The planned scheme builds on analysis and research  by The Children's Society, which argues that children need financial education from an early age as they face increasingly complex financial futures.  

The charity’s report, Supporting young savers: the case for savings clubs in schools, says online shopping, phone contracts and tuition fees all require children and young people to start making financial choices at an early age. Research suggests many financial habits are formed by the age of seven years old, with evidence showing that children engage with the financial services sector from a young age.

The Archbishop of Canterbury's task group on responsible credit and savings is putting forward plans for a pilot scheme where savings clubs administered by credit unions in primary schools would encourage children to save small, regular amounts of money.

Children would also be given opportunities to take part in the running of the savings clubs, as junior cashiers or bank managers and their practical learning would be reinforced by classroom teaching materials.

The proposed teaching resources would cover areas such as understanding the role money plays in individual’s lives, how to manage money and managing risks and emotions associated with money. The teaching pack would provide practical ideas for schools to promote values such as generosity including charitable giving and fundraising.

Parents and school staff would be allowed to join the credit union as part of the ‘whole-community’ approach of the programme, with parents given the chance to set up dedicated accounts to save for school or family-related expenses such as uniforms and school trips.

The Archbishop of Canterbury, Justin Welby, who was previously treasurer to an oil company, said: ‘How we think about and use our money is central to a fulfilled and contented life.
That is why I strongly support this exciting initiative to encourage children to develop positive attitudes towards money and the habit of saving.’

Sir Hector Sants, the former CEO of the Financial Services Authority who is chair of the task group, said: ‘Savings clubs can transform lives through helping establish a responsible approach to money from an early age.’

The task group is seeking funding from government and other sources for a pilot scheme in three areas of England working with the Credit Union Foundation and the Personal Finance Education Group (pfeg).

At the same time, HMRC promotes YouTube videos and site visits for senior school students which focus on tax issues and part of the curriculum in citizenship classes.