Leeds Credit Union launch their dedicated payroll website as research indicates the importance of financial wellbeing in the workplace.

Thursday, August 6, 2020

Off the back of new government research highlighting the importance of payroll saving, Leeds Credit Union has launched Money4U www.money4upayroll.co.uk to enhance their payroll scheme.

Leeds Credit Union has successfully offered this service for a number of years but now felt the need for its own dedicated website.

MONEY4U payroll services offers employers a free and simple way of building financial resilience in their workplace for their employees.

The financial wellbeing scheme is designed to improve the management of employees finances, encourage saving and reduce financial related stress in the workplace.

The Credit Union team has also increased the level of support to employees and are on hand to help with any budgeting and money queries, guiding to additional support if needed.

The enhancement coincides with the recent research findings from the Money and Pensions Service which highlights:

  • Half of workers surveyed agreed that their financial situation makes them anxious
  • A third (37%) agreed that money worries had affected their health (physical and mental wellbeing) over the past year
  • 31% agreed that money worries affected their family relationships over the past year
  • Almost all payroll savers (96%) would recommend this type of scheme to their co-workers, and said ease and simplicity of this type of saving (79%) is the biggest draw

Leeds City Council, which currently has the largest number of employees on the Credit Union payroll scheme, has supported and assisted in the refinement of the scheme and development of the website.

Alex Watson, Head of HR, Leeds City Council commented: 

“We know from recent work with the Money and Pensions Service that financial worries can have negative impact on our wellbeing. Productivity, performance, decision making and attendance can also be affected. 

“Nationally, when over half of workers report that their family’s financial situation is a real worry and especially in the current economic climate, payroll schemes like Money4U can make a big difference”.  

Chris Smyth CEO of Leeds Credit Union commented

“We are excited to enhance our payroll scheme in light of the recent research which shows the value of payroll saving schemes towards the financial wellbeing of employees. At Leeds Credit Union we work with a range of employers to provide them with an effective free payroll scheme they can offer to their employees, of which Leeds Council is a prime example of this.

“We have found it produces benefits to both the employer though reduced stress and anxiety in the workplace and of course to their employees who benefit from easy access to saving accounts and affordable credit, allowing them to plan for any unexpected outgoings”.