Over 2,ooo pupils in Haringey starting secondary school in September will be given their own savings account.
It’s part of a new initiative to encourage children to start saving from an early age. Each account will be opened with a donation of £20 from the council and London Capital Credit Union to promote saving as a way of avoiding debt problems in later life.
LCC News spoke to parents in Haringey and one mum said she’s worried her son couldn’t be trusted with cash. But this new scheme could teach her child to be more responsible.
The secondary school savings acount plan is a Labour policy but Haringey Lib Dem Councillor Katherine Reece told LCC News that although she has concerns for the plan, she supports and welcomes it.
The scheme will cost the council around £60,000 per year and the council hopes to continue the scheme year-on-year for all year seven pupils.
For more on this story, click on the link below.