Members eNewsletter May 2023 edition
Did you know that financial stress can worsen your mental health? According to a research done by Money and Mental Health Policy Institute, 86% of respondents to a Money and Mental Health survey of nearly 5,500 people with experience of mental health problems said that their financial situation had made their mental health problems worse.
As we celebrate mental health awareness in May, we wanted to share some topics related to personal finance and well-being. We discuss the impact of financial stress on mental health and offer support to our members. We also provide practical solutions to reduce employee money stress and improve financial health.
We explore the costs of taking a bath versus a shower and provides tips on reducing water usage. In addition, we feature a story from a former victim of loan sharks who warns against the dangers of illegal lending and highlights the benefits of using credit unions.
Finally, we encourage readers to prioritise walking, a low-cost form of exercise that can improve financial and overall health.
With best regards,
The Thamesbank editorial team
How money worries impact your mental health – and what Thamesbank can do to help
Money worries can have a significant impact on our mental health, causing stress, anxiety, and even depression. In the UK, millions of people struggle with financial pressures, whether it’s living paycheck to paycheck, dealing with debt, or facing unexpected expenses. As a credit union, we understand the impact that financial stress can have on our members, and we are here to help.
Read the full article on our website on how money worries can impact your mental health and the steps we have taken to help you overcome these worries.
Bath versus shower – which costs more?
According to Waterwise, taking a bath uses about 80 litres (18 gallons) of water, while an “average” 10-minute shower uses more than a bath. A traditional shower uses 12 litres (21 pints) of water a minute, while a power shower uses 15 litres (26 pints) a minute. Reducing the height of a bath by 2.5cm (1 inch) of water will save an average of five litres (nine pints) and cutting a 12-minute shower in half will save 60 litres (13 gallons) of water. Showers usually cost more for water charges, and the cost of heating a shower is higher due to using more water.
Read the full article on our website.
L’s story – loan sharks are NEVER worth it
A former victim of loan sharks has warned of the dangers of illegal lending and urged people to seek alternative financial solutions. The victim, referred to as L, grew up on an estate where a “loan man” was known for offering fast cash to those who needed it. Although L’s mother used other legal forms of credit, she prioritised repaying the loan shark, which affected the family’s finances. L eventually found a credit union, which provided a safe and sustainable alternative to illegal lending. L now avoids unsustainable forms of credit and encourages others to seek help.
Read the full article on our website.
Reduce employee money stress and improve financial health with these simple solutions
Fact 1: 57% of employees worry about money every week
What you can do:
Give your team visibility of how much they earn, and easy access to their pay.
Which means:
• Staff feel more in control of their finances
• Staff are more likely to volunteer for shifts
• Reduction in money stress
Fact 2: 50% of households don’t have £300 in savings
What you can do:
So help your team improve their financial health through pots, discounts and coaching.
Which means:
• Staff have improved financial health
• Your team’s money goes further with discounts
• You recruit quicker and better
You can also introduce Thamesbank’s Salary Saving Scheme to your employees so that they can start saving as they earn. Learn more about this scheme from our website.
The secret to better financial health? Walking!
As May is celebrated as the ‘Walking Month’, we thought we would share the importance of walking on your wallet. Walking is a simple, accessible form of exercise that can help you save money on transportation, reduce stress, increase productivity, and improve sleep.
To read the full article, visit our website.
Holiday Savings Account
With the summer holidays just around the corner, you can start planning your holiday with us by opening a Holiday Savings Account.
You can save as much as you want and whenever you wish. When you are ready, you can take all your money out to pay for that dream holiday.
To set up your savings account, contact us via email on admin@thamesbank.org.
Words of wisdom
“It’s not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for.” – Robert Kiyosaki
This quote emphasises the importance of financial literacy and wise money management. It’s not just about earning a lot of money, but also about investing wisely, managing debt, and building wealth for the long term. Start saving with Thamesbank today.
Members’ noticeboard
Lottery – enter now
As a member of Thamesbank Credit Union, you have the chance to enter the lottery, run by our back-office provider, Credit Union Solutions (CUS).
Each entry is £1, and each member can have up to 10 chances per month.
For all the details and to enter the lottery, visit the Credit Union Solutions (CUS) website.