Glasgow school pupils given £10 savings accounts
- 8 January 2014
- From the section Glasgow & West Scotland
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.