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International Day of Cooperatives 6 July

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international day of cooperatives seeks to celebrate the merits of the cooperative model

An annual celebration since 1923, the International Day of Coopertives is an event which highlights the merits of the cooperative model. 

Since 1995 the United Nations and the International Cooperative Alliance have worked together to promote this event and create an annual theme to celebrate cooperatives and their contributions to communities around the world.

The cooperative model focuses on people-centred and self sustaining enterprises and as a result exemplifies sustainable development as well as ethical values and principals. The credit union or mutual bank model is a member-owned financial cooperative, one which is controlled by its members and operated on the principle of people helping people, providing its members credit at competitive rates in addition to various other financial services.

Endeavour Mutual Bank has welcomed the theme for 2019’s United Nations International Day of Cooperatives, ‘COOPS 4 Decent Work’ on Saturday July 6.
   The theme for 2019 recognises how cooperatives create a decent working environment for their employees and contribute to better working standards for the communities they serve.

 Endeavour Mutual Bank is one of Australia’s 72 customer owned banking institutions that uses 100 per cent of profits to benefit customers.

Endeavour Mutual Bank CEO Mark Worthington says Endeavour Mutual Bank is proud to be a cooperative that creates jobs in the community.
“One of the strengths of the customer owned model is that we employ local people and give back to local communities”.

“At Endeavour Mutual Bank we have 10 branches in communities to serve our customers and help them achieve their financial goals.
“Part of being a customer owned banking institution is being part of the community”.

According to a recent estimate published on the United Nations website, cooperatives are the main source of income for more than 279 million people globally which equates to almost 10% of the world’s total working population.  

The cooperative banking model is the only alternative to the big banks that can claim it is solely customer focused, with100% of profits used to benefit customers.  Unlike a major bank, Endeavour is not a publicly listed company and as such does not have a financial responsibility to shareholders. This is just one of the many benefit of belonging to a mutual and allows Endeavour to focus on its one and only objective: increasing the value it offers to its members and their local communities.

For more information about Australia’s customer owned banking institutions visit: www.customerownedbanking.asn.au/

Alison Gallagher is a freelance writer, resourcefulness expert and entrepreneur. She has been featured in various publications including Stellar Magazine, Australian Health and Fitness Magazine, and Cleo Magazine. Alison is particularly passionate about sharing practical tips on how to live simply, sustainably and seasonally.