UK Savings Week: A Collective Push for Financial Resilience

Carlison Morris, Partner at MHA, the UK member firm of the global Baker Tilly network discusses UK Savings Week, a campaign by the Building Societies Association to encourage better financial resilience.

The third annual UK Savings Week, launched by the Building Societies Association (BSA), underscores a critical need in the UK: fostering a stronger savings culture. With millions struggling financially and billions sitting in stagnant accounts, the initiative seeks to empower individuals and bolster the nation’s financial health.

UK Savings Week is a timely reminder of the power of saving. Beyond the immediate benefit of a financial safety net, saving cultivates resilience, reduces financial stress, and contributes to overall well-being. It enables people to achieve their goals faster and weather life’s unexpected challenges.

The campaign's strength lies in its collaborative approach. Recognising that no single entity can solve the issue of low savings rates, UK Savings Week unites organisations committed to promoting a savings culture. This collective effort amplifies the message, providing resources and support to help people build sustainable saving habits.

Building societies and credit unions are natural leaders in this initiative. Their mutual ownership model aligns their interests with those of their members, emphasising long-term relationships and fair returns. Their commitment to accessibility, community focus, and customer service further underscores their dedication to fostering a savings culture.

UK Savings Week serves as a rallying point for all organisations that believe in the power of saving. This initiative demonstrates that by working together, we can create a society where everyone has the opportunity to build a brighter financial future.

To read more about the campaign, click here: https://uksavingsweek.co.uk/