Malcolm Coe (Assistant Director for Finance) submitted a report on a proposal to provide Year 7 (and Year 11) students with an opportunity to open a savings account with a credit union and to receive professional training in the importance of managing money, with the aim of promoting alternative sources of lending to the high profile Pay Day Loan companies.

Councillor Lowry (Cabinet Member for Finance) introduced the proposals which would enable young people to learn about the significance of savings.

Councillor Penberthy (Cabinet Member for Co-operatives, Housing and Community Safety) advised that the City’s two credit unions were working closely on the initiative and that to date five schools had expressed interest. He emphasised that the opportunity was available to all schools and urged them to participate in the scheme.  

The Chair indicated that the problem of debt was being scrutinised and that he looked forward to receiving the scrutiny report.

David Northey (Head of Corporate Strategy) attended the meeting for this item. 

Cabinet Members thanked all those who had contributed to the development of this scheme, including the schools, David Northey and Barclays Bank.

Alternative options considered and the reasons for the decision –

As set out in the report.

Agreed -