Students in one borough are being offered a free £20 deposit to kick start their savings.
The council initiative, Merton Young Savers, will also offer educational resources to teach young people about money management and finances.
The account deposits are being funded through the council’s £2million cost of living fund and students will not be able to access the money until they turn 16.
An adult trustee will need to open an adult account for every Merton Young Saver account that’s opened.
The credit union is offering an additional £10 for each adult account, which includes a £5 deposit and £5 to cover the account joining fee.
Cabinet member for finance, councillor Billy Christie said: “Alongside the practical support we have been giving to people in Merton during these challenging times, we want to help young people plan, and get into the good habit of saving, so that the cost of living does not define their futures.
“I hope the £20 will be a great kick-starter for kids’ savings in Merton and I encourage everyone who has a child in Year 7 to apply.”
(Picture: August de Richelieu/Pexels)
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