EDINBORO, Scotland–Prospective candidates for the Co-operative Party in this country have pledged to help make Scotland a credit union nation.
The party’s 16 candidates standing for election have signed Scotland’s credit union charter, an initiative from the Association of British Credit Unions (ABCUL). The charter calls on all members elected to the Scottish Parliament in 2016 to help grow the credit union movement.
The document encourages all employers to partner with credit unions to make savings and repay loans via payroll deduction, as well as improve financial health by encouraging regular saving and responsible borrowing. ABCUL has also suggested establishing a credit union champion in every primary and secondary school across Scotland and is advocating the teaching of credit union and co-operative models in schools, colleges and universities.
In a statement the Scottish branch of the Co-operative Party expressed its support for payroll deductions for credit unions and highlighted that credit unions can improve the financial health of the community by encouraging regular saving and responsible borrowing.
The statement reads: “We have seen great work in schools across Scotland to promote credit unions and we fully support Abcul’s call for a credit union champion in every primary and secondary school. This champion should facilitate the pupils’ involvement with credit unions. We would go further and support schemes like the ‘Starter for 10’ scheme in Glasgow, where Glasgow City Council, a co-operative council, has given each first year pupil £10 to save in a local credit union. The Scottish Co-operative Party said it believes that local versions of this should be developed across Scotland.