Pupils at Walthamstow School for Girls have set up their own bank – but thankfully don’t intend to pay themselves whopping great bonuses.
A team of 11-14-year-olds were trained by the charity MyBnk to encourage fellow pupils into good financial habits by offering accounts and loans of up to £40. Using real money, the bank opens once a week at lunchtime and is accessible online.
Opening an account on launch day was Waltham Forest mayor Saima Mahmud. Scores of young people deposited a total exceeding £100, or an average of 59 percent of their pocket money.
The young volunteers will decide who to invest in and run incentivised savings and business start-up drives. This is backed up with financial education workshops covering everything from tax and pensions to student finance and social enterprise.
Walthamstow joins two other London school banks, to help young people prepare for their financial planning as adults.
One 12-year-old saver, Amy, said: “I opened an account with £2 and I think it’s important to save so you don’t have to worry about your parents spending all of their money on you!
“I would like to buy things for myself and be independent.”
Cllr Mahmud added: “This is a fantastic initiative. It’s never too early to start thinking about managing your money. It gives you a sense of independence and confidence that you are your own architect of your future.”
For more information visit http://mybnk.org