According to research from the Financial Conduct Authority in January 2023 over half (54%) of UK adults felt more anxious or stressed due to the rising cost of living. This alarming research has also concluded that just over 1 in 10 (11%) UK adults have put off dealing with financial matters (for example, by ignoring warning letters or not opening correspondence) and/or having avoided speaking to their lenders about their finances or debts.
Not only does this report show that people have stopped participating in groups because they can no longer afford to take part it shows that this lack of social interaction is causing more people to feel alone, stressed and anxious about their current situation with little hope that it will change in the future.
Essential expenses like gas, electricity, and water are still on the rise with vulnerable individuals and families forced to make heartbreaking decisions between either heating their homes or putting food on the table with charities like foodbanks and community fridges stepping in to provide food and necessities but how can credit unions and community banks help the crisis?
Credit unions are member-owned not-for-profit cooperatives that help people become more financial resilient and as well as provide financial services for everyone they work in the communities to deter payday loan companies and warn about the dangers of ‘Buy Now Pay Later’ schemes and illegal money lenders.
The other big difference where community banks are able to help ordinary people is by providing a personal service. You’ll always find someone ready to discuss your financial situation and with their saver-loans model of having a saving element attached to each loan helps people get back on their feet.
Community Banks like Wave Community Bank also provide a range of free ‘add-on’ services which includes guides to budgeting, financial wellbeing webinars and tips to help people save money on their bills.
So, if you’re feeling the strain of the current cost of living crisis, don’t suffer in silence. Click the link above to join the Live Webinar but if you can’t wait until September then send us a message. We can help you become financially resilient by facilitating saving, budgeting, debt consolidation, and overall financial management.
If you live or work within East Sussex, Brighton or Hove, Kent or Medway you can join Wave Community Bank.
Find out more about our services by visiting https://wavecb.org.uk/ . If you live or work within another region then you can find your local credit union here: https://www.findyourcreditunion.co.uk/
