An all-girls school in Ireland has started encouraging its pupils to save – by putting money in their school credit union.

At St Leo`s College, children volunteer to act as tellers (with the help of an official from the local credit union), accepting money from their classmates. The emphasis is strictly on saving: the girls aren`t allowed to run up overdrafts or other forms of debt.

An article in the Irish Independent – entitled “Cure Ireland`s debt disease – teach our children to save” – takes a look at the initiative.

“The importance of providing financial education to young people can not be overstated,” said Marion O`Toole, Youth Officer with Carlow Credit Union.

“The school credit union plays a crucial role in helping young people to manage their money and to develop a healthy attitude towards their finances. Given the levels of personal debt in Ireland, it is crucial that we assist and advise young people about this early on.”

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