Other help with managing money
Credit Unions
Credit unions are a positive, local solution to financial needs. They are not-for-profit financial co-operatives, owned and managed by their members.
Credit unions promote social and financial wellbeing by offering fair and affordable access to credit.
Members are encouraged to save regularly (the minimum is £5 per month). The more you save, the more you can borrow as a low-cost loan.
London Community Credit Union (external link).
Banks
Some banks are developing ways of helping children and young people learn to manage their money and be more financially independent.
You can ask your bank what kind of account would best suit you and your young person if they need a bit more help.
Go Henry
GoHenry is a card payment system set up to help children and young people aged 6 to 18 to develop good money habits and become more confident using money independently.
GoHenry's system helps parents/carers use their own or tailored limits and settings for each child or young person.
Children and teenagers are protected and can decide together with parents how much, how often and where they can spend the money.
Go Henry makes it impossible to get into debt so young people can still learn but also avoid expensive mistakes.
Instant transfers for school trips or the ability to quickly change a limit for a special purchase are part of this service.
Other similar initiatives may be available.
GoHenry website (external link).
