At this week's Full Council meeting, Bury Labour proposed a Motion that seeks to set up a Young Person's Credit Union Savings Scheme through a partnership across schools, colleges, credit unions, community and faith groups in Bury.
The motion comes off the back of a report by the Money Advice Trust which found that:
1) More than a third of young people have debts of almost £3000.
2) That just over half of young people said they regularly worried about money, with 32% feeling their debts were a "heavy burden".
The savings scheme would aim to work with interested parties to support the creation and work of the Young Savers Credit Union Scheme and encourage all Governing Bodies to support schools and colleges to deliver additional advice and guidance on money management and borrowing.
Labour Councillor Eamonn O'Brien, who proposed the Motion, said: "With so many young people in Bury and across the country facing these difficulties, it is only right that the Council uses its influence to build partnerships around these innovative schemes.
We believe that providing advice and guidance about money management is the least that should be being done - but less than half of young people are currently taught this in school. By offering options like a Credit Union Saving Account, we can provide the actual means of putting this advice into practice.
Whilst the Motion passed, Bury Conservative Group voted against the scheme (bar one abstention).
If you are facing issues around debt please get in touch with those who can help, rather than let the problem build up or turn to unethical lenders/loan sharks!
Information on the Citizens Advice: Call 0300 3301153 or visit www.burycab.org.uk