In this school year, every Year 7 student living in Merton is being offered a free £20 deposit to open a savings account with Croydon Plus – the credit union for Croydon, Merton and Sutton.
In an exciting first for the borough, Merton Young Savers accounts will launch soon to support young people to kickstart their savings journey, learn about money management, and understand the value of having savings for the future.
The account deposits are being funded through the council’s £2 million Cost of Living Fund and is our latest measure in response to the cost of living crisis, focusing on supporting the ‘Next Generation’ of savers.
Alongside more immediate advice and support for residents, the fund also aims to address long term needs, particularly for young people.
We are proud to partner with Croydon Plus, a community-focused organisation, owned by members with a mission to invest in local people and businesses to support them to grow and flourish. Saving with Croydon Plus is a great way to keep finances local and boost the community.
An adult trustee needs to open and maintain an adult account for every Merton Young Saver account that’s opened. We’re also offering an additional £10 for each adult account, which includes a £5 deposit, and £5 to cover an account joining fee.
Students cannot access the £20 deposit until they turn 16 years old, so the account is a great place to start putting money aside regularly to use at a milestone in their lives such as going to university or buying a first car.
As part of this scheme, students will receive educational resources to support their understanding about savings and finances.
Cabinet Member for Finance Councillor Billy Christie said:
“Alongside the practical support we have been giving to people in Merton during these challenging times, we want to help young people plan, and get into the good habit of saving, so that the cost of living does not define their futures.
“I hope the £20 will be a great kick-starter for kids’ savings in Merton and I encourage everyone who has a child in Year 7 to apply.”
CroydonPlus CEO Michael Wilson said: “CroydonPlus is excited to be working with Merton Council on the Merton Young Savers’ accounts. This is an amazing scheme that sets out not only educate young people on the importance of saving money but also ensure that our next generation is financially better off.”
The accounts will be available to sign up to very soon. For more information, please visit: CroydonPlus.co.uk/MertonYoungSavers.