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Advice on common money worries

27 Apr, 2021

British Transport
Police Federation
Apr 27, 2021

Advice on common money worries

Money worries are one of the leading causes of stress. Unexpected bills, difficulty saving money and having a poor credit rating all contribute to financial uncertainty; even for those of us with a regular income.

Serve and Protect Credit Union has released the results of its recent Financial Resilience Survey and some help sheets in response to the topics raised. This is the organisation's second annual survey and this time the focus was on the potential impact of the coronavirus pandemic on the financial resilience of those who serve and protect the nation.
  • Of those currently employed by a police force, one in four respondents admitted that they are worried about their current financial situation.
  • Following a change in circumstances such as relationship breakdown, unemployment, or sickness 38% of respondents said they would not be able to cope financially.
  • In respect of a rainy day or emergency fund, 35% of respondents said they had less than £500, while 12% said they had no savings available in an instant or easy access account at all.

In response to some of themes raised in the survey, Protect and Serve Credit Union has put two new help sheets together:

How to Improve your Credit Profile explains how settling credit and not applying for too many loans at once can improve your credit rating.

Saving Made Easy introduces the 50-30-20 saving strategy which divides your take-home pay into three parts.

Serve and Protect Credit Union is a free benefit available to police officers and staff. For more information on the help they offers to savers and borrowers, visit www.policecu.co.uk