Pardner: The young people saving money the Jamaican way

Millions of people are facing squeezed budgets and more competition for jobs, meaning the outlook for our personal finances is increasingly uncertain.

Savings are becoming more important for many of us and these young people from Coventry have come together to start saving money as a group.

The pardner savings system is common practice among people from the Caribbean in the UK. It is essentially a partnership among people to save collectively.

When the Windrush generation came to the UK they discovered credit services from banks were not easy to come by and pardners allowed many to save to buy homes or cars.

Pardners are all about trust - The Money Advice Service says they can be risky as they are unregulated so it is important to think carefully about who are chosen to be in the pardner.

BBC News