Taking place on October 10th, World Mental Health Day 2023 is all about raising awareness of mental health and driving positive change for the benefit of everyone.
Something most people worry about at one time or another is money and there are likely to be more of us worrying about it than usual at the moment as a result of the ongoing cost of living crisis.
Luckily, research shows that taking small steps – like saving a small amount of money each month – can have a positive impact on both your financial wellbeing and your mental health. Here’s everything you need to know.
Financial wellbeing is all about people’s relationships with money, the control they have over their own finances and their ability to strike the right balance between having enough money to pay the bills and enough to spend on things they enjoy, both now and in the future.
Financial wellbeing goes beyond simply earning or being able to save lots of money – in fact, recent research suggests that people in the top wage bracket are less content with their lives than those with good financial wellbeing.
As well as being important for financial reasons, financial wellbeing is also important for our mental health. People with poor financial wellbeing often suffer from stress and anxiety, and are at an increased risk of becoming isolated. Furthermore, employees with financial concerns are more than twice as likely to suffer from reduced productivity and/or absenteeism at work than those with good financial wellbeing.
Conversely, people with good financial wellbeing are less stressed about money, which has a positive effect on their overall health and can help improve their relationships.
Establishing good financial habits is easier said than done but these tips will help you on your way:
As a credit union, we don’t have external shareholders or investors, so it’s our members who come first, not profits.
We offer a variety of savings accounts and loans to help our members improve their financial circumstances, while our Money and Budgeting Service (MABS) is also available to members who meet certain criteria. To find out how we can help you increase your financial wellbeing, click here.
As we continue to improve the technology we offer our members, we are making a number of key changes to allow you to get better access to your accounts and finances.
Following the launch of our all new app, we have made the decision to switch off the old Incuto version, meaning anyone still using it will need to download the new version in order to continue benefiting from all the great features we have to offer.
The new LCU App offers a better way of keeping your finances at your fingertips and downloading it is quick and easy – and already has a 4.8 star rating!
You can either click here to download it using your mobile phone, or head to the app store if you’re using a laptop or desktop computer. You log in details will stay the same.
You can read all about the new app here.
Press release 13/03/2023
Financial services provider Leeds Credit Union (LCU) has made a key appointment to its senior management team as it continues to pursue its ambitious growth plans.
Mark Fleet has joined the company as CEO, where he will continue to grow the credit union, strengthen support for the communities in which it operates and attempt to reach – and help – as many financially vulnerable people as possible.
Mr Fleet has more than 35 years’ experience in the financial services industry, having previously worked for banks, building societies, and financial and mortgage advisors, including Skipton and Lloyds Banking Group.
Mark Fleet said: “I am honoured to have the opportunity to lead LCU forward and I look forward to working with my colleagues and understanding the issues facing our members and the ways in which we can help.
“I am passionate about providing our members with the right products and services they need to help them navigate the ongoing cost of living crisis and beyond. I believe that credit unions should play a significant role in helping people better understand the complicated financial services landscape and, as a North Yorkshire resident myself, I can assure our members that I will work tirelessly for them and their communities from day one.”
Mr Fleet replaces the outgoing Paul Kaye, who served as LCU CEO for two years, from 2021 to 2023.
Mr Fleet added: “I’d like to thank my predecessor at LCU, Paul Kaye. I will continue the hard work and lead our credit union through some of the most turbulent economic times the UK has experienced for several generations. We must continue to prioritise society’s most financially vulnerable and we will do everything within our power to reach out to them and provide them with access to savings accounts and financial advice, as well as affordable loans.
“We must also continue to keep as many people as possible from Leeds, Wakefield and Barking & Dagenham – as well as all our members – from turning to unscrupulous and high-cost lenders, in order to carry on saving them tens of millions of pounds in high interest repayments over the coming years.”
Jane Toole, President of LCU, said: “I am delighted to welcome Mark to the team. He is an experienced financial services professional who shares the board’s commitment to both the credit union, social purpose and its modernising agenda.
“I look forward to working with him to continue the progress that was made under Paul’s leadership.”
