Citysave is encouraging employers to look at ways to support their staff, even if they aren’t able to increase wages. Since launching its City of Savers initiative, Citysave has seen major businesses including University Hospitals Birmingham, Citizen Housing and University of Birmingham demonstrating their corporate commitment to community wellbeing and offering payroll savings and loans to their staff. 

The initiative comes as new data highlights a complex challenge: high employment does not always translate into financial security. For example, the average earnings of full-time workers in Birmingham is £33,952 per year, below the UK average of £37,430*. Many entry-level and graduate roles start closer to £25,000, while average house prices sit at more than seven times average earnings. 

In areas of Birmingham like Northfield, employment rates are among the highest in the city (74%), whilst average annual gross pay still sits around £31,280, showing employment can often sit alongside ongoing deprivation and financial strain. ONS figures showed that more than 26% of people reportedly could not afford an unexpected but necessary £850 expense, and one in four borrowed money or used credit in the past month; highlighting financial vulnerability and the likelihood of needing to use payday borrowing or unregulated loans.

The savings and loans offered through Citysave leverages the proven power of payroll deductions, which makes saving simple and automatic for employees. Citysave membership allows individuals to save directly from their pay, building a financial safety net effortlessly. Members also gain access to fair and ethical loans, providing a vital alternative to high-cost credit providers when they need a helping hand.

Sean Lynch, CEO of Citysave, said: "We believe everyone deserves the chance to build a secure financial future, regardless of their income or background. By working directly with employers, we are removing the friction from saving and making it a natural part of working life."

Richard Parker, Mayor of the West Midlands, said: “City of Savers is the grassroots movement we need. It's a simple, smart way to tackle in-work poverty by helping working people save money and feel more secure. This is about creating a more productive and resilient workforce and building a stronger, more stable economy for everyone.”

Katie Compton, HR Project Officer (Staff Benefits and EDI) at University of Birmingham, commented: "We are proud to promote the 'City of Savers' initiative. The scheme provides a tangible benefit which will both encourage and support our employees to save. At the University we will be signposting our staff to the Savings plans available through City Save and we hope to be able to offer staff the facility to save directly from their pay into Citysave in the near future. This aligns with our commitment to support the financial wellbeing of our staff.”

Dean Lathbury, Reward Officer at West Midlands Combined Authority, said: "It is so important to offer support to the financial wellbeing of our West Midlands Combined Authority colleagues and working alongside Citysave allows us to do this.”

To join the initiative or for more information on how to become a payroll partner, visit citysave.org.uk/city-of-savers. 

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Media Contact: 

Anika Shah
Digital Glue
anika@digitalglue.agency
+44 121 828 9264

About Citysave: Citysave is a local credit union dedicated to promoting financial well-being in Birmingham. By offering easy savings, fair loans, and ethical financial services, Citysave works to empower individuals and communities to take control of their financial futures.

*Average earnings in Birmingham statistics taken from 2004: https://www.birmingham.gov.uk/download/downloads/id/2867/average_earnings_2024.pdf