Best Practice Meeting for Youth Development Setting Up a Primary School Savings Scheme Presentation By: Kieran McDonnell Youth Officer, ILCU
Overview Why is saving important for kids? What is a Savings Scheme? Benefits of the scheme Steps involved Key Operational Issues CU Case Studies Q&A
Why is it Important? Saving is a Habit Gives children a sense of Independence and Responsibility Learn how to manage money Learn difference between wants and needs Sets up for later life "We are what we repeatedly do. Excellence, therefore, is not an act but a habit." Aristotle
What is a Primary School Savings Scheme Scheme set up to encourage pupils to start saving Number of different methods Depends on resources of credit union and schools’ requirements
What are the Benefits? To the Credit Union Increased awareness of CU Build long term relationship Increase membership Educate young members
Steps Involved 1. Set Objectives of Savings Scheme 2. Seek Board Approval 3. Approach School 4. Decide how scheme will operate 5. Saving Scheme Begins 6. Review
1. Set Objectives Decide what you want to achieve Depends on Credit Union Resources Be Realistic! Start small and aim to grow
2. Seek Board Approval Important to have buy in from everyone Outline the benefits of the scheme Details costs (staff and monetary) Fit with or replace current activities
3. Approach Local Schools Critical Stage Cooperation of Principal / Teachers is vital Use existing relationships Outline benefits to school and to pupils Need for CU flexibility
4. Operation of Scheme Decide on Structure - When? How often? Staff Member / Volunteer Role of Teacher / School Secretary How to Open Accounts Accounts vs. Savings Stamps Manual vs. Computerised Incentives to Schools / Pupils?
5. Start Scheme Presentation to Pupils Letter for Parents Consistency Emphasis on Regular Savings Consider small incentives
6. Review Met Objectives? What can be done better? Patience Think long term
Contact Kieran McDonnell Irish League of Credit Unions Phone: