Pentecostal Credit Union launches new product for young savers

‘GiftBox! is a product that will make them aware of the benefits of being part of the PCU as well as increase their awareness of financial matters’

A London-based credit union is looking to encourage saving habits in millennial and gen Z members with a new financial product.

Pentecostal Credit Union was launched in Balham in 1980 by the Rev Carmel Jones, a member of the Windrush generation of immigrants to the UK from the Caribbean, to provide services to black people facing financial exclusion from the tradiitonal banking system.

All its members have an association with the Pentecostal Church Movement in Great Britain.

In a bid to encourage younger generations “to save, increase their financial acumen and generate wealth,” it has launched GiftBox!, its latest financial product.

Launch attendees included leading young influencers, creatives and entrepreneurs who heard talks from Jerran Whyte, founder of Belvedere Wealth Management, Jemma Regis, of Jemz Cakes and Shane Bowes, CEO of the PCU and GiftBox!

The PCU has been in existence for 42 years,” said Bowen, and has provided financial services for the Windrush Generation and their children. We now want to reach millennials and GiftBox! is a product that will make them aware of the benefits of being part of the PCU as well as increase their awareness of financial matters.”

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Gift Box will provide those who join with the same financial services as Pentecostal Credit Union members, and will also seek to foster community among members by hosting networking events and masterclasses on subjects like finances, entrepreneurship and wealth creation.

“PCU recognises that a sense of community and relationships are very important for millennials,” added Bowes. “GiftBox! aims to foster both by providing a range of in-person and online events so that members can learn, build relationships and generate wealth.”

“The PCU is keen to build on its legacy of providing financial products that meets the needs of the Pentecostal community and the up-and-coming generation. GiftBox! is one way for us to do so.”

With thanks to Miles Hadfield, thenews.coop

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