Young savers learning about value of money

Mayor Norma Redfearn with young savers from Western Community Primary School and Fran Hale from First Class Supply.
Mayor Norma Redfearn with young savers from Western Community Primary School and Fran Hale from First Class Supply.

Youngsters are being taught the value of saving money.

Savings clubs have been set up at Hadrian Park and Western Community primary schools, in Wallsend, to help encourage children to form good financial habits.

It is part of a pilot scheme with North Tyneside Employee Credit Union, with children saving a little every week.

The children can earn a dividend on the money saved rather than simply keeping their money at home.

Mayor Norma Redfearn said: “Studies have shown that children’s attitudes to money are developed long before they reach secondary school and they need to get into the savings habit at an early age to help them understand the value of money.

“This then encourages them to keep saving for their future and hopefully allow them to become ‘money wise’.

“Ensuring all our children have the academic and life skills they need to flourish and thrive in life is a major priority for this council and projects such as this with the credit union unions play an important role.”

The scheme has been sponsored by First Class Supply Teacher Agency of Whitley Bay.

Director Steph Boulton said: “First Class Supply are delighted to be proud sponsors of the North Tyneside Savers Scheme.

“It is a fantastic initiative, encouraging young people to save, and we look forward to sponsoring more local schools as the scheme progresses.”