This resource illustrates the development of financial capability using pupil-run credit unions. The activities address experiences and outcomes within Curriculum for Excellence and help schools and early years’ establishments make connections across learning.
This 3-18 resource will support staff in embedding financial education in the curriculum, supporting family learning and promoting partnership working within the community.
The range and complexity of financial products and the choices which consumers face can have a significant impact on how individuals manage their finances. It is more important than ever that people are able to make sound decisions about their money. Helping young people develop a ‘savings ethos’ through working with an in-school credit union can be an important starting point in developing financial capability.
The following videos illustrate how to set up a school credit union, focusing on young people learning in a fun and engaging way, having volunteered to help run their own savings scheme.
In relation to Curriculum for Excellence, areas that can be covered by running a school credit union project include literacy, numeracy, health and wellbeing, and also aspects of social studies. These are all illustrated in the video clips below.
Introduction: Credit unions and financial inclusion
This video shows how school and community credit unions can help children, families and communities avoid the problems of debt and financial exclusion.
Setting up a school credit union
Gordon Shaw, Principal of Lochend Learning Community, discusses the learning community's work with the credit union in the context of community learning and development.
Cheers for credit unions: Community learning and development for iPod (2.9 MB)
Angela Fulton, from Glasgow Credit Union, describes how setting up and running a credit union benefits learners in a range of ways.
Cheers for credit unions: Credit unions and Curriculum for Excellence for iPod (2.7 MB)
Credit union staff train the pupils in how to use and run their own credit union scheme.
Cheers for credit unions: Training the young people for iPod (4.5 MB)
This video shows examples of peer-supported learning within the credit union scheme.
Cheers for credit unions: Peer Supported Learning for iPod (1.3 MB)
Children and parents are introduced to the importance of a family savings ethos. Myra Struthers, Early Years Quality Improvement Officer, discusses the importance of introducing a planned, coherent programme of financial education in the early years.
Cheers for credit unions: Credit unions and early intervention for iPod (4 MB)
Dorothy McCarthy from PricewaterhouseCoopers explains how volunteers from the company visit the Aultmore Park campus and help the children develop their financial literacy.
Cheers for credit unions: Partnership Working for iPod (1.8 MB)
Aultmore Park Primary staff explain how the credit union contributes to the financial education programme at the school, and how it helps ease transition to secondary.
Cheers for credit unions: Planned coherent programme and transition for iPod (4.1 MB)
Pupils from Lochend Community High School explain how the credit union helps foster links with associated primary schools.
Cheers for credit unions: Community involvement for iPod (3 MB)
Staff from Aultmore Park Primary describe the children's activities during Money Week, including running a shop and a bank, using money in their numeracy work and digging for treasure.
Cheers for credit unions: Money Week for iPod (3.1 MB)
Staff and pupils from Glencoats Primary and credit union staff discuss the success of the school's credit union, and the benefits it has given the children and the community.
Cheers for credit unions: A school credit union in action for iPod (10.7 MB)
Practitioners will also find the following documents useful:
The 'Setting up your school credit union' helpsheet provides a step-by-step guide to starting a new credit unionWord file: Setting up your school credit union helpsheet (48 KB)
The 'Credit union factsheet' will answer many of the questions children, parents and practitioners may have.Word file: Credit union factsheet (884 KB)
The 'Credit unions and connections across learning' helpsheet shows credit unions within the context of global citizenship and as a transition project within sectorsWord file: Credit unions and connections across learning helpsheet (52 KB)