A new scheme to teach children money managing skills through credit unions has been launched.

The Scottish Government has allocated cash to credit unions across Scotland including two in Glasgow to introduce Junior Savers schemes.

Angela Constance, Communities Secretary has announced the programme which will involve credit unions working with schools.

In Glasgow, Yoker credit Union and BCD Credit Union will be funded to deliver the initiative.

Ms Constance said: “Credit unions provide safer and more secure opportunities for people to borrow money and are an alternative to pay day lenders, so it’s only right that we should highlight their benefits to people from a young age.

Read more: Labour will bid to raise basic tax rate by 1p

“This funding will help credit unions set up schemes which will bring maths to life and give children an understanding of the importance of saving and managing money.”

The government is providing around £200,000 for the project to help produce booklets and educational materials.

The Junior Savers scheme was a recommendation of a report into improving financial education for young people, which specifically requested the working link between credit unions and schools.