Credit Union hub scheme approved
Money matters
South Lanarkshire Youth Council (SLYC) and Lanarkshire Credit Union have established the UK’s first‘ credit union hub’ specifically for young people.
Numerous schools in East Kilbride have set up credit unions and East Kilbride Credit Union has seen a staggering rise in the number of members in recent years.
At a meeting of the council’s Education Committee last week members fully endorsed the unique project and its aim of improving the financial literacy of 16-24 year olds, whilst breaking down the barriers that often prevent young people from accessing what is a predominantly older generation service.
Following on from a successful entry to the Money for Life Challenge in 2014 with the Valuable Information Penny savers( VIPs) project, SLY C members sought to learn more from high street banks and financial institutions on how they lend money, specifically to young people.
Lanarkshire Credit Union was quick to embrace the idea and invited SLYC members to make suggestions which resulted in the eventual establishment of the hub.
SLYC Members have also signed up to volunteer in the credit union to build their skills and knowledge which they hope top ass onto peers thorough workshops, open days and other community events.
Councillor Jea nM cKe own, Chair of the Education Resources Committee, said: “The aim of the hub is to positively impact on decisions made by young people by giving them the tools to make reasoned decisions about financial management, understanding the potential impact of borrowing, or getting into an unmanageable cycle of debt.”
This is the first partnership of its kind in the country.