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19/12/16 09:55

Further investment for junior savers

Credit unions to get share of funding pot.

A second round of funding worth £100,000 will be available to credit unions across Scotland, to help encourage children to manage their money.

The funding will allow credit unions to set up projects in schools, where they can help raise awareness of financial issues from a young age and encourage young people to budget and save.

Communities and Equalities Secretary Angela Constance made the announcement while visiting a successful junior savers scheme at St Patrick's R.C. Primary School.

She said:

“I’m delighted that credit unions will have another opportunity to apply for funds to support junior savings schemes. This will help ensure more children growing up in Scotland have an understanding of finances, saving and managing money.

“Across the country many credit unions are already working with schools, giving children access to money advice and bringing maths to life. I’ve seen for myself this morning how successful these projects can be in helping provide vital financial education.”

Lynne Belton, from Falkirk and District Credit Union, said:

“We were pleased to receive the funding through the Scottish Government junior savers fund during the last round of funding. This is allowing us to expand the services we already locally and encourage saving from an early age.

“Young people have to make sure balances add up at the end of each session we run. By involving them in these collections, they learn valuable ownership and money skills.”

There are currently around 100 credit unions in Scotland, with a combined membership of 387,000 while 7% of the Scottish population are enrolled in a credit union, compared to only 1.5 % in England, and 2.6 % in Wales.