Pennies 2 Pounds
Project - update
ERYC Financial Inclusion Forum
5 June 2014
Once upon a time . . .
1817 – Hull Savings Bank was founded, to help people on low
incomes to save and develop financial confidence. First “not for profit”
bank. Until then, thrifty hid money under mattress.
1885 – HSB looked after £869,000, or £3 for every man, woman and
child in Hull.
By 1900 – developing penny banks in schools. Aimed to encourage
savings habit from young age. More accessible than savings banks, as
savers could deposit as little as one penny.
HSB became a much loved local
institution, with 15 branches and an
impressive HQ in George Street, Hull.
1980s – Savings banks “privatised” and
became mainstream banks.
Early American school banks
Children had savings cards on which their savings were entered weekly.
When they had saved £1 it was credited to their account at the local bank.
They then started to earn interest.
The local banks had windows labelled School Savings Department.
Once a month they took their savings card home
where this “aroused family and parent interest.
Parents curbed needless expense by the practical
lesson in small savings accumulation thus taken
home to them”.
Schools held poster and essay contests.
Driffield experience
In 2005 HEYCU’s Driffield Branch volunteers started
to organise school banks in local primary schools,
making contact with the Head Teachers themselves.
First Saver Clubs now operate in 7 schools in
Driffield, Nafferton, North Frodingham, Warter
and Beeford.
The Clubs are promoted by letters to parents, school assemblies
(money themed), at parents events etc.
We have around 300 First Savers and many adults have also
joined our CU and pay in at the weekly sessions.
HEYCU Goole Branch
Started with help from ERYC in 2009.
A challenging area to serve:
•Many residents have employment but low incomes.
•Poor financial knowledge and confidence.
•Many have poor credit history.
•Low incidence of savings.
When we asked people for views on bringing back the
school banks, the response was overwhelmingly positive.
School banks were fondly recalled and thought “a good
thing”.
The ERYC Goole Project
The Aim:
• To set up and administer school savings clubs in and
around Goole;
• To promote the services, and access to them, of the
Credit Union in the Goole area.
The Outcomes:
• Improve knowledge and understanding of local residents
of CU services;
• Promote ideals and benefits of a savings culture among
young people, to support prevention of future financial
inclusion issues.
Pennies 2 Pounds
• Weekly school banks run by volunteers.
• Administered by the Credit Union, with organising and coordinating skills provided by Joanne Evans, our Goole
Development Officer.
• Joanne is currently contracted for 2 half days a week
term-time only.
• The Pennies 2 Pounds Club name was suggested by a
school pupil.
• Our first task was to get Heads and Governors to support
the project.
Volunteers
• Each school needs at least 2 volunteers.
• We’ve advertised for them on our website, the media,
via ERVAS also contacted Home/School Associations.
• Volunteers go into school from 8.15 am to 9.00 am once
a week to run the school banks.
• We train them and provide
them with stationery and
other resources.
• We aim to offer them
accredited financial training.
Resources
Each school has:
• a Banner for the school gate: “P2P Club open today”
• Joining forms
• Money boxes (free gift for all who join)
• Savings cards
• Certificates to present in assembly to children who
achieve savings milestones, such as saving regularly for a
set time.
Our aim is to make saving
“fun” and celebrate their
achievements.
Progress to date
Venue
Launched
Children
Adults
Boothferry Primary
24.9.13
63
9
Reedness Primary
10.10.13
9
0
St Joseph’s RC Primary
7.11.13
18
4
Kingsway Primary
25.11.13
51
10
Parkside Primary
31.1.14
34
4
Marshlands Children’s Centre
3.3.14
22
4
197
31
Total as at 1.5.14
Marshlands
In March we launched a P2P
within a Children’s Centre, at
Marshlands, Old Goole.
This is run by the Centre staff
as a benefit for families in Old
Goole.
It has been the perfect venue to
inspire young parents to start
the savings habit, educate them
on the pitfalls of payday and
doorstep lenders, and
encourage sensible borrowing.
Christmas promo
• We are working hard to help our
members plan ahead for the big
festive spend.
• Anyone opening a Christmas
Saver account gets a £10
starting bonus. Plus £5 when
they refer a friend.
• In Goole over 60 families have
opened new Christmas Saver
accounts with HEYCU this year.
Much of this activity has been
driven by the school banks.
Next . . .
• The P2P clubs have been
favourably acknowledged
in school OFSTED reports.
• We are about to launch a
new poster competition,
with children designing a
Savings Goal thermometer
poster. The winning design
will be printed to A3 and
given to all P2P savers
ready for the autumn term.
• We are pleased to
announce that Airmyn
Primary School are
soon to join the P2P
“family”.
Future Plans
We are keen to work with ERYC to expand P2P into other
areas of the County.
Holderness
Withernsea is a key priority. We have also had enquiries
from Easington, Thorngumbald and Sproatley schools.
Haltemprice
Hessle and Cottingham are strong contenders.
Bridlington is also on our “wish list”.
Long term vision
• We would like to see a school savings bank in every
East Riding primary school!
• Inspire next generation with healthy attitude to money.
• Link with curriculum financial education activities.
• Spin off impact as more adults catch savings habit,
become more confident around money and can access
affordable financial services, avoiding need for costly
unsustainable forms of credit.
• School banks are run by volunteers, but need
organising, resourcing and administering.
How to find us
• Bridlington – 18 Prospect Street
• Goole – 22 Pasture Road
• Driffield – Community Centre
• Beverley – Cherry Tree Centre
• Withernsea – The Shores
• Hull – 38 Brook Street
• www.hullandeycu.co.uk
• Follow us on Facebook and Twitter – ‘hullandeycu’
• Tel 01482 778753