Leeds Credit Union delivers a £6m social impact

'Having a positive impact on our members’ wellbeing by increasing their financial comfort is important to us'

Leeds Credit Union (LCU) has delivered a social impact worth almost £6m to residents in West Yorkshire, a new report has revealed.

In partnership with Housing Leeds, LCU provides money management and budgeting services to people who are struggling with their finances. Since 2017, it has enabled tenants from Housing Leeds to manage their bills, become financially stable and reduce their debt levels.

Using the Housing Associations’ Charitable Trust (HACT) Wellbeing Valuation, it is estimated that the value of benefits delivered to residents by LCU in the last year is more than £3.5m, and between 2017 and 2021 is equivalent to £5,759,730.

LCU is also celebrating the results of a recent survey which revealed 96% of respondents were “satisfied” or “very satisfied” with its service, due in part to the launch of the company’s new app, which enabled customers to continue using LCU’s services throughout the Covid-19 pandemic without needing to visit a branch in person.

Furthermore, in July, the company won two prestigious social media awards for raising consumer awareness of the risks of loans with high interest rates, saving Leeds’ residents up to £3 million in high interest debt repayments.

James Hook, head of marketing and business development at LCU, said: “We’re committed to serving the needs of the communities in which we work so we’re absolutely delighted to learn the full extent of how our business has helped so many local residents.

“Having a positive impact on our members’ wellbeing by increasing their financial comfort is important to us. We are pleased to have been able to safeguard them from the pandemic by providing them with access to our services through the hard work and dedication of our people.

“Finishing the month off with a couple of award wins – the Social Media Campaign of the Year award at the PRmoment Awards and the Best Use of Social Media for Finance award at the UK Social Media Awards – for our work during the pandemic was the icing on the cake and further demonstrates our commitment to delivering a positive social impact to our members.”

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