YOUNG savers are in the money — after council bosses forked out almost £8,000 to set up bank accounts.

Every first year pupil in Inverclyde has been entrusted with £10 to join Tail O’ The Bank Credit Union.

The pioneering project aims to teach young people how to manage their money and look to the future.

Councillor Martin Brennan, vice-convener of the education committee, said: “We have given every first year in our secondary schools £10 which totals at around £7,800.

“We want to encourage young people to be responsible and to get into good financial habits.

“And as they grower older and become young workers, students or apprentices, they will be able to access small loans.

“It’s the best way I can think of to save, the interest rates on loans are much lower than commercial banks and means they will avoid payday loans with prohibitive rates.

“The credit union has a great duty of care.”

The union’s Sandra Wilson said: “Our ethos is people helping people. Whatever comes in stays in Inverclyde and any surplus is paid back at the end of the year to members. 

The organisation has appointed a dedicated officer Demi Robertson who will liaise with schools and setting up pay in points.

Mum Jennifer Cummings, whose 11-year-old twins Michael and Nicholas Watson are pupils at Notre Dame and signed up for the scheme, told the Tele: “I think it’s a great idea.

“It is good that it’s put in a bank account so they don’t spend it and it’s not easy to get it out. They’re excited about it as well.”
Michael said: “I’d like to save up for a holiday.”

Nicholas added: “It will be good to save up to buy things in the future.”
Fellow pupil Blair Sweeney, 12, whose grandmother Pauline is a volunteer at the credit union, said: “I’d like a loan for a car.”