Encouraging young people to save for the future
Stevenage MP Barbara Follett officially opened Stevenage Credit Union’s Young Savers Club at Peartree Spring Junior School on Friday 24th June.
Stevenage Credit Union was first formed in 1995. It is a non-profit making organisation that allows local people to save money, and also to borrow money, up to £5,000 at a reasonable rate of interest.
The Credit Union has set up this savings scheme for children – the Young Savers Club – to try and encourage children to get into the habit of saving. The children go to the collection point every Tuesday after school and can deposit as little, or as much, money as they want to. Each week when they save they collect stickers and when they reach 4, 8 and 12 weeks they gain small incentives like pencils and pens.
The children at Peartree Spring have really taken the idea on board and the school as a whole has managed to regularly save £150 to £200 each week. On average, each child saves a pound, but this varies from week to week.
Mrs Follett said “The earlier you start the more you can save. This is our message to young people. I am grateful to the Credit Union for the good work that they are doing in this area”.
The scheme does not create extra work for schools or Headteachers as all the administration is carried out by the Credit Union. Further information can be obtained from Alison Rose on 01438 740 844.
Issued: 28.06.05
Further information
Please contact Faye Bunch via the 'Contact' page, or by fax on 020 7219 1158.
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