At the end of each year, we ask co-operators from around the world to reflect on their organisation and sector – and this year, on the UN 2025 International Year of Cooperatives theme: Co-ops Build a Better World. All 2024 Q&As will be added here shortly.
How do co-ops build a better world?
Our members (building societies and some of the larger credit unions) are businesses that share their benefits with their members/customers, and the communities they are based in.
Building societies and credit unions help people with their finances. Building societies specifically help people save and build their financial resilience. This helps people feel better, be more productive in the workplace and weather those unexpected financial storms. Building society savers have received over £5.5bn more in interest between 2016 and 2022 than they would have received if building societies paid the average market savings rates. That’s the difference mutuality makes.
Building societies also help people to buy a home. Our members don’t just provide standard mortgages. They are some of the largest lenders to first time buyers. They are specialist lenders for the self-employed, for shared ownership or for self and custom builders.
Rooted in their communities our members are committed to their branches. Back in 2012 they had 14% of the UK’s branch network, while they now have 30%.
What should the International Year of Cooperatives achieve – and how is your organisation working towards that?
The UN International Year of Cooperatives is a great opportunity to showcase the benefits of co-ops and mutuals and to celebrate the variety of businesses
we have.
Coincidentally 2025 is the 250th anniversary of the first building society, so we are celebrating that too. The history of people coming together to support each other to improve their housing situation, becoming homeowners and gaining the right to vote (yes, really!) absolutely reflects what co-ops and mutuals are
all about.
We will be celebrating throughout 2025 and across the UK. One of the highlights will be our annual conference in May in Birmingham, and as part of that we will host the European Association of Co-operative Banks’ Global Banking Summit and General Assembly.
