A York school has launched a scheme which aims to raise financial awareness among young people.

Heworth CE Primary School launched the scheme in partnership with the North Yorkshire Credit Union (NYCU). The NYCU designed the scheme two years ago with it already running in a number of North Yorkshire schools.

It will consist of pupils opening their own savings accounts which money can be paid into at the school. Interest of three per cent is added to the account and the parents help with withdrawals.

Heworth head teacher Simon Biddlestone feels the scheme “will help children to understand the importance of looking after their money and will have a life-long impact”.

Also at the launch was Lord Mayor Coun Susan Galloway, who applauded how “getting youngsters into the habit of regular saving is important as this is likely to continue throughout their lifetime”.

Several schools have shown a keen interest in the project.