New school-based savings club at Holmer Lake School

26/06/2018

Pupils at Holmer Lake Primary School in Telford are about to become junior cashiers at their own branch of Just Credit Union.

Holmer Lake is setting up a new junior savings scheme in partnership with Just Credit Union, a not-for-profit, member owned, community bank operating in the area as well as throughout Shropshire.

Holmer Lake is working with Just Credit Union to provide its pupils with a school-based savings club that gives them the chance to deposit and withdraw small amounts of money on a regular basis.

Year 5 youngsters at the school will be the first to handle money for the savings accounts of their fellow pupils. They will spend an hour at the end of the day once a week collecting payments, completing savings cards and paperwork.

Just Credit Union say the savings club will offer pupils many practical learning opportunities about using and handling money that come from helping to operate the scheme.

Giving pupils the benefit of opening a savings account with a local financial institution will also help them develop budgeting skills and help them become a ‘critical consumer.’ Encouraging parents and carers to get involved in their children’s financial education by helping them to save and use money wisely is seen as an additional benefit of introducing the scheme.

The community bank hope that this latest initiative at Holmer Lake will encourage other schools to involve pupils in running their own savings clubs as junior cashiers or bank managers under the supervision of adult volunteers.

Just Credit Union’s Chief Officer, Karen Farrow, said “We are excited about working with Holmer Lake Primary School to offer pupils access to our credit union savings account. This is a great opportunity for these young people to develop additional skills as well as good financial habits from an early age which should last a lifetime. We hope that other schools across the county, who are not already offering savings schemes, will get involved.”

Karen added, “This new partnership ties in really well with our recently opened weekly community outreach branch in Brookside Community Centre, which is very close to the school, and demonstrates our ongoing commitment to working within our local communities.”

Siân Deane, Headteacher of Holmer Lake Primary School,  said “It is really important that from an early age our children learn the importance of saving for items that they want to buy.  Learning about money is a significant part of the curriculum and we want them to know that these life skills can make a real difference to their future.”

“Part of what we will be doing is helping the children to understand that over a period of time they can save for things they want and enjoy even more what they buy because they have worked hard at saving for them.”

Sian added,  “We are currently training Year 5 pupils so that they can help run the savings plan all of next year. We will then train new cashiers on an annual basis.”