The Fairbanking Foundation have recently published a report that highlights the overwhelming evidence that shows that borrows that save whilst paying pack a loan become habitual savers. Research by the Fairbanking Foundation carried out by Ipsos MORI shows that 67% of save as you borrow users who had no savings, and found it impossible to put money aside, now have plans to save regularly throughout the year as a result of using a Save As You Borrow product.
The report findings are no surprise to Advance Credit Union; our members with a loan save £3/week or £12/month alongside their loan repayments. For some members this is the first time they have saved and they know it is their financial buffer to smooth out life’s surprises. For other members save-as-you-borrow is simply an easy way to save regularly.