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Originally launched as a project of the Big Issue Foundation Scotland, Grand
Central Savings (GCS) is now an independent stand-alone charity.
The
launch in 1993 of The Big issue in Scotland had led to thousands of homeless
and vulnerably-housed people gaining a source of income, many for the first
time in a period of years. However, it soon became apparent that the money
was not enough on its own.
Without access to a bank account (and homeless people found it virtually
impossible to open one), it was very difficult to save money for the most
basic of needs, such as a deposit to rent a flat. The individual was faced
with either carrying around a growing pile of money and risk getting mugged,
or else hiding it under the bed in their hostel and risk it being stolen.
Under such circumstances, it was often easier not to even attempt to save.
It was clear, that without access to some form of banking facility and the
opportunity to save and plan, there was little hope of the average homeless
person to get out of their predicament.
It
was this dilemma that provided the incentive for the launch in 2001 of GCS,
supported by Bank of Scotland.
In
March 2008, GCS was floated off from the Big Issue group of companies as an
independent charity. This move followed the recognition that the facility
arranged by GCS would be of benefit to a far larger section of the community
than just those who were homeless. |
