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Funding for junior savers schemes


27 Sep 16

The Scottish Government has awarded almost £200,000 to help credit unions operate in schools.

The funding will be shared by ten credit unions across Scotland who will be able to devote more resources to existing and new activity with local schools in their area.

Additional funding will also be used to develop and produce a new Junior Savers toolkit which will provide booklets and online resources for both credit unions and schools to use to set up their own schemes.

Announcing the funding allocations, Cabinet Secretary for Communities, Social Security and Equalities Angela Constance MSP (pictured) said: “Credit unions provide safer and more secure opportunities for people to borrow money and are an alternative to payday lenders, so it’s only right that we should highlight their benefits to people from a young age.

“This funding will help credit unions set up schemes which will bring maths to life and give children an understanding of the importance of saving and managing money.

“Through the scheme and our new Junior Savers toolkit, credit unions will be able to work with schools to raise awareness of money issues. This early work can help to change behaviour, and ultimately play a role in our efforts to reduce inequalities.”

Solway Credit Union in Dumfries and Galloway has been awarded £12,000, and Development Officer Donald Thomson said: “We are delighted to have secured funding from the Scottish Government to expand our involvement with schools. The monies will be used to cover administrative capacity and promotional and marketing materials. We are already talking to three schools, and this is exactly the kick-start we needed to be able set up new school savings schemes for each of them.”

Yoker Credit Union in Glasgow has been awarded £20,000, and their Manager Martin McDermid said: “We will be able to offer a part time job and work with at least two schools offering literacy and numeracy training to pupils – who are our next adult members! – with the message ‘Save it, don’t waste it!”

Stirling Credit Union has also been awarded £20,000, and their Chair Gordon Stewart said: “We had previously made tentative moves to set up partnerships with a primary and a secondary school in Stirling, so we are delighted to receive this funding which will not only allow us to progress that work, but will also deliver the legacy of a toolkit which can be used to build sustainable partnerships with schools in future.”

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