The Future Savers scheme, launched by Glasgow City Council last week, is the first of its kind in the UK. About 4,000 pupils will be eligible for an initial deposit of £10 from the local authority.
Over time, this will ensure that every young person in the city has access to a dependable, responsible option for savings and money advice, councillor and city treasurer Paul Rooney said.
It will also mean that, as adults, they will always have a better alternative to payday loans if they decide they need to borrow.
Mr Rooney launched the voluntary scheme at Lochend Community High in Easterhouse, where he met the first young Glaswegians to open Future Savers accounts. Every secondary school has been matched with a credit union and about 1,000 pupils have already applied to open an account under the initiative, dubbed Glasgow’s Starter for 10, a council spokesman said.
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