Credit Union Welcomes Budget Funding and Launches Annual Financial Awareness Week

The Bradford District Credit Union has expressed its approval of new Budget provisions that are set to increase funding for the services it provides. Ian Brewer, the community development officer for the union, which was established 30 years ago and now boasts 10,500 members, made these comments in advance of the organization’s annual Talk Money Week. The event commences today and will run until Friday, November 8. Several prominent Bradford institutions, including the University of Bradford, Bradford Teaching Hospitals, and the BD25 City of Culture team, are participating to promote responsible saving and effective money management. Mr. Brewer stated: “From our perspective anything that resources people on the frontline to be able to provide better access to health, wellbeing, benefits and finances is always going to be welcome.” The credit union was founded by Bradford Council in 1993 to offer individuals a secure method to borrow and save money during a period when securing bank loans was challenging and interest rates stood at 15%. Members contribute to a fund monthly as a means of saving, and a portion of this reserve, which currently totals £6.5 million, is also utilized to issue loans. According to Mr. Brewer, this year marks the sixth occasion the union has hosted its Talk Money Week. He remarked: “Each year we look to work with partners to be able to bring money to the centre of the conversation,” adding, “It’s about people being able to understand money through the financial education that we do.” He further noted that while people frequently wish to save money, they often lack the knowledge of how to do so. Mr. Brewer explained: “Projects like Food Savers and Uniform Savers are things that we do that use innovation in community development to help people get into a savings habit and get an incentive for doing so.”