Church of England plans savings clubs in primary schools
New clubs will teach children as young as four about money.
The Church of England has put forward proposals to form a network of savings clubs in primary schools.
These would be run by credit unions and would be designed to help raise financial awareness in children as young as four.
Under the plans children would be able to save small, regular amounts of money. They would also be given the chance to take part in running the operation, as junior cashiers or bank managers.
Parents and school staff would also be eligible to sign up to the savings clubs, with the opportunity to form dedicated accounts to save for things like uniforms or school trips.
The Church says this practical learning would be reinforced with classroom teaching, which would cover topics like how to manage money and promote values such as generosity through charitable giving and fundraising.
The plans have been put together by the Archbishop of Canterbury’s task group on Responsible Credit and Savings. The group was set up earlier this year following the Most Reverend Justin Welby’s pledge to put payday lenders like Wonga out of business.
A credit union is a non-profit co-operative, usually set up by local groups or communities, which members can save with or borrow from. For more read Credit unions explained.
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Rollout
The task group is seeking funding from the Government and other sources to launch a pilot scheme in Church of England primary schools across three areas initially.
If successful the scheme could be extended to primary schools across the country, starting with those run by the Church.
The Archbishop of Canterbury, Justin Welby, said: "How we think about and use our money is central to a fulfilled and contented life. That is why I strongly support this exciting initiative to encourage children to develop positive attitudes towards money and the habit of saving.
"One in four primary and middle schools are Church of England schools, so this programme has the potential to make a significant difference to the lives of millions of children and future adults."
Children and money
The Church of England’s savings club proposals are supported by research released today by The Children’s Society.
The report, Supporting young savers: the case for savings clubs in schools, argues that children need financial education from an early age as they face increasingly complex financial futures.
It argues that children and young people are forced to start making financial decisions from an early age as a result of things like online shopping and mobile phone contracts, with many financial habits formed by the age of seven.
The report adds that children have "high levels" of exposure to debt, with research showing that more than half of children aged 10 to 17 years old said they have seen advertising for loans "often" or "all of the time."
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