Transform financial well‑being your workplace

Employee benefits with ethics from London Mutual Credit Union

 

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An employee benefit making it easy for colleagues to build savings as they earn, at zero cost to you.

Low financial literacy and high living costs mean that increasing numbers of colleagues are financially stressed—regardless of how much they earn.

As a not-for-profit credit union, we already work with over 25 major local employers to improve the financial well-being of their staff.

Our salary deduction scheme is an employee benefit which enables staff to build their savings and to borrow at low rates which reflect the reduced risk of repayment directly from salary.

The scheme is easy to set up and cost-free to run. If you’d like to know more, we’d love to hear from you.

About us

We work with employers across London to support financial well-being in the workplace by making it easy for their employees to save regularly and to borrow responsibly.

London Mutual was founded by Southwark Council employees in 1982, and now serve over 30,000 members across Lambeth, Southwark, Camden and Westminster. 

As a financial co-operative, we are owned by our members, with all profits reinvested in our services or returned to members.

Covering Southwark, Lambeth, Westminster and Camden

30,086 members and £26.85 million in assets

Founded in 1982 as Southwark Employees Credit Union.

Regulated by the FCA and PRA and deposits guaranteed by the FSCS.

Current partners include

  • Southwark, Lambeth and Camden Councils
  • Ministry of Defence
    (all UK service personnel)
  • Greater London Authority (GLA)
  • Houses of Parliament (IPSA)
  • Guy’s and St Thomas’ NHS Foundation Trust
  • Royal Free London NHS Foundation Trust
  • London Ambulance Service
  • King’s College Hospital
  • Peabody Trust
  • Lambeth College
  • Royal Household (Clarence House)

Why financial wellbeing matters

Economic conditions over the past decade mean that more of us than ever are feeling the financial strain. For employers, the challenge is clear. There is a clear link between financial well-being and employee productivity and retention.

%

of employees 'regularly' lose sleep over money worries.

%

of working age adults with no savings at all.

%

of employees 'somewhat' or 'very' stressed by their financial situation.

%

of younger employees say the cost of living affects their mental health.

How it works

We have over 35 years of experience in working with employers to offer payroll deduction to their staff.

We’re committed to making it straightforward to set up and easy to run, with minimal work or additional costs for your team or payroll provider.

What’s next?

If you are interested in how we can work together, or would like to know more, let’s grab a coffee.

Ben West
Head of Business Development

4 Heaton Rd,
Peckham, SE15 3TH

020 7358 5702

ben.west@creditunion.co.uk

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