Ethos Public Relations Manchester

ABCUL report encourages saving in secondary schools

by Ethos public relations

A new research report commissioned by ABCUL – the Association of British Credit Unions – looks at ways of encouraging saving in secondary schools.

The new report, ‘Encouraging saving in secondary schools’, sets out recommendations for creating successful and sustainable partnerships that allow young people to build their financial skills through practical experience of money management and examines the benefits of credit unions working with secondary schools to achieve this.

The research, which was carried out by ECOTEC Research and Consulting, showed that credit union projects are both viable and worthwhile in secondary schools, with promising evidence of positive outcomes of pupils’ money management, confidence and communication skills.

Speaking at the launch of the report, at a reception of the All-Party Parliamentary Group (APPG) on Credit Unions, Minister for Pensions Steve Webb MP said: "The Government is working hard to reinvigorate credit unions in Britain, but we recognise that a number of groups have a role to play in expanding credit union services including banks, the private sector, charities and organisations such as ABCUL. As Pensions Minister I have a natural interest in encouraging saving, and this research out today is a welcome addition to this debate."

Damian Hinds MP, Chair of the APPG on Credit Unions, added: “The research highlights the valuable role that credit unions can play in teaching secondary school children the importance of money management. This demonstrates how community organisations such as credit unions can actively help people take control of their lives.”

The report was sponsored by Home Retail Group as part of their ongoing programme to support the local and national communities in which they operate.

Cathryn Cotterill, Head of Regulatory Compliance, Home Retail Group, said: “We are excited by the possibilities of giving young people an opportunity to ‘learn through doing’, making real decisions about managing their finances. We hope that this report will encourage credit unions to form successful partnerships with secondary schools so that pupils can benefit from active participation in such schemes.”

Mark Lyonette, Chief Executive of ABCUL, added: “There is a growing interest amongst credit unions to work with secondary schools, which reflects new opportunities in the curriculum. Our research showed that credit unions, with their ethical and co operative credentials, are particularly welcomed by school staff as an alternative to the role of high street banks in supporting financial education within the curriculum.”

A copy of the report is available for download at:
http://www.abcul.coop/media-and-research/research/creditunionsandschoolsreport.

Posted at 16^th December 2010