Carrick, Cumnock & Doon Valley MSP Adam Ingram has joined calls to make Scotland a Credit Union Nation.
Mr Ingram is supporting the Credit Union Charter, which the Association of British Credit Unions Limited (ABCUL) has launched outlining the key ways the Scottish Parliament can help improve the nation’s financial health by supporting credit unions.
Credit unions are financial services providers locally owned and democratically controlled by the people who use them. They do not have any external shareholders or investors looking to generate profits from them.
The Credit Union Charter calls for employers to make saving and repaying loans via payroll deduction a standard workplace benefit for people across Scotland, and for every school in the country to have a credit union champion to help pupils learn about saving and budgeting.
Commenting on the launch Mr Ingram said:
“I’m delighted to support ABCUL’s Credit Union Charter. Encouraging regular saving and responsible borrowing is a key way to build financial health, and credit unions play a vital role across Carrick, Cumnock & Doon Valley in helping people get – and stay – on top of their finances.
“Research has shown that money worries and debt problems can lead to ill health, absence from work and low productivity. So educating young people about money and making it easy for adults to save and borrow with a credit union via their employer can help save public funds and boost the Scottish economy.”
ABCUL Scotland Policy Officer Karen Hurst said:
“It’s no coincidence that the most successful credit union movements around the world have established close links with employers to help people build up savings and access affordable credit when they need to.
“We’re delighted to have the support of Adam Ingram MSP for our campaign to make Scotland a Credit Union Nation – something that would benefit the whole country.”