Credit Unions of Wales School Savings Schemes are a practical and fun way to help children learn financial responsibility.
They not only encourage children to get into the habit of saving but help them develop their numeracy skills and understanding of personal finance.
Run in primary and secondary schools, the savings schemes can be set up with a coordinator from your local credit union.
Once the club is up and running, it is usually organised by the pupils themselves as junior cashiers under the supervision of a teacher, member of school staff or parent.
Together they take deposits and count up the savings before it is passed to the credit union.
There’s no charge to the school for setting up a savings club and pupils can save as little as they want because every penny soon adds up. Maybe they are saving for a school trip, spending money for a summer holiday or a new game? As adults, we know that waiting and saving up for the item makes it even better when you get it!
Along with helping children to learn the concept of saving, the clubs have other benefits including:
- Numeracy skills;
- Book-keeping and basic accounting;
- Record keeping;
- Organisational skills.
Not only is this a great opportunity for schools to have a positive impact on creating a good financial ethos for the future generation, but is also welcomed by school inspectors.