Schools in Bradford will become part of a “pioneering” project to teach children as young as four money management skills.
The city has been chosen to try out the LifeSavers initiative, which could soon be spread to other schools. The plan will see children set up and help run savings clubs in their school, as well as becoming junior cashiers and bank managers to help them prepare for the future.
From September, two Bradford church schools will pilot the project, and if it proves a success, 30 schools in the district will take part. The Diocese of West Yorkshire and the Dales is now inviting schools to come forward to be one of the first to take it on. As part of the project, children will be encouraged to save small, regular amounts of money and get experience handling cash.
Andrea Leadsom announced it would start earlier this week. She said: “This will seek to equip primary school children with good financial habits by educating them about the benefits of saving at an early age. This is a valuable program. It will help deal with the root cause of money problems, and get future generations developing good savings habits as early as possible.”
Richard Noake, director of education said: “I am genuinely excited by the approach as it firmly roots children's learning in practical experience; for children to have the opportunity to learn about how to effectively manage money. How we think about and use our money is central to a contented life. That is why I strongly encourage children to develop positive attitudes towards money and the habit of saving. I think it is a very positive move that will help young people in the future.”
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