Secondary school pupils will be given savings accounts
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Every child about to start secondary school in the borough is being offered a credit union savings account and £20 to start them off learning about financial responsibility.
The Hackney Council scheme is one of the first in the city that offers young people help to become more financially savvy, including help with budgeting, saving and handling money into adulthood.
Schools will also run sessions to ensure that it overlaps with the curriculum.
Every child that starts secondary school in Hackney in September will be eligible for the new scheme. The money will be paid into the account during the first year after transferring to secondary school.
Parents and guardians can apply to the credit union on behalf of their children.
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The council hopes this will also teach parents the true cost of borrowing and lessen the reliance that some parents and guardians have on pay day loans and, in some cases, loan sharks to pay their rent, purchase household items or to buy new school uniforms.
Deputy Mayor, Cllr Sophie Linden, said: “We want to help young people become smart and savvy savers as well be able to make sound financial decisions throughout their lives.
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“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.”
More information on the savings account will be available from Hackney secondary schools from September.
Parents can register interest by emailing with the subject ‘credit union’ to email@example.com