We have released our latest Financial Resilience Report for 2021. The report aims to highlight the financial difficulties our members face and explores the financial resilience of those who serve and protect the nation.
A mailshot survey was sent to all existing members of Serve and Protect Credit Union, so that we could find out just how financially resilient members of the UK Police, Prison, Military, Fire and Health services are. We also wanted to discover any other financial issues and worries which our members were dealing with in what has been a very demanding time for our core markets.
Below are some of the headline stats featured in the report:
- 38% of respondents said they would not be able to cope financially with a change in circumstances such as relationship breakdown, unemployment, or job loss.
- Over half of respondents from the Prison & Probation Service have less than £500 saved into an instant or easy access account to respond.
- 34% of respondents working in Health & Social Care revealed that the coronavirus pandemic has had a negative impact on their household income.
- One in four of those currently employed by a Police Force admitted that they are worried about their current financial situation.
- 35% of respondents currently employed by the Military feel that the state of their personal finances has an impact on their ability to do their job effectively
At Serve and Protect Credit Union, our mission is to improve the financial resilience of those who serve and protect our nation. This report highlights the financial issues faced by our members at a time of great uncertainty and difficulty, and presents actions they would like to see their employer take to improve their financial resilience.
Please take some time to read through the report and learn more about the difficulties faced by those who are there to protect us all.
