Glasgow City Council has come up with a unique and innovative way as part of a bid to halt the rise of high-cost payday lenders – they have given every S1 pupil in the Cllr Paul Rooney launches Future Savers project with pupils city the opportunity to have £10 deposited with a local credit union.

The Future Savers scheme, launched by Glasgow City Council is the first of its kind in the UK. Every young Glaswegian will be given an account with a safe community credit union as part of a bid to halt the rise of high-cost payday lenders.

Dubbed ‘Glasgow’s Starter for Ten‘, the initiative will see the council open thousands of new credit union savings accounts for S1 pupils, with an initial deposit of £10 in each one. Every secondary school has been matched with a credit union and more than 4,000 S1 pupils will be eligible to receive Glasgow’s Starter for Ten this year.

savings-picOver time, this will ensure that every young person in the city has access to a dependable, responsible option for savings and money advice.

Glasgow has more credit unions and more credit union members than any other city in the United Kingdom, 34 in total with over 120,000 members and a financial asset portfolio of over £170m. Some of the local ones in this area being Yoker Credit Union and Glasgow West Credit Union.

You can find out more about credit unions in Glasgow – dubbed the Credit Union City – by visiting the dedicated Credit Union City website