Foresters encourage next generation of savers

Thursday, March 20, 2014

Following on from their support of "Learn Money Week" (10-17 March 2014) and looking ahead to the upcoming addition of financial education to the national curriculum in the new school year, Foresters Friendly Society has added to its series of educational tools and guides with a simple Pocket Money Savers guide, which highlights four easy steps parents can use to help teach their children about the value of money.

Pocket Money Savers crop

View the full Pocket Money Savers Guide.

Additionally, Foresters Friendly Society promotes the fun, free online savings game called Savings Squad.  Targeted at seven to eleven year olds, Savings Squad is part of an initiative developed by the Association of Financial Mutuals (AFM), which Foresters is a member of, with the Personal Finance Education Group (PFEG) to start encouraging the next generation of savers. The online game aims to encourage a healthy attitude towards money and savings by bringing money to life through fun educational games, helping children to improve their numeracy skills and understand the benefits of saving money.

Savings Squad

There's even a version for 5 to 7 years olds called Fun to Save!

Fun to save

Finally, in the spirit of the "Learn Money Week" campaign, Foresters Friendly Society has put together a list of basic financial terms, to help young people through the maze of financial jargon:



The amount of money you have in your account at any particular time or which you owe on your credit or store card. It will be shown on your statement.





A cheque is a written instruction telling your bank to take money out of your account and pay it into the account of another person, the person named on the front of the cheque. They are often used for buying goods, paying bills and as gifts.

Credit Card


A small plastic card available from most banks, which allows you to borrow money you don't already have to buy items up to a certain limit pre-agreed with the bank.

Every month you are sent a statement to show how much you have borrowed and how much you need to repay. If you don't repay the full amount, you will start paying interest (extra money) to the bank.

Current Account

A bank or building society account which helps you to manage your day-to-day money and keep money secure.


Debit card

A small plastic card used to buy things without using cash or a cheque. When you make a payment or withdraw cash with your debit card, the money is taken straight out of your current account electronically. You cannot borrow money you do not have with a debit card, like you can with a credit card.



A sum of money which you borrow from a person or organisation and then pay back in small amounts each month. Loan payments include an interest charge, meaning that you will have to pay back more than you borrow.



A type of loan from an organisation used to buy a house.  If you do not keep up the monthly mortgage repayments the mortgage company can take your house from you as payment for the loan.



If you spend more money than you have in your account you will go overdrawn. You can ask the bank to lend you some money for a short time at an agreed rate of interest, known as an arranged overdraft.

If you go overdrawn without asking the bank in advance, they might refuse to pay your debits and charge a high interest rate on the money you owe.



An amount of money paid to an employee for a job, usually paid directly into his or her current account every month.

Savings Account


Savings are often kept in a bank or building society account. The amount you put in does not fall in value but may grow as interest is added. It doesn't just sit there like a piggy bank.

There are other organisations with whom you can save money by paying it into the savings plans they provide.



A document which you receive monthly or yearly to show how much you have in your savings or current account, what money has been put in (such as a salary) and what has been taken out (such as cash withdrawals or payments made by debit card). 

The full series of Tools & Guides available can be found here