What is a Social Impact Report?
A social impact report is used as a communication tool to measure how we, as a credit union, is performing and use it to relate to the overall change brought about to people’s lives and the environment over the past two years.
Hertsavers Social Impact Report – the results
Our research team conducted a members’ survey and face-to-face interviews. The results contributed to our social impact report.
Some of the findings were as follows:
- 70% of members said that they improved their savings after joining Hertsavers Credit Union
- 44% of the respondents to the online questionnaire have responded that their finances have been affected by the pandemic
- 50% of the members who responded to the questionnaire have claimed that Hertsavers helped them to manage their finances during the pandemic
- 71% of the benefit are amongst people with at least one child under 18
- 20% of lone parents with dependent children are in arrears on one or more household bills compared to 7% of couples with dependent children
When it came to having an impact on members’ health and wellbeing, here’s how Hertsavers has had a positive impact on our members’ lives, reducing financial distress and increasing the overall wellbeing:
“Hertsavers gives me peace of mind in knowing I have a safety net in case of an emergency.”
“I was able to save for the first time, I am no more worried about high-interest rates on loans compared to loans taken out in the past from other lenders. It has reduced money worries overall.”
“I was, within a short period, more in control of my finances. At the time I was a single parent of three. This stopped me from getting into debt and encouraged me to save. Although I am financially secure now, it helped me through a difficult time.”
You can read the full report on our here.