The Junior Savers scheme, which is being run with Rainbow Savers Credit Union, is being piloted at King’s Hedges Primary School and North Cambridge Academy in Cambridge.
Junior Savers commenced at the end of last year and aims to explain and encourage saving, so that children develop good money management habits.
Each child who opens an account is given a financial incentive, funded by the council, through its Sharing Prosperity Fund. This is £5 for Key Stage One and Two pupils and £10 for Key Stage Three and Four pupils and the incentive must be matched by the child’s parents or guardians.
Savers are given a credit union passbook which they bring in when they want to deposit some money. They can put in as much or as little as they like. No withdrawals are allowed until the summer term.
At King’s Hedges Primary School, banking sessions led by Rainbow Savers volunteers have been taking place at the school on alternate Thursday mornings and are proving to be increasingly popular with the children. There are now 76 children paying in to their account regularly.
Cllr Richard Johnson, Executive Councillor for Communities, said: “Basic financial skills and an understanding of money are essential requirements.
“We hope that by helping to teach children and young people at an early stage, they will be encouraged to develop skills that will last a lifetime.”
Jan Howieson, Cambridge Co-ordinator for Rainbow Savers Credit Union, said: “Saving for the future helps make anyone feel in more control of their finances - it’s wonderful to see young people learning how to do it.”
Josephine Angel, Headteacher of King’s Hedges Primary School, said: “We are very pleased to be part of this new project, designed to inspire young people to save and learn vital financial skills for them to use into later life.
“We are encouraged by the amount of our children who have signed up to the saving scheme and we are reassured by the popularity of children attending the banking sessions that it is a positive action towards learning important lessons in saving money and gaining financial awareness.”
For more information about ChYpPS go to: www.cambridge.gov.uk/about-chypps
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Contacts
Cllr Richard Johnson (Labour group), Executive Councillor for Communities, email: richard.johnson@cambridge.gov.uk, tel: 07712 129529
Cllr Zoe O’Connell (Liberal Democrat group), Opposition spokesperson, email: zoe.oconnell@cambridge.gov.uk, tel: 07932 679179
Cllr John Hipkin (Minorities group), Opposition spokesperson, email: castleindependent@gmail.com, tel: 01223 564126
Debbie Kaye, Head of Communities, Arts and Recreation, email: debbie.kaye@cambridge.gov.uk, tel: 01223 458633
Paula Bishop, Children and Young People’s Participation Service Manager, email: paula.bishop@cambridge.gov.uk, tel: 01223 457872
Jan Howieson, Cambridge Co-ordinator for Rainbow Saver Anglia Credit Union ltd, email: jan@howiesons.co.uk, tel: 07434 940739
New scheme aims to nurture junior savers
4 March 2016
An innovative scheme led by Cambridge City Council’s Children & Young People’s Participation Service (ChYpPS) is helping children to learn the value of saving money.