Hackney Council offers young people £20 to start saving
Every child about to start secondary school in Hackney is being offered a credit union savings account, with £20 to get them started.
Hackney Council is developing a scheme that offers young people a helping hand with their finances. It is being designed to help them to save and teach them about responsible financial behaviour including budgeting, saving and handling cash; and giving them the tools to manage their money well into adulthood. Schools will also run sessions to ensure that it overlaps with the curriculum.
The Council decided to develop a scheme because fewer young people than ever are saving, and the numbers are predicted to continue to fall. Advisors in Hackney, are also reporting that money management awareness is getting worse with each generation.
We want to help young people become smart and savvy savers as well be able to make sound financial decisions throughout their lives.
“We know that many young people have little or no experience of dealing with banks and financial matters whilst they are growing up. This can make it difficult when they do have to make decisions about money and other financial issues.
“By offering a savings account at a time in a young person’s life, when they can start to manage their own money, we hope to give them a helping hand and a start on the savings ladder