Forest Gate students are running their own bank every Thursday lunchtime in the school Enterprise Café.
The school have teamed up with the charitable organisation MyBnk to train 15 Year 10 students to be young bankers. The students established their own Community Charter promising to listen and vote on proposals, they signed a contract committing them to safeguarding and keeping accurate accounts.
MyBnk state that while 80% of 16-24 year olds have a basic bank account, just one third know their balance, only one in ten have a pension and over half of them think they’ll never be debt free — for young people saving is not a habit.
That is why we have set up the bank in school. We have 15 MyBnkers, 4 Mentors and 270 savers. The bank is an incentive bank meaning that there is no interest given, instead the students who make regular deposits gain some amazing incentives. The bank is going from strength to strength and is developing skills and good habits for our students. You can find us every Thursday in the Enterprise Café, so come and get involved.