings at all; both of which are very concerning statistics.

At Manchester Credit Union, all of our members have a savings account as our objective is to help them become more financially resilient.

But we know that many people in our local community are not saving – so what is it that is stopping you from setting some financial goals and getting into the discipline of putting money aside each week or month?  The current cost of living crisis will mean that many people don’t have spare funds to set aside but even if you can save £1 per week, your savings will mount up over time.

There are lots of benefits of opening a savings account with us:

• Having savings available reduces stress in the event of an unexpected financial emergency and you need some money at short notice.
• Building up a savings account means you don’t get into a cycle of debt by using credit cards, high-cost lenders or loan sharks to pay for everyday expenses
• If your workplace reduces your hours or you lose your job, it can cushion the blow until you find alternative work
• It gives you peace of mind knowing funds are there when you need them, for example paying for large purchases such as a holiday, new car or a family wedding
• If you are coming up to retirement it can help supplement your pension if necessary and if you want to retire early you can do so as you will have financial independence
• You will receive an annual dividend on your savings which is often better than what you could get at a High Street Bank or Building Society
• Your savings are covered by the Financial Savings Compensation Scheme
• Everyone who opens a savings account with us receives free savings insurance meaning that should you die, your savings will be doubled and transferred to a named beneficiary (terms apply)

Please join us and open a savings account today. You can put money into your account by standing order, bank transfer, a Paypoint, a Post Office or through benefits such as tax credits or child benefit. If you work for one of our BEESMART payroll partners, you can also pay into it directly from your salary.

It’s easy to manage your savings account too. You can access it 24/7 through our App or the members area on our website.

Please visit our website and register to open an account so we can help you achieve your financial goals.