Owned By You
The Benefits Of Mutuality
Mutuals are founded on a premise that strikes a chord with the consumer conscience
While some big names in finance have struggled, the mutual sector is growing in strength despite the challenging economic times. Today, UK mutuals are big business. They account for £100 billion in revenue every year and affect the lives of more than one in every three UK citizens. More than 25 million people are members of at least one mutual*.
That’s largely because the mutual ethos strikes a chord with people’s conscience today. As British consumers are demanding greater transparency and seek out socially responsible and financially viable organisations, the mutual core values of trust, mutual benefit and ownership ring true. In fact, mutuals present a refreshing alternative to companies putting profit above everything else.
Mutuals are good for the markets
Financial mutuals exert competitive pressure on profit-seeking companies. One lesson from the economic recession is that a stable mutual sector protects the UK economy from large fluctuations experienced in stock markets.
Mutuals are popular too
At a time when so many have lost their faith in banks after seeing some big names collapse, people are deciding they like mutuals. In businesses that are owned by employees, staff satisfaction levels are significantly higher than in the wider economy. But that’s not all. Independent surveys reveal that customers report higher levels of satisfaction with mutuals, proving that staff working for mutuals work harder when their customers (and they themselves) actually own the organisation they work for.
*source: The Mutuals Yearbook 2013