Anxious credit union members prepare for an uncertain Christmas
Credit union members say they are feeling anxious, uncertain and worried by money in a build up to Christmas overshadowed by the Covid-19 crisis.
Wolverhampton City Credit Union chief executive Rob Shearing said Christmas was usually its busiest time of year – but this year "feels so different".
"We’ve asked our members how they’re feeling just to make sure that what we plan in terms of savings and loans, is in line with their needs," he said.
“In view of what members are telling us, we’re planning to offer help and advice on budgeting, making savings and tips for taking care of mental health and wellbeing.
“Overall, we hope that members feel they can resist the pressures to overspend this year so they can start the new year with fewer money worries.
"It can be really difficult to ignore Christmas advertising and get caught up in the nostalgia of the season.
"But practical things like a Christmas budget, a meal planner and shopping lists can help us resist impulse buying.”
More than half of those who took part in the credit union's survey this month expect Christmas to be ‘very different’ this year with more than 38 per cent feeling more anxious about Christmas, with one member commenting: “I hate Christmas.”
While around 44 per cent said they would be spending Christmas at home with close family only, 34 per cent did not know who they would be allowed to spend it with while 16 per cent said they would be spending it alone as usual.
More than half said they would try to make Christmas ‘as good as it can be’ for the sake of the children with a determined 10.5 per cent saying they would not let Covid-19 ruin Christmas.
While 12.8 per cent said they had saved for Christmas, more than 20 per cent said they would pay for it from their December pay packet. Nearly 36 per cent said they would take out a credit union loan.
More than 28 per cent said they planned to spend up to £350 on Christmas with nearly 29 per cent spending up to £600 and over a fifth planning to top £1,000.
Nonetheless, members planned to make savings on presents (43 per cent), cards and decorations (30 per cent) and going out (41 per cent). Around 28 per cent planned to spend less on food and drink.
Wolverhampton City Credit Union is a community-based not-for-profit cooperative owned by its members, who live or work in the WV postcode area of the city and surrounding districts.
