“Don’t start the year with a financial hangover”

Sunday 21 January 2018

With many islanders feeling financially vulnerable and struggling with money as the expense of Christmas takes its toll, a local charity is preparing for an increase in demand for its support and services.

Community Savings provides help to people locally who may need support with financial services. This includes access to account facilities, help with saving and access to emergency loans.

Around 150 new members registered to access services that included setting up an account and committing to save at least £1 a week last year. Many members are referred through various organisations including Social Security, Citizen Advice Bureau or local welfare charities.

They hope that by providing mentoring and emergency financial support, they'll be able to alleviate the financial distress that some may experience and thereby lead more fulfilling lives.

Commenting on the likely demand over the next month, Brian Curtis, Executive Chairman at Community Savings, said: “We anticipate that our services will be in greater demand in the future due to social and economic influences. Our aim is to encourage our community of members to save, we are aware this can at times be difficult but by putting aside small amounts over longer periods of time people can save for a specific reason or be more prepared for an unexpected event."

Pictured: Community Savings' Executive Chairman said that the charity wanted to help people be more prepared for unforeseen stress.

The charity recently received support from Lloyds Bank Foundation for the Channel Islands to help support the growing team as over 1000 accounts are now maintained by members of  Community Savings. The grant helps fund a professional and experienced member of staff who is responsible for coordinating and administering new membership applications and emergency loan fulfilment.

Community Savings has approved over 400 emergency loans or grants to date, many to individuals who are at risk or experiencing a crisis that impacts significantly on their wellbeing. Loans and grants are only available to resident individuals who find themselves in need of urgent financial assistance for which funding cannot be obtained elsewhere.

Jo Le Poidevin, Executive Director, Lloyds Bank Foundation for the Channel Islands, commented: “We have supported Community Savings over the years because we recognise the importance of their work within the community in helping islanders with emergency financial support. Just as important is helping islanders become more financially literate and offering access to basic banking services. We’re delighted to support Community Savings in their continuing efforts to address financial and social exclusion in Jersey.”