Local school launches credit union
A local school in Eastbourne are the first to launch a credit union that will be managed by pupils and staff. Launched in partnership with the East Sussex Credit Union, students at the local comprehensive, along with their parents and staff, will be able to access their account whilst at school.
Causeway School is committed to promoting the general wellbeing of their students and they wanted to introduce a 'Schools Savings Club' to encourage them to learn the habit of saving and to get used to dealing with money in a practical situation.
This local initiative is being supported by Gene Payne, Head teacher of Causeway 'As an education provider it is important that all our students learn skills for life. Credit Union Account gives a simple and effective way to save and encourage the development of good money management skills for their future.'
They are looking to involve students in the running of the scheme where they will be given the experience of record keeping, mathematics, and dealing with money. They are also looking for as many students as possible to start saving, however little, in order to learn the importance of saving.
There is a huge amount of evidence to show that people who learn the savings habit as children are far less likely to face financial problems as adults.
This scheme is being operated in conjunction with East Sussex Credit Union, a not for profit savings and loans co-operative, that promotes saving and the wise use of money. The credit union is authorised and regulated by the Financial Services Authority and all savings are 100% guaranteed.
The credit union will be open during break times and lunch times at the School shop.