Mutuals: Then & Now
Kingston Unity is intensely proud of its traditions and our values today reflect our role as part of a historic movement. Friendly societies emerged in the UK in the 1700s as financial cooperatives for workers, and flourished in Britain in Victorian times and the first half of the 20th century. Essentially they involved groups of people – particularly working people – clubbing together to protect themselves against some of the ills and risks they faced that, individually, they would struggle to overcome (nowadays, anyone can join!).
The risks our forefathers were protecting themselves against could be anything from the death of a working animal, to loss of work through sickness or the funeral expenses of a family member. People made a small regular contribution that was within their means, to cover themselves in the event of a loss that would otherwise make life very hard for them financially.
Once, there were thousands of friendly societies, and most people would have been members. Because of their welfare role, many disappeared as state welfare improved, particularly after the NHS was established in 1948.
While social circumstances have changed though, many of the values that accompanied the setting up of the original friendly societies still prevail among those that exist today.
Today, friendly societies have been boosted by developments such as the growing need to cover some medical expenses, and products like the Government’s Child Trust Fund.
Consumers are also increasingly aware that, when it comes to financial products it is often with a friendly or other mutual organisation that you will find the best long term option.