Following the Church of England’s announcement on savings clubs, Mike O’Connor, StepChange Debt Charity Chief Executive, said:
“We need to make sure that young people are prepared for the complex financial world they will one day find themselves a part of. Helping children to gain an early understanding of personal finance is vital to ensuring a healthy relationship with money and developing positive habits like saving regularly.
“We are delighted to see such a scheme, as recommended by StepChange Debt Charity and the Children’s Society in our joint report The Debt Trap, being put into action. Programmes that bring children and parents together and help families build a better understanding of their finances should be welcomed and widely supported.”