LONDON–With less than 3% of adults in the U.K. belonging to credit unions, one potential reason may be that many benefits and HR professionals are unaware of credit unions and how they can be used to boost employees savings within the workplace, according to a new research.
The WSB Research Forum said its survey found an apparent lack of confidence in the effectiveness of credit unions, with “respondents either voting against bringing them into the workplace or remaining unconvinced.”
The company said its survey found respondents indicating they believed the system would be difficult to administer, which suggests “that the scheme may be an attractive proposition for employees but that there are fears about effectively implementing it in the workplace.
There were some positive responses, with one person noting, “A lot of clients have staff who take time off to sort debt and lifestyle problems so this would be a practical step, if not cost-prohibitive.”
Numerous benefits professionals indicated that there was a lack of information and awareness about the arrangements.