News

15 December 2011

Community Bank Welcomes New Generation of Savers

l-r Burnside Primary School head teacher Lisa Armstrong, pupil Liam Valentine (5), Prince Bishops Community Bank manager Lesley Richardson and pupil Aimee Palmer (6). Children at a County Durham school have been learning about the importance of saving after becoming the newest and youngest members of a community bank.

Pupils at Burnside Primary School recently joined the Prince Bishops Community Bank, setting up their own collection point which they have named ‘Pennies to Pounds’.

The school is situated in South Stanley – an area which has been targeted by loan sharks in the past – and it is hoped learning the value of saving now will give the youngsters a financial head-start.

In just a matter of months 135 pupils have joined the bank, along with 33 parents and teachers, and have already saved more than £4,000 between them.

Head teacher Lisa Armstrong said: “There have been problems with loan sharks operating in this area and we wanted to teach the children the value of saving money from an early age.

“They’ve all really embraced the idea and have enjoyed bringing their pennies in each week and watching their savings grow, especially at this time of year as many of them are saving money to buy Christmas presents.

“We hope the skills they are learning now will help them throughout the rest of their lives.”

The school’s collection point is run by a team of volunteers, made up of parents and governors, with most pupils bringing in between 50p and £2 each week.

Prince Bishop’s Community Bank Manager Lesley Richardson said: “Encouraging children to save from a young age is really important, especially in areas with high levels of social deprivation.

“Everyone at the school has really embraced the idea of the community bank and we couldn’t have made a success of this branch if it wasn’t for them.

“The children came up with the branch name themselves and the interest shown by the pupils and their parents has been overwhelming.”

Burnside is one of 16 primary schools to set up collection points over the last few months, with a total of 1,046 children and 144 adults joining as a result.

In future the plan is to extend the partnership to include secondary schools, encouraging pupils to continue to save as they get older.

The Prince Bishops Community Bank is a credit union which provides savings and loans for anyone working or living in County Durham .

It is a not-for-profit organisation which aims to encourage members to save regularly, as well as providing them with low interest loans and support managing their financial affairs.

It is supported by a number of local organisations , including Derwentside Homes, the Council for Voluntary Services, Mid-Durham and Derwent Valley Area Action Partnerships, Stanley Town Council, the Northern Rock Foundation and Friends Provident.


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