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Government Encourages Young Savers with ‘Savings Clubs’

In 2014, the Government announced some major changes to the national curriculum, which were to focus on “the essential knowledge and skills every child should have”. This includes more of a focus on traditional disciplines such as spelling, a chronological approach to history lessons and hard scientific facts, as well as more modern elements like computer coding.

 

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It has now been revealed that the Government is also to fund clubs in primary schools which will teach the value of saving money and ‘personal finance’. The project will begin in six church schools, as it is part of the “Archbishop of Canterbury’s task group on responsible credit and savings”, and will then be rolled out to other schools.

The aim is to encourage children to understand how to look after their money and avoid debt problems in the future, by teaching good habits. The children involved will save small amounts of money on a regular basis, and be able to take on the role of ‘junior cashiers’ in their club. The classes will be practical too, and teach the dangers of rapid, careless spending and the “emotions associated with money”.

This isn’t the first instance of the Church of England targeting money problems as one of its causes, in December last year they announced the launch of their own credit union, which will officially be rolled out in February, in an effort to stop people borrowing from pay-day loan companies. Canon Antony MacRow-Wood, President of the Credit Union, wants to grow the sector and eventually make pay-day loan companies obsolete.

Financial education was introduced to the secondary school curriculum in 2013, so this move towards primary education will serve to teach good habits earlier.

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