IGP's Financing Prosperity Network helps establish a Credit Union money saving scheme at UCL
1 November 2021
The Institute for Global Prosperity’s Financing Prosperity Network (FPN) has collaborated with UCL Human Resources and London Capital Credit Union to establish a salary saving scheme at UCL.
All UCL staff will be able to join the credit union and designate a portion of their salary to be deducted and transferred directly to their own savings account. This will allow staff to save money, access affordable loans and support the credit union in its broader mission to provide more ethical forms of credit.
The credit union is a not-for-profit savings and loans co-operative dedicated to promoting saving rather than borrowing. It also provides low-cost loans at times of need. By reinvesting any surplus within the organization and its members, the credit union helps to build community wealth across London.
The collaboration stemmed from a 2019 Financing Prosperity Network symposium - Financing Prosperity by Dealing with Debts. The event brought together members of the Network, including researchers from various academic disciplines and institutions, representatives from local government, charity and social enterprises, workers cooperatives and artists. One of the many ideas discussed at this event was greater use of credit unions as a more ethical form of finance. LCCU chief executive Martin Groombridge was delighted when Network leads Dr Christopher Harker and Dr Amy Horton subsequently contacted him about creating a formal partnership with UCL. He had first tried to partner with UCL in 2012.
“We need to change finance to better support the diverse ways in which people prosper. This salary savings scheme offers UCL's staff a chance to access and support a more ethical form of credit provision. I know that saving with the scheme will enable the credit union to expand its work with helping low income households escape from debt
Dr Christopher Harker, Associate Professor & Financing Prosperity Network, Institute for Global Prosperity
I’m sure we will be able to make a huge difference to many staff currently struggling with debt and help by encouraging others to save so they do not face problems with cost of borrowing.“
Martin Groombridge, CEO, London Capital Credit Union
UCL employees can join the scheme at https://www.credit-union.coop/join-now/