The University of Birmingham has introduced a new payroll savings scheme aimed at boosting the financial wellbeing of its 10,000+ staff, helping to build greater financial resilience across one of the city’s largest employers.
Delivered in partnership with local credit union Citysave, the scheme enables staff to save straight from their monthly pay through payroll deductions at preferential rates. By allowing money to be set aside before it reaches employees’ bank accounts, the initiative is designed to help build consistent savings habits and reduce reliance on high-cost credit.
The launch comes as cost-of-living pressures continue to affect households across the West Midlands. Recent Office for National Statistics figures show that 26% of adults would be unable to cover an unexpected but necessary expense of £850, while 24% say they have borrowed more or used more credit than in the same period last year.
As one of Birmingham’s largest employers, the University says the initiative forms part of its wider commitment to staff wellbeing and supporting long-term financial stability within the region.
Kate Compton, HR Project Officer (Staff Benefits and EDI) at University of Birmingham, said:
“Our new payroll savings benefit is about giving colleagues practical tools to feel more confident about their finances. By working with a local credit union like Citysave, we’re making it easier for staff to build savings in a manageable, sustainable way; whether that’s preparing for a major life event like a wedding or home move, or simply building a rainy-day fund.
“At a time when many households are feeling financial pressure, employers have an important role to play in supporting financial wellbeing. We want our staff to have access to fair, accessible saving options that help them plan ahead and make the most of their money.”
Sean Lynch, CEO of Citysave, added:
“The University of Birmingham is one of the city’s biggest employers, and we’re proud to be working together to offer staff a benefit that can make a meaningful difference to their financial stability.
“Through our City of Savers initiative, we’re supporting organisations across the West Midlands who recognise that financial wellbeing is closely linked to job satisfaction, retention and productivity. Partnerships like this help strengthen not just individual resilience, but the wider regional economy.”
For more information on the initiative, visit citysave.org.uk/city-of-savers.
