A network of savings clubs in primary schools which could give pupils as young as four years old practical experience of money management is being proposed by the Church of England as part of a drive to raise the level of children’s financial awareness.
The Archbishop of Canterbury’s Task Group on Responsible Credit and Savings is putting forward plans for a pilot scheme where savings clubs administered by credit unions in primary schools would encourage children to save small, regular amounts of money.
Children would also be given opportunities to take part in the running of the savings clubs, as junior cashiers or bank managers and their practical learning would be reinforced by classroom teaching materials.
The proposed teaching resources would cover areas such as understanding the role money plays in our lives, how to manage money and managing risks and emotions associated with money. The teaching pack would provide practical ideas for schools to promote values such as generosity including charitable giving and fundraising.