Children run their own bank

June 29 2018
Children  run their own bank

ST Barnabas CE Primary in North Common has set up its own bank.

It’s part of the LifeSavers scheme,  set up by the Archbishop of Canterbury to help children learn the value of money and of saving.

It is run by Year 5 children, helped by staff, and has been trialled by Years 3 and 4 with the scheme being opened up for all this month.

Each week children bring in the money they want to save, count it and make their deposit into the bank, which is run as a community bank by Bristol Credit Union.

Savers are able to withdraw twice a year at the key times of Christmas and just before the summer holidays.

Head teacher Claire Hill said it was vital that children learned the value of money, especially in an era when transactions are widely done online.

She said: “Children don’t often see actual cash and this makes it hard for them to understand the value of money. Lifesavers has been a brilliant way to help them understand the value of items and also helps them see the value of saving.”

Mrs Hill added: “The children are really buzzing about this and it has tied in with our work in Money Week during which each class has run an enterprise project,  where pupils have created their own businesses including all the important processes from pitching to the school’s business manager for a loan to buy and create products to sell, advertising through to counting the profit!”