News / Bristol Credit Union
How organisations are responding to the financial impact of Covid
The Great Western Credit Union has revealed its latest Social Impact Report, revealing how the organisation helped over 16,000 people across the Bristol and Bath area during the pandemic.
As the pandemic proved to be as much of an economic crisis as a health crisis for many, the support from Credit Union was able to reach over 870 people who live in the bottom 20% of areas by levels of deprivation, saving borrowers nearly £690,000 in interest over the year.
A survey has shown that due to the pandemic, just under a third of Credit Union members had their mental health affected – with 15% stating they had been furloughed and 12% have faced unexpected household costs.
At a time of dire need, it was also found that almost 250 people were in danger of being made homeless and were provided with loans to cover deposits and the first month’s rent.
“The wealth divide has been exponentially widened over the past year and people across the UK are beginning to feel the full force of the economic hardships caused by Covid-19,” said James Berry, the chief executive.
“Great Western Credit Union has continued to provide low-cost and ethical solutions to support people most at risk of financial exclusion. We are looking at the year ahead and how we can help even more people across our region to access fair and ethical borrowing and saving at their time of need.”
Main photo: Great Western Credit Union
Read more: Bristol Credit Union helps city to celebrate heroes with Christmas video
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