Foresters Friendly Society’s new video explains what friendly societies are all about
Tuesday, August 11, 2015
With trust in the ‘big banks’ at a low, the UK’s friendly societies have an important role to play when it comes to savings options. Foresters Friendly Society’s new video shines a spotlight on friendly societies and explains what they are all about.
“Foresters, as well as other friendly societies, offers a genuinely helpful solution for those who don’t have a lot of money to put away, but still want to save for the future. We wanted to make it easy for savers to work out where Foresters and friendly societies fit in the bigger scheme of things and a video is an ideal way to convey that information.” says Paul Osborn, Foresters Friendly Society’s Chief Executive.
In a climate where only 32% of consumers trust retail banks, and that figure falls to just 15% for investment banks (as reported by PwC), the video aims to demonstrate how friendly societies, such as Foresters Friendly Society, offer a genuine alternative for those looking for a customer-focused savings organization. The video highlights three key points:
1. Friendly Societies have a good story to tell
Friendly Societies’ origins date back to the days before the welfare state, when a group of people got together to contribute to a mutual fund that they could then receive social and financial support from in times of need. Today, that principle still stands and Foresters Friendly Society offers financial services with a member benefits package focusing on healthcare, educational support and discretionary financial assistance, at no extra cost.
It’s a positive story, particularly when consumer confidence in financial organisations is, at times, still shaky.
2. No shareholders means profits are used for customers’ benefit
As a mutual, member-owned business which takes a responsible, long-term approach to savings and investments, Foresters Friendly Society has no shareholders, . With no shareholders to pay, any profits made are instead used for the benefit of Foresters policyholders (otherwise referred to as members) in the form of policy payouts, a member benefits package (which includes a 24-hour GP consultation service) and through the provision of excellent customer service.
3. Affordable saving
Foresters focus is on medium to long-term savings and investment plans that are simple and affordable. The Society aims to make saving for the future an attainable goal for as many people as possible, with a return that has the potential for more growth than that offered by a traditional interest-only cash savings account but is less risky than direct investments into stocks and shares.
To find out more about what a friendly society is and how they differ to other financial providers, watch Foresters Friendly Society’s video.
- The membership benefits Foresters Friendly Society provides aren't regulated and are regularly reviewed to ensure they are relevant to the Society’s members.
- The value of investments may go up or down and for some products policyholders may get back less than they have paid in.
Update: As of 1st January 2017 the GP Consultation Service is no longer available.
The PwC report, How financial services lost its mojo – and how to regain it, October 2014.