Darlington Credit Union is calling on businesses to educate their workforce on financial awareness and safeguarding against mounting debt, ahead of National Payroll Week.
National Payroll Week, organised by the Chartered Institute of Payroll Professionals (CIPP), (5-9 September) celebrates the impact that payroll has on businesses and highlights the importance of financial awareness amongst employees and its effect on productivity.
Tony Brockley, Chief Executive of Darlington Credit Union, believes the initiative is a timely reminder for businesses to educate their staff on effective financial management and using more cost effective lending, as opposed to borrowing through payday loans or expensive credit, which can help boost morale and productivity in the workplace.
Mr Brockley said: “National Payroll Week is an excellent initiative that can help educate people about financial awareness and payroll’s importance to businesses, as well as how payroll deduction can be an effective alternative to other forms of lending. Crippling debt and unmanageable interest payments can impact heavily on people – in their everyday lives and, with the additional worry, this can easily carry on into the workplace.
“At Darlington Credit Union, we actively promote and educate our members and the wider community on proper financial management, as well as providing advice to help avoid pitfalls and spiralling into uncontrollable debt. Payroll deduction is a simple and strictly confidential measure when paying off a loan and can also be an effective form of saving.”
Tony added: “Payroll contributes a great deal to the economy each year, so it is important that people are made aware of this and also celebrate the weeklong initiative, by helping to make a difference through educating others about managing their financial affairs and, as a result, leading a productive and worry-free life.”