The Church of England has proposed a new scheme which hopes to help children as young as four to learn about finances and saving money.
The proposal, which will see the introduction of ‘saving clubs’ introduced in primary schools will allow children to save small amounts of money on a regular basis which will in turn hopefully help them to manage their finances and avoid heavy debt, and ‘pay day loans’ in the future.
The savings clubs will also give pupils a chance to run the clubs as junior cashiers and bank managers.
A recent study by The Children’s Society found that nearly two thirds of children get their first bank account before they begin secondary school, and two thirds of 15-year-olds, have a debit card, highlighting the need to teach children about money from an early age.
“With children making financial choices at an even younger age, and regularly exposed to advertisements for credit, it has never been so important to ensure that children learn about debt and money management from an early age,” the charity said.
The scheme will also include teaching resources which will cover topics such as money management, risk management and understanding the role of money in our lives.
It will be piloted by the Church of England at nine Church of England schools in three areas, and they hope to secure funding from the government and private firms in order to expand the scheme to 100 schools.
A seed fund of £1 per child per term will also be introduced for all pupils who want to join.
Parents and staff will also be able to partake in the scheme.
Archbishop of Canterbury, The Most Reverend Justin Welby who proposed the scheme said:
“I strongly support this exciting initiative to encourage children to develop positive attitudes towards money and the habit of saving.
“One in four primary and middle schools are Church of England schools, so this programme has the potential to make a significant difference to the lives of millions of children and future adults.”
The Chairman of the task group Sir Hector Sants added: “Savings clubs can transform lives through helping establish a responsible approach to money from an early age.
“This programme would also strengthen communities through building links between schools, churches and credit unions, and is part of the Church of England’s broader initiative to support the development of a larger, vibrant and more sustainable community finance sector in this country.”
