Glasgow school pupils given £10 savings accounts

All first year secondary school pupils in Glasgow are being given a credit union account by the council

Related Stories

Glasgow City Council has launched a scheme which will see every first-year pupil in secondary school receive a savings account and a £10 deposit.

The council said its Future Savers scheme, working with the city's credit unions, is the first of its kind in the UK.

It is intended to encourage financial responsibility and "halt the rise of high-cost payday lenders".

Every secondary school has been matched with a credit union.

In the first year of the scheme, more than 4,000 S1 pupils will be eligible.

The project was launched by city treasurer Councillor Paul Rooney.

Mr Rooney said: "What we want to do with this project is give every young Glaswegian a safe and secure relationship with a credit union that is responsible to its members and to its community.

"Straight away, they will start to learn about managing money and will have the opportunity to save.

"And if, years from now, they decide they need to borrow; they will also have access to a lender that knows them well and will help them - rather than simply see them as an opportunity to turn a profit."

The city's campaign against payday lenders also includes a ban on leasing council property to them.

More on This Story

Related Stories

The BBC is not responsible for the content of external Internet sites

BBC Glasgow & West

Weather

Glasgow

7 °C -1 °C

Features & Analysis

Elsewhere on the BBC

  • TravelAround the world

    BBC Travel takes a look at the most striking images from the past seven days

Programmes

  • A bicycle with a Copenhagen WheelClick Watch

    The wheel giving push bikes an extra boost by turning them into smart electric hybrids

Try our new site and tell us what you think. Learn more
Take me there

Copyright © 2015 BBC. The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.