PRESS RELEASE 17/2/23
Financial services provider Leeds Credit Union (LCU) has officially opened its new company headquarters in Leeds.
Tracy Brabin, the Mayor of West Yorkshire, cut the ribbon on Leeds Credit Union’s new site at Carlton Tower, 34 St Pauls Street, which sees the organisation moving into larger, more modern offices that will enable it to improve its energy and IT efficiencies, and continue to pursue its ambitious growth plans.
Mayor Brabin was greeted by LCU’s senior management team, before Chair of LCU Jane Toole gave a speech highlighting the positive impact the organisation has on the communities in which it operates by helping financially vulnerable households access a range of savings accounts and affordable loans, helping to keep their money out of the hands of loan sharks and high-cost lenders.
The morning culminated in a walk around the new offices, introductions to team members and the opportunity to witness the work LCU does firsthand.
Stephen Porter, Head of Member Experience at LCU, said: “It was a pleasure to welcome Mayor Brabin to the new offices. She was supportive, took the time to engage with and talk to members of the team and showed a real interest in what we do.
“It was great to have an audience with her and we can’t thank her enough for taking the time to pay us a visit and officially open the new offices. We can’t wait to continue safeguarding the financial wellbeing of our 37,000+ members from our new premises.”
Commenting on social media, Mayor Brabin said: “Companies like Leeds Credit Union are more important than ever in supporting thousands of members in our region through the cost-of-living crisis, so I was honoured to help open their new headquarters in Leeds and meet some of the team doing such fantastic work.”
The AGM is the time when the Credit Union’s Board of Directors reports to members on the work and activity that has taken place during the last financial year. It also gives members the opportunity to vote on any proposed rule changes and elect Directors.
Members also had the chance to nominate prospective Directors in advance of the meeting.
If you want to see the notice and proposed rule changes being referred to, please click here.
If you’d like to read the full minutes of this year’s AGM, you can find these here: LCU AGM Minutes 2023.
Here at Leeds Credit Union we have begun 2023 by launching a new initiative to help our members consolidate their debts and lower their monthly outgoings.
By making £1 million available to our 37,000+ members across Leeds, Wakefield, Harrogate Craven and Barking & Dagenham, plus residents of associated housing associations and select employers, we hope to help them tackle the cost of living crisis by stopping them overpaying on interest for store cards, overdrafts, credit cards and high interest loans.
We have taken the decision in response to feedback from our members in the run-up to the recent festive period, who revealed that 48% of them were unsure how they would afford Christmas, raising concerns many would turn to high interest loans or rack up credit card debt.
Stephen Porter, our Head of Member Experience, said: “With the cost of living crisis continuing to affect communities across the region, many households are falling into debt, often to multiple lenders.
“Making a significant amount of money available to our members so they can consolidate their debts makes it easier for them to pay off their existing debts in one easy, monthly payment. Because we offer lower interest rates than most other lenders, our debt consolidation package also helps members reduce their interest payments, further improving their financial situation.
“To try and make 2023 less financially stressful for our members, we’ve also launched this year’s Christmas Club saving account. This means they can start saving for Christmas 2023 today, gradually building up a pot throughout the year rather than having to try and find money in a mad rush come December. Savings will be available from November 1st.”
Here are two key examples of how we’ve already helped some of our members:
To apply for a debt consolidation loan, members can visit one of our highstreet branches or head to our website here.
Christmas and New Year can bring a lot of unexpected costs and outgoings
If you have loan payments due, please ensure you leave sufficient funds to meet these. Missed or delayed payments can have a long-term impact on your ability to obtain credit in the future
If you have concerns about missing upcoming loan payments with Leeds Credit Union, please contact our Credit Control Team on 0113 203 1612
If you are struggling with your overall finances, we would recommend seeking some advice from a trusted organisation
If you live in the Leeds, Bradford or Wakefield areas we would recommend seeking advice from Better Leeds Communities. Please contact them on 0113 275 4142 or send an email to email@example.com
If you live outside of these areas, we would recommend contacting your local Citizen’s Advice, or alternatively contact StepChange Debt Charity on 0800 138 1111 for further advice.