Children in the North East are now saving for a rainy day after the launch of the LifeSavers programme in local primary schools.
The availability of instant loans, rising household debt and one-click online shopping are all features of the financial system that children and young people growing up today will have to navigate and negotiate Therefore it has never been more important to equip children with the knowledge and skills to manage money wisely and start a regular savings habit. This is at the heart of the LifeSavers programme which is supported by local credit unions, like Hexham based ‘Tynedale Community Bank’.
The Bishop of Newcastle, the Right Reverend Christine Hardman, helped to launch the scheme in Shaftoe Primary School, Haydon Bridge – one of 30 primary schools across the country participating in the LifeSavers programme this year. Four other schools in the Tynedale area have signed up to be part of the programme.
Pupils will receive regular financial education lessons on topics including; earning, saving and spending money, and have the opportunity to join the school savings club. Some children have trained as ‘bank managers’ and will help run the weekly savings club sessions.
Lauren Langton, Manager of Tynedale Community Bank which is supporting the school savings clubs, explained why they were keen to support the programme:
‘It’s never been so important to teach the younger generation about finances and how to manage their money wisely. It’s early days, but parents have told us that they have been amazed by the interest and enthusiasm shown by the children – some of whom have started saving their pocket money.
Tynedale Community Bank has a local, values-based approach to banking. We want to provide accessible savings and loans in the community and for the community. This is why we’re so excited to be part of the LifeSavers programme – supporting LifeSavers perfectly ties into our values-based approach to helping people save and get by.’
Find out more at lifesavers.co.uk