Group scheme

Okay kiddo, so you know how sometimes people work together to do things? Like maybe you and your friends build a fort together or play a game together? Well, sometimes grown-up people do that too, but instead of building forts, they save up money or invest their money together.

When people save up money together like that, we call it a "group scheme". It's kind of like a little club that people join to help themselves save money or make money.

So let's say you and your friends each put a little bit of money into a jar every week so that together you can buy something you all want, like a giant bag of candy. That's kind of like a group scheme.

But for grown-up people, group schemes can be more complicated. They might have rules about how much money you need to put in, how often you can take money out, and what kind of things you can invest in. Sometimes they even have professionals who help them make smart investing decisions.

So in short, a group scheme is when a bunch of people work together to save money or invest money. It's like a little club that helps people be smart with their money.