Our latest FoodSavers stats show that at the end of October (it takes us a little while to crunch the numbers) we had 237 members saving in a Credit Union account in their name – up from 148 the previous quarter – with the amount in those savings accounts more than doubled to £8.7k. That’s £8.7k of savings that didn’t exist six months ago for people, many of whom have never had savings before.
These figures represent our first thirteen pantries, and we’ve opened more since then – with more in the pipeline for January launches.
FoodSavers members pay a membership fee each week they attend their local pantry or social supermarket, typically £5-6, which allows them to take home a decent amount of shopping – food items, household supplies and toiletries depending on availability – as well as other benefits, including the opportunity for £1 of their membership fee to be invested into their Credit Union savings account at no extra cost to them. As well as providing affordable food, FoodSavers aims to build budgeting skills and a savings mentality so that individuals can become more financially resilient and able to face future crises.