Young pupils learning it pays to save at school club
CHILDREN in the Llynfi Valley have got more money in their pockets this summer thanks to an innovative scheme which saw them save a total of more than £13,000 in five months.
As members of the Plasnewydd Primary School savings club, set up with the help of the Llynfi Valley Credit Union (LVCU), more than 100 pupils aged from four upwards have been saving for trips and treats by putting as little as a few pence aside each week.
Deputy head teacher Michelle Young said teachers and credit union volunteers have been impressed by the children’s commitment to saving something every week ever since the club opened in February.
She said even the teachers have joined and are saving up.
“They have done really well in such a short space of time and it’s not all about bringing in (£10 or £20) notes,” she added.
Since the club’s inception in February, Tuesday has become savings day at the Castle Street school, with children lining up in the morning to pay their money into volunteers Joanne Fry, Leanne Purnell and Lynne Healey.
Family engagement officer Alison Davies is the club’s co-ordinator.
John Hughes, of the LVCU, which provides savings accounts and affordable loans for the community, said they hope the club will help get the children into good habits, teaching them that they can save up for something, rather than relying on loans and credit.
“One boy saved 6p one week and others come in with just 20p,” he said.
“But since February they have saved £13,126. It’s about kids being part of something they wouldn’t normally be part of.”
Savers, including the teachers, all get their own savings club book.
Volunteer and grandmother Lynne said the idea has really captured the children’s imaginations and their excitement shows when they queue up every Tuesday.
“They ask one another how much they have got (in their account) and what they are saving today,” she said.
John said most of the children have been saving for trips to Folly Farm, Al- ton Towers and for treats during the holidays.
And he added the sixweek break was no excuse for them to stop saving, as pupils have been invited to continue paying money in weekly at the LVCU office on Talbot Street.