What we did
We were commissioned by Clockwise Credit Union to undertake a Social Return on Investment Evaluation (SROI) of their services (see report here). The aim was to evidence the difference that it was making using a robust methodology so that it could increase its impact and increase awareness about its amazing work which would then increase its membership and increase interest from other stakeholders.
The research concluded that for every £1 invested into Clockwise Credit Union at least £9 as much value was created for members that experience financial exclusion, the local community and the public sector. The biggest value was achieved where members learnt new skills and were then able to better manage their money. Clockwise also had an impact on stress and mental health. As a co-operative the members also valued being able to influence decision-making.
Next steps
SROI evaluations should be seen not as one-off exercises but as a tool through identify and increase the social value and support performance management. We are therefore working with Clockwise to embed social impact measurement into its business planning cycle. This will help it to increase its impact.
Why this work is important
We are grateful to be supporting Clockwise Credit Union. Credit unions are locally embedded co-operatives and are needed in the shift towards a new localised social economy. Localisation is about re-scaling the economy back to a human level. It is the process of building local economy structures that allow goods and services a community needs to be produced locally. This strengthens community cohesion and leads to improved health and well-being. Local economies make caring for each other and the land part of daily life.
The potential for Clockwise Credit Union, as one of the largest credit unions in the UK, to increase its impact is incredible from financial education to community development, poverty reduction and improved mental health. Credit Unions shift power and resources from global corporations to local people.
Resources
See our blog on the SROI evaluation output for Clockwise Credit Union that compares the outcomes
with Donore Credit Union whose SROI was completed by Sandra Velthuis, Whitebarn Consulting
highlighting the social value and impact was similar but not the same.
https://kai-zenglobal.com/valuable-a-tale-of-two-credit-unions/
See our article published in Pioneers Post, ‘Why Credit Unions are Worth Every Penny’.
https://www.pioneerspost.com/news-views/20201015/why-credit-unions-are-worth-every-penny-
and-much-more