FINANCE lessons will be offered to youngsters in Middlesbrough after an ethical banking service was given a £50,000 to help it expand.

Middlesbrough Council is funding the Pioneer Credit Union, which offers affordable banking, over a two-year period to support the development of the service.

The aim is that at the end of that time Pioneer – based in Centre North East - will be able to sustain itself.

The credit union has 12 branches in children's centres and housing offices across the town, and it plans to increase those numbers.

"Financial awareness" lessons will be given to children and young people which will help them understand the importance of saving and the ability to make well-informed decisions about borrowing once they become adults.

Elaine Gilmour, Operations Manager at Pioneer Credit Union, said: “The board and volunteers are really pleased with the support and help from the Council and proud that the credit union has got to this stage.

“Years of hard work have gone into making Pioneer the success and so it is a proud moment that the Council recognises the hard work and wants to give us a helping hand.”

Cllr Nicky Walker, Middlesbrough Council’s Executive Member for Finance and Governance, said: “Personal debt and in particular high interest debt is one of the biggest problems people have to face today.

“It is a problem that affects people in all areas of our town and the amounts that can quickly be racked up in debt can be enormous.

“We are delighted to be able to assist Pioneer Credit Union in providing affordable and ethical banking services that are accessible to everyone in Middlesbrough.”

Pioneer Credit Union was formed in 2009 following a merger of smaller Middlesbrough credit unions.

Among the services it offers are savings schemes, low cost loans and Co-op electrical offers. For more information and to find Pioneer’s contact points in the town visit www.pioneercu.org.uk.