Marine Academy Plymouth (MAP) is banking on success on Wednesday (December7) when it launches the MAP Bank, one of the first secondary schools to offer banking facilities to its students.?
"In these harsh financial times, debt is something that is crippling all communities as they struggle to deal with the austerity measures: teaching children about finance, about how to manage finances and all aspects of personal finance is an absolute duty of care," explained academy principal Helen Mathieson.??
The launch is the highlight of a Personal Finance Day staged for Year7 students which will see a series of events held throughout the day.?To open their MAP account students first fill out an application form before receiving their own bank book.??
With the bank operating from the library, students will be able to deposit money before school and collect withdrawals at the end of the day.?? All Year 7 are being encouraged to take in £1 to open their accounts. And with the emphasis on being thrifty, if they save money each week, they will get £1 interest each term and if they save all year they get a further £2. Weekly savings can be as little as 10p.??The launch involves business teaching staff working with the City of Plymouth Credit Union, but it's hoped business students will be trained up in the future to help run the bank.??
Students certainly seem to treasure the idea.??
Year 7 student Elisha Drage aged 11 said: "I think the school bank is a good thing because it allows you to save up? money for items which you would like to buy."?? And another Year 7 student, Brandon Stevens, also aged 11 added: "I think it is a good idea as it is a way of saving up money."??
Staff member Mr Nick Berryman, is enthusiastic about the venture. "The academy bank is a fantastic opportunity for our students to learn about the importance of saving. This sustainable project will be run and managed by our students which gives them new experiences and skills to take on in their future development".??
And Mrs Mathieson added: "I think the bank will serve its purpose for students who hope to save for big items such as the very first Ski trip.??
Students will be able to save weekly and see those savings growing, they'll be able to pay into a specific account for just such trips and plan their experiences going? forward."??
Marine Academy, she said, was committed to raising the aspirations of students and the local community.?? "One pillar of this work is developing enterprise skills and raising financial awareness. This contributes to a series of planned events throughout the year and our bid to have it recognised nationally as a centre of excellence in the delivery of Personal Finance to students," she said.