What benefits will the Credit Union bring to Hammersmith and Fulham?
Although the average gross income for Hammersmith and Fulham is 35,400 (mean), and approximately 50% of households have a gross annual income of over 19,300 (median), there is a growing level of disparity between those with money and those at risk of financial exclusion. Many people in Hammersmith and Fulham experience high levels of poverty and financial exclusion. Statistics indicate that 14.3% of households in the borough have a gross annual income of under 5,000. A further 16% of households have a gross annual income of between 5,000 and 9,999, whilst 11.8% of households income ranges from 10,000 to 14,999. In addition almost 30% of children in Hammersmith and Fulham are living in families on key benefits. A key aim of the Credit Union is to empower these people by providing affordable and accessible loans, offering financial advice and encouraging savings and thrift. Establishing a Credit Union in the borough will also provide an opportunity for people to save their money locally
