Cross-Party Group on Credit Unions th 12 May 2022 13:30 – 14:30 Promotion of Credit Union Payroll Services Present MSPs Tess White MSP (Convener) Stuart McMillan MSP (Deputy Convener) Invited guests Andy Airlie – Islay & Jura Credit Union st Ann Robertson MBE – 1 Alliance (Ayrshire) Credit Union Beth Welsh – Tail O’ the Bank Credit Union st Carol McHarg – 1 Alliance (Ayrshire) Credit Union Charles Meehan – Dalmuir Credit Union Chinyere Adeniyi-Alade – Grampian Credit Union Craig Horne – Scottish Parliament David Ross – Glasgow Credit Union John McClay – West Lothian Credit Union Kat Mansi – Discovery Credit Union Lesley Lutomski - Islay & Jura Credit Union st Luke McGilvray – 1 Class Credit Union Rory Gaffney – Capital Credit Union Sofia Dogan – Kingdom Credit Union Thomas McVay – SCVO Credit Union Non-MSP Group Members 1 Bill Hudson – ACE Credit Unions Services Cathy Greig – UK Credit Unions Dawn Vear – UK Credit Unions Frances McCann – National Credit Union Forum / Scotwest Credit Union Nancy MacGillivray – ACE Credit Union Services Natalie McQuade - Association of British Credit Unions Ltd Niamh Evans - Association of British Credit Unions Ltd Robert Kelly - Association of British Credit Unions Ltd Apologies Paul Sweeney MSP Dermot O’Neill – Scottish League of Credit Unions Julie Reddin – Mosshill Credit Union Loraine Corrins – Baillieston Credit Union Lynne Kearney – South Coatbridge Credit Union Stephen Worgan – Stirling Credit Union Theresa McLaughlin – Baillieston Credit Union Overview of Credit Union Payroll Services and the Work and Save Scotland Scheme Frances McCann (NCUF and Scotwest Credit Union) explained the benefits of payroll deduction services and raised the following points. • Credit union payroll savings schemes allow workers to save or borrow money directly from their pay. • Payroll offers benefits for individuals but also employers in supporting their employees in building a savings cushion and easing money worries. • Ongoing economic crisis with the pandemic and now the cost of living crisis, exposed that millions of households have low financial resilience and little in savings. • In 2018, pre-Covid, fifth of the UK adult population never or rarely saved, just over £11m had under £100 saved. • According to the ONS, Scottish households save less - around half of the UK average. • Work and Save Scotland initiative aims to raise awareness of credit union payroll services amongst Scottish employers and workers 2 • The initiative was Supported by the Government’s Scottish Community Lenders Fund Managed by Social Investment Scotland.