Ayr pupils start saving for their futures

Jan 30 2009 by Edwin Lawrence

PUPILS in an Ayr school have had enough of the credit crunch.

And even though pocket money is said to be at a five-year-low, they aim to start saving.

Queen Margaret Academy now has its very own a branch of a credit union.

The branch is run by senior pupils, one lunchtime per week, to encourage youngsters to get into the habit of saving regularly.

Pupils will be able to pay in cash – or cheques if they’re lucky enough to have them – to add to their savings.

Pupil Sophie Morrison, 17, from Coylton said: “With the opening of a branch in our school, I think it will be easier to look after my pocket money.

“It usually goes really quickly. I never really thought about the importance of money before, but I now feel responsible and can’t wait to see how much I can save.”

Non-profit-making Scotwest Credit Union (SCWU) is behind the move into the school.

It is one of the UK’s largest credit unions with almost 22,000 members in the west of Scotland.

Queen Margaret Academy deputy head Sandy Yule said: “I am delighted we have opened a Scotwest branch within the school.

“I think it’s a great opportunity to allow our pupils to learn about how a financial institution operates.

“This branch will hopefully encourage all of our pupils to learn about the value of their own money and how best to manage it.

“I look forward to seeing the branch in full operation and the effect it has on pupils’ finances.”

Rod Ashley, chief executive of Scotwest, said: “In the current economic climate, it’s a great time to encourage young people to think about money.

“Spending beyond your means can happen at any age. Learning to save and control money is imperative at all ages.

“We hope all pupils benefit from an insight into how a credit union operates and gain great saving habits for future years.”