Financial services provider Leeds Credit Union (LCU) has delivered a social impact worth almost £6 million to residents in West Yorkshire, a new report has revealed, click here to view the full report.
In partnership with Housing Leeds, LCU provides money management and budgeting services to members of society struggling with their finances. Since 2017, it has enabled tenants from Housing Leeds to manage their bills, become financially stable and reduce their debt levels.
Using the Housing Associations' Charitable Trust (HACT) Wellbeing Valuation*, it is estimated that the value of benefits delivered to residents by LCU in the last year is over £3.5M and between 2017 and 2021 is equivalent to £5,759,730.
LCU is also celebrating the results of a recent survey which revealed 96% respondents were 'satisfied' or 'very satisfied' with its service, due in part to the launch of the company's new app, which enabled customers to continue using LCU's services throughout the Covid-19 pandemic without needing to visit a branch in person.
Furthermore, in July, the company won two prestigious social media awards for raising consumer awareness of the risks of loans with high interest rates, saving Leeds' resident’s up to £3 million in high interest debt repayments.
James Hook, Head of Marketing and Business Development at Leeds Credit Union, said: "At LCU, we're committed to serving the needs of the communities in which we work so we're absolutely delighted to learn the full extent of how our business has helped so many local residents.
"Having a positive impact on our members' wellbeing by increasing their financial comfort is important to us. We ae pleased to have been able to safeguard them from the pandemic by providing them with access to our services through the hard work and dedication of our people.
"Finishing the month off with a couple of award wins for our work during the pandemic was icing on the cake - the ‘Social Media Campaign of the Year’ award at the PRmoment Awards and the ‘Best Use of Social Media for Finance’ award at the UK Social Media Awards - is fantastic and further demonstrates our commitment to delivering a positive social impact to our members."
*The HACT Wellbeing Valuation approach measures the social value of an organisation's work with tenants living in social housing, using 'before and after' surveys to capture changes in their circumstances. The results are then analysed to isolate the effect of a particular factor on a person’s wellbeing; further analysis then reveals the equivalent amount of money that would be needed to increase someone’s wellbeing by the same amount.
Leeds City Credit Union is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (FRN 213369).
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Registered Office: Leeds City Credit Union Ltd, 2nd Floor Westminster Buildings, 31 New York Street, Leeds LS2 7DT
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