Iddesleigh, Devon, England 2nd May 2022. The Iddesleigh Men's Friendly Society founded was founded on August 20th 1838 as a means of providing sick pay and funeral benefits before the advent of the National Insurance scheme under the Welfare State after the Second World War. The society holds its Club Day annually on the Early May Bank Holiday, with a church service and a march. Friendly or Mutual Societies were set up with a membership offering financial and social services and became very...
more »Iddesleigh, Devon, England 2nd May 2022. The Iddesleigh Men's Friendly Society founded was founded on August 20th 1838 as a means of providing sick pay and funeral benefits before the advent of the National Insurance scheme under the Welfare State after the Second World War. The society holds its Club Day annually on the Early May Bank Holiday, with a church service and a march. Friendly or Mutual Societies were set up with a membership offering financial and social services and became very popular in the 19th century. The Society took on risk and acted as an insurance company for sick leave, pension or loss of earnings in general. The paid membership created a pot of money and the Society was able to draw on this to help is members through hard times. It helped to empower low paid workers providing a safety net against exclusion due to inability to work. Some Friendly or Mutual Societies developed into Credit Unions and large insurance institutions and exist to this day. They are regulated under laws governing financial services
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