The Financially Capable Child
Successful learners
Make informed decisions
and choices about their
personal finances
Confident individuals
Manage money on a
day-to-day basis
Planning ahead
Choosing financial products
Making ends meet
CHEERS
FOR
Responsible citizens
Develop an awareness of
the social and ethical impact
of their financial decisions
Effective contributors
Apply their financial
knowledge and skills in
innovative and creative
ways
CREDIT UNIONS!
Learning about credit unions is an opportunity to address the money outcomes of
Curriculum for Excellence and allows connections across learning to be made. Giving
children and young people ownership of running their school credit union allows them to
develop financial capability through active citizenship and become effective contributors
and responsible citizens.
Education Scotland has developed this resource in partnership with Glasgow City Council,
Lochend Learning Community, Glasgow Credit Union, Greater Easterhouse Money Advice
Project, Renfrewshire Council, Glencoats Primary School, Renfrewshire Credit Union and
PricewaterhouseCoopers.
A list of related websites can be found on Glow:
https://portal.glowscotland.org.uk/establishments/nationalsite/Financial%20Educatio
n/default.aspx
Education Scotland
The Optima
58 Robertson Street
Glasgow
G2 8DU
Keeping track of finances
Staying informed about
economic and financial matters
P
R
A
C
T
I
T
I
O
N
E
R
S’
F
A
C
T
S
H
E
E
T
JOINING
ADVANTAGES
Pupils can save for the things they want,
with the ease of doing so in their own
school.
Pupils earn interest on the money saved
rather than simply keeping their money in
a coin bank at home.
Saving at school will be the start of a good
savings habit that will continue into
adulthood.
Pupils can learn how to manage and be
responsible for their own finances.
PROCESS
Every pupil who attends a participating
nursery, primary or secondary school is
eligible to join.
Pupils simply complete an application
form, distributed to classes by credit
union representatives. Trustees are
required for nursery and primary pupils,
so they must complete the application
form. The trustee must be the registered
contact for the child.
Verification forms to confirm pupil and
trustee identity are completed by school
office staff or Employability Officer.
SAVING
Types of account
Nursery and primary school
Junior accounts: the trustee is initially
given full control of the account. The
trustee can then determine the age
(from 8 years upwards) at which the
pupil is given responsibility for the
account.
Secondary school
Parent/carer signature of consent is
required for young people under 16. The
pupil is then given full and sole control
over the account.
Returns
Interest is paid at the same rate as the
dividend for adult members. This is paid
into members’ accounts on an annual
basis following the credit union AGM.
Withdrawals
Must be requested a week in advance,
either by trustee or by the pupil if they
have control over their own account.
Nursery and primary school
Withdrawals permitted for special
occasions. More frequent withdrawals
are at the discretion of the individual
school.
Secondary school
Withdrawals permitted throughout
school year.
FAQs
TRANSACTING THE BUSINESS
Children and Young People
Pupils and parent/staff helpers are trained
in collecting and cashing up deposits.
Adult helpers are made aware of money
laundering regulations and the importance
of highlighting any suspicious transactions
or potential bullying.
Q How long can they save for?
A For as long as they attend a participating
school. They can save with the credit union
after school too – the credit union will
contact them when they are 16 to see if
they want to remain a member.
All participants are made aware of
confidentiality.
Q How much can they save?
A Up to £1000 in their first year, then up to
a maximum of £5000.
Day, time and place for collections is
agreed. Staff, pupils and parents are made
aware of collection days.
Cashbox, forms and other relevant
materials for collections are made
available from credit union.
Passbooks containing member number,
which corresponds to the number held on
the credit union database are distributed.
These must be presented at collections.
Minimum deposit amount will be required
for collections, however pupils are not
required to save every week. Money
boxes distributed to members to save up
their coins and notes in between
collection days.
Money is stored in a designated cashbox
and locked in secure place within school,
to be collected by credit union
representatives on an agreed date.
Q How do they check their balance?
A They can use their PIN to log in to the
secure credit union website or contact the
credit union office by telephone.
Q Are there any extra benefits?
A Exclusive member competitions, prizes,
newsletters and free joining gifts.
Parents and Carers
Q How safe is the children’s money?
A Credit unions are regulated by the
Financial Services Authority and are
protected by the Financial Services
Compensation Scheme (FSCS), which means
members’ money is protected up to
£85,000.
Staff
Q What is the cost to the school?
A There is no cost to the school – the credit
union will provide all required materials.