Launching today, Talk Money Week celebrates the work thousands of organisations are doing to improve money management across the U K.
What’s coming up?
Every day this week we will be providing money tips for members of all ages:
- Tuesday: Talking to children about money
- Wednesday: Young adults and money
- Thursday: Working with your partner to meet money goals
- Friday: Thinking about money as an older person
We will be send a summary by email on Friday. You can sign up to receive money tips directly into your inbox:
Next week we’ll be showing the benefit our services bring to employees. If you are an employer you can join our payroll deduction scheme.
The financial capability challenge
Unfortunately, levels of financial capability across the UK remain stubbornly low. Millions of people lack the financial resilience to deal with unexpected financial shocks.
Deadline to Breadline is a research project by Legal & General. It calculated the number of days households could survive on their savings if income was lost for example due to redundancy, long-term sickness, critical illness or death.
The average household had enough money to last them 19 days. Tenants in private rented accomodation had enough to keep them going for just 2 days. Social tenants fair worst of all. They could barely get by for 24 hours.
Talk Money Week provides an important opportunity to discuss life events. How collectively, we can support people at risk from uncontrolled levels of debt or suffering from other financial difficulties.
We’ve been helping for three decades
Next year Central Liverpool Credit Union will be 30 years old.
Since 1989 a lot has changed. How we manage our finances and, in many respects, the world, is unrecognisable from 30 years ago. No smartphones, internet, online banking or price comparison websites. Payday lenders didn’t exist. Nor did the Bedroom Tax and Universal Credit.
But some things remain the same.
When we first started, many of our members struggled to manage their finances. Not knowing how to manage a budget or plan for the future.
Many of the children and grandchildren of our first members still struggle. The statistics highlighted below provide some indication of the extent of the problem.
We hope you find this week’s money tips useful. You can sign up even if you are not a member of the Credit Union.