Cambridge Festival of Ideas

Enable’s IFAs in Bishop’s Stortford are always keen to look at any emerging financial ideas so it was interesting to see  that the growing importance of credit unions was raised at a Cambridge Festival of Ideas lecture.

Dr Paul Jones, of Liverpool John Moores University, spoke about the history of the credit union sector and how the operating models of credit unions have changed over the years. Of course credit unions are not a new idea it is just they went into decline as the profile of high street banks rose. Credit unions are small non-profit financial organisations set up by members with something in common to benefit their community. That common factor may be living in the same town, working in the same industry (eg, the Police Credit Union) or belonging to a particular trade union. Roughly 500 credit unions cover the UK offering savings and loans to their members. Most now offer current accounts, and a few even offer mortgages. Almost a million Brits are members.

Yet, Credit Unions are not just for those struggling financially. They also appeal to those who want to bank ethically and benefit their community. Some larger credit unions, such as the police union or the big Glasgow credit union, offer products that can beat mainstream finance.

Dr Jones said: “It is a sign of the growing importance of credit unions within British society that the topic is included in the University of Cambridge’s Festival of Ideas. Enable Independent Financial Advisors will always try and access any financial solutions available, to help their clients with their financial planning.

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