The cost-of-living crisis is already hitting households hard and last week Ofgem announced that the energy price cap is set to rise by 80% in October – many people will be worrying about how they can make ends meet.

As people struggle, there are a number of organisations across Sheffield that are on hand to support them with their finances. Louise Haigh MP for Sheffield Heeley visited once such organisation – Sheffield Credit Union.

Sheffield Credit Union is a not-for-profit savings and loan provider who work across South Yorkshire. Anyone living in the region can become a member of the Credit Union and would simply need to pay a £4 joining free and put £1 into their savings.

Louise met with the Chief Executive of the Credit Union, Jackie Hallewell who outlined some of the challenges the Credit Union currently faces and the support they are offering their clients.

The Credit Union said that their loan books have grown by more than 14% and many more people are coming to them for support with day-to-day costs, such as paying for food, heating and bills.

They also said that they are referring many more people to the Council’s Household Support Fund which also support people with their bills and household costs.

They also confirmed that 70% of those who are coming to the Credit Union for a loan, have also been supported with saving, managing to build up a savings buffer for when they need it.

Louise Haigh MP for Sheffield Heeley, said:

“Organisations like the Credit Union know that too many people are already really struggling across Sheffield and simply cannot afford the massive rise in energy bills that is to come in October.  Far too many people are in danger of being pushed over the edge.

“Organisations such as Sheffield Credit Union should not be the backstop that support people with this crisis, the government should be doing this. Labour has a fully costed plan that would ensure bills wouldn’t go up by even a penny this winter.”

Jackie Hallewell, CEO of the Sheffield Credit Union, said:

“Credit Unions are a safe option for loans, helping to keep people away from high-cost lenders and loan sharks, and for savings which are protected.  If a loan isn’t affordable, we will help local people to find more suitable help in these difficult times.”

Louise has developed an online resource which collates the details of organisations, services and charities that are available to help people with their finances.