EDINBURGH, Scotland—Scotland’s government has announced it will extend and provide additional funding to a program that seeks to turn young people into savers at credit unions.
The program has to date created 58,000 “junior savers” in Scotland , according to cabinet secretary Aileen Campbell, who said, “We want to build on that good work.” Campbell added the gal is to “enable even more children to engage with a credit union and learn about the importance of saving and managing money.”
The government is now evaluating the junior savings program to see what has been learned to date and to identify longer-term steps that can be taken, according to Campbell.
Credit unions in Scotland currently serve approximately 8% of the population.
Debate in Parliament
According to Co-op News, members of Parliament have been debating a motion to celebrate the role of credit unions in Scotland’s communities. An amendment by Scottish Labour called on the Scottish government to do more to promote the value of payroll deductions among employers and increase awareness of credit unions in schools as part of a broader program to build financial capability. The Scottish government backed the amendment, Co-op News reported.
“We’re really pleased the Scottish government is recognizing the valuable work by credit unions in promoting financial education amongst young people,” Karen Hurst of the Association of British Credit Unions, Ltd., was quoted as saying. “Aside from this announcement, the Scottish government has also committed to looking at what else they can do to grow the sector in Scotland, and we a really looking forward to working with the cabinet secretary, in how new role, to achieve this.”