Tuesday, 13 May 2014

Annual GR8 Savers Week

Every year, credit unions around the country take part in GR8 Savers Week. This is a week-long initiative aimed at encouraging a savings habit among younger children, while educating young people on how to have a smart relationship with money. In 2014, GR8 Savers week will run from Monday 12th – 18th May 2014.

We have all been witness to the recent economic instability in this country and many of us are being impacted as a result of austerity measures.  There continues to be a daily struggle for many families in terms of their personal finances. Our quarterly household income and expenditure the ‘What’s Left’ tracker  shows us that since December 2013 those in mortgage arrears increasing; more and more people are turning to their credit card to make ends meet at the end of the month, hundreds are putting off paying their essentials bills every month and worryingly there has been an increase in those turning to moneylenders to bump up monthly income in the struggle for financial survival. Given how important financial skills are in navigating life, it is vital that we educate younger members of society about the merits of investing in their own futures, by sound financial planning and responsible money management.

It is true to say that most of us have learnt a very hard lesson about the value of money and the importance of saving for a rainy day, no matter how small the amount. Our young people are no different and it is incumbent on us all to ensure that our children recognize not only the value of money but also the importance of understanding how saving works. Credit unions in communities around the country want to help local parents to give their children a solid financial education from a young age and we would invite any member of the community to call into their local credit union office to join in the fun and activity.

Thursday, 8 May 2014

CoverU.ie Car Insurance

In exciting news, it was announced at the recent ILCU AGM that credit unions can now offer online CoverU.ie car insurance. The announcement comes just months after the launch of the CoverU.ie worldwide travel insurance.

The recent ILCU ‘What’s left’ tracker showed that
  • 6 in 10 motorists switching car insurance in the past 12 months in an effort to reduce motor related costs
  • One in four motorists find car insurance expensive and cannot afford to pay it. A further 53% feel there is good value in the insurance market but still struggle to make their insurance payments.
  • 85% of motorists have taken measures to cut down on car related expenses down  and over half (54%) drive less to save on petrol. Switching providers (insurance and garage) is also more popular than when the last research was undertaken in April 2012.
  • 21% of motorists have changed their car to a smaller, cheaper to run model and a further 32% intend to change their car. There has been a fall in the number of people paying their car insurance on time 91% in April 2014 down from 94% in April 2012. 6 in 10 adults have delayed servicing their car as they can’t afford it.
  • 34% of motorists are really struggling with the costs of motoring
The new CoverU.ie car insurance will be a website based product that will offers members greater accessibility, good value and most importantly excellent cover, providing peace of mind when motoring. Coveru.ie car insurance is being offered in conjunction with AIG Europe which offers car insurance. Apart from offering great value, the other advantages of coveru.ie car insurance include:

  • Unique offer for credit union members – 12 months cover for the price of 11 months.
  • No administration fees if you make a change to your policy during the year i.e. no setup fee or if you make a change to your policy
  • Flexible products tailored to suit your needs.
  • Automatic stepback no claims bonus or optional protected no claims bonus
  • Breakdown assist and legal expenses - optional
  • Driver Personal Accident Cover - optional

A unique AIG Telematics Smartphone App is available to download when you purchase CoverU.ie car insurance and offers you real time information on your driving, gives you a score for each completed journey and allows you to track your progress toward additional discounts and receive offers from AIG.

RTE News Coverage: http://www.rte.ie/news/2014/0426/611903-credit-unions/