Call 01670 522779

Payroll Membership with NCB is good for your Financial Wellbeing

How NCB helps support Financial Wellbeing for our Members.

One of the main lessons from the pandemic is that millions of households went into the
economic crisis financially unprepared. It was estimated that, in 2018, 10.7 million adults (21%
of the population) rarely or never save, and 11.5 million (22%) have less than £100 in savings (MaPs Research).

Being a member of the community bank makes workers much more likely to be saving regularly.

  • 51% of NCB payroll members are currently Saving every single month
  • 49% of NCB payroll members are currently Saving & Borrowing at some point
  • 100% of our payroll members have positive Savings Behaviours

Some further information on how Payroll Deduction Schemes is supporting members (MaPs Research February 2021)

  • 70% of payroll scheme members saved every month compared to 52% of employees who are not members of the credit union at all.
  • 69% of low-medium income workers in the payroll savings scheme said they saved every month compared to 44% of colleagues in the same earnings band not in the credit union.
  • For the £25,000-£34,999 band, the reported figures were 75% and 50% respectively.
  • 59% of payroll scheme members had never or rarely saved before joining the scheme however, 89% of new joiners maintained or increased the amount they saved every month.

Here is some of the key Incentives of becoming a Payroll Member with NCB.

  • Payroll savings also encourages persistency in savings Behaviours
  • Payroll membership helps build up a financial cushion
  • Payroll membership provides FREE savings & loan protection
  • Payroll membership gives you access to SAYB affordable loans

To find out more information on Payroll Schemes for Credit Unions, please visit MaPs Research here.

Previous ArticleNext Article