MSE News: Church of England proposes school savings clubs

Children as young as four are encouraged to join savings clubs as part of a bid to prevent them relying on payday loans...
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Church of England proposes school savings clubs

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  • Good for them :)
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  • worried_jimworried_jim
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    I am no fan of any Church or organised religion but this is a brilliant idea.
  • PincherPincher
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    Hmm, who is going to spend all their time administering this stuff?

    If it was a success, and hundreds of pupils decide to save £1 a week, it's almost a full-time job. In middles class areas, the parents are going to ask for Junior ISAs, which becomes a major compliance exercise.

    I would say, the church should just design and make a piggy bank, and give it away for a donation. A piggy bank in the shape of Jesus is not multi-denominational, and a pig would offend the Muslims, a Batman would be subject to copyright. A house! Saving towards a house, a perfect reactionary bourgeois aspiration.
  • jjlandlordjjlandlord
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    They can do what they want at CoE schools, but they should stay well clear of state schools.
  • The school I used to work in, the local Credit Union had an outlet for years.

    Every Tuesday, 8.20-8.45 the bank was open. Credit Union staff ran it. Kids got a special money box if they put in 10 deposits, which was presented in assembly.

    Not sure it's still going, but glad that CofE are trying to roll it out as the kids loved seeing their money grow.
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  • jjlandlord wrote: »
    They can do what they want at CoE schools, but they should stay well clear of state schools.

    Saving is just for kids at Christian schools then?
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  • kathrynhakathrynha Forumite
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    bylromarha wrote: »
    The school I used to work in, the local Credit Union had an outlet for years.

    Every Tuesday, 8.20-8.45 the bank was open. Credit Union staff ran it. Kids got a special money box if they put in 10 deposits, which was presented in assembly.

    Not sure it's still going, but glad that CofE are trying to roll it out as the kids loved seeing their money grow.

    I remember saving through school back in the early 80s. Think it was through the local credit union. Had a little book in a plastic ziplock bag, and I took it in to school with some money in every week.
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  • SuiDreamsSuiDreams Forumite
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    kathrynha wrote: »
    I remember saving through school back in the early 80s. Think it was through the local credit union. Had a little book in a plastic ziplock bag, and I took it in to school with some money in every week.

    We had a weekly savings club in the 80's as well, Money was all deposited in Yorkshire Bank. Once the schools stopped this my Dad carried it on in a different Bank, and let me deposit my money myself in the Bank, while he was doing his own banking.

    The money came in very useful for collage and university.
  • ErrataErrata Forumite
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    In the 40's and 50's the Yorkshire Penny Bank had childrens savings accounts which were run in schools.
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  • LokoloLokolo Forumite
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    I had a passport book with Halifax when I was a kid, up to about 12/13. It must only be recent that these stopped (10 years) as I am only 26!
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