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Learning the value of saving
13/11/2008
You are never too young to learn the importance of saving and spending money wisely. This is the message Schools Minister Maureen Watt will be given tomorrow on a visit to Walker Road Primary School in Aberdeen.
Ms Watt is visiting to find out about the School Saving Service, operated by the North East Scotland Credit Union (NESCU) across five local schools. Under the scheme, children are encouraged to become members of NESCU and start their own savings accounts.
Ms Watt said:
"The Scottish Government wants all our young people to gain a good understanding of finances and the importance of effective money management.
"Through Curriculum for Excellence, our new approach to learning and teaching, we are placing a strong focus on the literacy and numeracy skills which will help children understand about managing budgets and the importance of affordability.
"The NESCU School Saving Scheme is giving children in the North East a real head start as they learn about the benefits of making savings. Particularly in these difficult economic times, it's essential that the new generation are able to develop the money skills which will give them a better start in life - just like the children at Walker Road Primary."
NESCU's School Savers Service is managed by local volunteers and has 500 members. The scheme is currently operating across five schools in Aberdeen - Walker Road Primary, Tullos Primary, Bramble Brae Primary, Westpark Primary and Quarryhill Primary. NESCU currently has 1,300 adult members with £500,000 in savings while NESCU provide £500,000 in loans.
Credit Unions are financial co-operatives owned and controlled by their members and can be joined by people living or working in the local area.