Here's an idea

In 2001 the Financial Services Authority introduced a programme encouraging financial services companies to support personal financial education in schools – showing children what banks, credit cards and savings accounts are and teaching them financial responsibility.

Leeds City Credit Union is the third largest in the UK, with 11,000 members all living or working in Leeds. We started our schools savers' clubs because part of the ethos of a credit union is the financial education of its members. We now have savers' clubs in 12-15 schools in Leeds.

The clubs run for about 30 minutes at regular times of the week, often before school starts. They work like branches of a bank – children open accounts with us, and can put in or withdraw money at the clubs, which are supervised by adults.

If the school is interested, several adult volunteers must commit to supervising the sessions. We send two of our staff to train the supervisors and talk to the children.

If children want money, they must fill in a withdrawal form and wait a week for the next meeting. We want them to think about what they need to do to get the money. It is meant to instil a degree of responsibility and discipline.

Another advantage of the scheme is that parents also learn a little about budgeting because they must take responsibility for the child's account and have to approve any withdrawals the child makes. It's surprising how many adults haven't got an idea how to manage their finances.