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?CoE proposes savings clubs for schools

14/11/2014 Joanna
The Church of England (CoE) has proposed the introduction of a network of savings clubs in the nation's primary schools. 

This comes as part of a wider drive from the Church to raise the level of financial awareness. 

It was specified that the savings club initiative alone could provide pupils as young as four years old with practical experience of money management

A Task Group on Responsible Credit and Savings has been established by the Archbishop of Canterbury and is putting forward a range of plans for pilot schemes. 

These would see savings clubs administered by credit unions in primary schools in the hopes of encouraging small children to save money on a regular basis. 

In addition to this, children will be given the chance to manage these clubs as either junior cashiers or bank managers, with classroom teaching materials reinforcing the practical experience they would gain here. 

Areas such as understanding the role money plays in our lives, how to manage money and accounting for the risks and emotions associated with money would be among these proposed teaching materials. 

Other practical ideas such as charitable giving and fundraising would be provided, with parents and teachers both permitted to join the credit union. 

This would form part of a "whole-community" approach to the programme, which could also incorporate dedicated accounts for school or family-related expenses such as uniforms and school trips.

Archbishop of Canterbury Justin Welby welcomed the proposals, emphasised how much of a central role money plays in daily lives. 

"That is why I strongly support this exciting initiative to encourage children to develop positive attitudes towards money and the habit of saving," he commented. 

"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," he continued.

Posted by Tim ColmanADNFCR-2164-ID-801760312-ADNFCR
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