The ‘People, Not Profit’ credit unions campaign was launched by Aileen Campbell, Cabinet Secretary for Communities and Local Government today, as results of a new survey reveal that one in five (20%) people in Scotland have not heard of a credit union.
The launch was held at the Capital Credit Union in Stockbridge during Talk Money Scotland Week (12-18 November).
Currently, around 400,000 people across Scotland are part of a credit union; approximately 7% of the population. The campaign seeks to support the growth of the sector by raising awareness of credit unions and the services they offer to a wider and more diverse audience.
A recent survey revealed that one in five (20%) people in Scotland had not heard of credit unions, and only two fifths (39%) questioned thought they would be eligible to be a member of a credit union. The survey also found that one in four people (28%) wrongly believe that credit unions make profits for shareholders, just like banks.
The campaign will highlight that credit unions are not-for-profit organisations providing loans and savings, and that most people living in Scotland would be eligible to join at least one credit union based on where they work or where they live. A new website www.CreditUnions.scot has been launched to help people find out which credit union they could be a member of.
Aileen Campbell, Cabinet Secretary for Communities and Local Government said: “In helping build a fairer Scotland, we want to protect people from getting into unmanageable debt and falling into the hands of predatory, high cost lenders. A key part of this is making sure that people are aware of the financial services and fair alternatives available, including credit union membership.
“Our new campaign will highlight the benefits of joining a credit union and I would encourage everyone to visit the new website to find out more.”
Michael Sheen, actor and social activist, has also worked with the Scottish Government to produce a short video explaining what a credit union is. He added: “I’m very pleased to be backing the People, Not Profit campaign, and I share the Scottish Government’s ambition to grow and raise awareness of this sector.
“I’m a member of a credit union myself, and so I know first-hand the benefits they offer. What’s important to me is that they are owned by the people who actually use their services, and any profits that they make are invested back into the credit union.”
The ‘People, Not Profit’ advertising campaign features outdoor, social media, digital and radio advertising.
The campaign has been developed in partnership with the credit unions sector in Scotland. The development of the campaign was also shaped via research and testing with representatives from the target audience.
For more information visit www.CreditUnions.scot.
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