Darwen children’s saving union marks 10 years (From Lancashire Telegraph)

Darwen children’s saving union marks 10 years

1:00pm Thursday 2nd February 2012 in Darwen By Dan Clough, Reporter

MILESTONE Chairman Janice Parker at the Jubilee Tower Credit Union in Darwen

A PROJECT started 10 years ago in three schools to help children save money now has almost 2,000 youngsters with savings of nearly £100,000.

Jubilee Tower Credit Union started its young savers scheme in 2002, just dealing with Sudell Primary School and St Edward’s Primary School in Darwen, and St Paul’s CE Primary School in Hoddlesden.

Now, 17 schools across Blackburn with Darwen, including Darwen Aldridge Community Academy and Witton Park High School, have joined up, with about 1,800 children saving £92,250.

Credit union chairman Janice Parker said there had been some trepidation when the project was started.

She said: “A lot of parents remembered the school bank, when pupils could pay money in at school and someone from the bank would come and collect it.

“They wanted to set up something similar and it was something we could do.

“It started with some trepidation as we were new to dealing with young people, but the schools were very eager.”

The account is open to all children at school, so ages range from four upwards. Saving goals range from a computer or holiday to some with much higher aspirations.

Janice said: “One boy we spoke to said he was saving for a Mercedes, and he was only six.”

Ms Parker said the union, in Bolton Road, Darwen, was all about getting young people interested in saving from an early age.

She said: “We want young people to learn about thrift and money management.

“We want these young people to become savers with us in the future.

“We often get large deposits after Christmas and Eid, and at birthdays. We even get money that has been left by the tooth fairy.”