Shannon highlights the benefit of Credit unions to foster saving and spending habits
Strangford DUP MP Jim Shannon MP has highlighted the Newtownards, Portaferry and Kircubbin Credit Unions as a useful tool to foster good saving and spending habits.
He was speaking during a debate on 16 July on Credit Unions at Westminster. During the debate he said: “I have long been an advocate of credit unions.
“I became involved in supporting credit unions, and started an account for my three boys.
“Only last week, I realised that monies in that account had been gathering for some time and had been sitting in the transfer, because the account was transferred from Greyabbey to Newtownards credit union.
“The credit union instilled in my boys and in me from an early age the value of saving and of ensuring that the saver can afford to pay back loans.
“That is the great thing about the credit union… we can put money in and borrow money out, but it is controlled in a way that means someone can live and borrow at a rate they can repay.
“That is a lesson that I learned from my mum and dad and that has stayed with me these many years.
Jim Shannon added: “Credit unions like Serve and Protect offer dividends of 3.5% to 4.5%, returning £3 million to members, while for every £1 invested, the Clockwise credit union generates £11 to £19 in social value.
“Credit unions reduce financial leakage and build community wealth.
“I wish my local credit unions every success as they continue to help people to learn financial principles and responsibilities while sowing deeply into the local economy. That can only be a good thing.”
