School bank returns at Vale with finance industry support

ISLANDERS of a certain age will remember the school bank – generally the TSB – in their days at primary school, putting aside a few pence every week into a savings book with fellow pupils on the counter.

An initiative led by the Guernsey Investment and Funds Association has seen the return of school banking at Vale Primary School. But this is not the school bank that older islanders might remember, and has its own currency, the Vale. Serving their eager customers are Year 6 pupils Rebeka Dranger and Luke Adcock, both 10. (Picture by Luke Le Prevost, 31397906)

Now banking at school is back – except nowadays the currency is the ‘Vale’ rather than the pound, and the initiative is led by Gifa, the Guernsey Investment and Funds Association.

A survey sent to parents and carers of pupils at the Vale Primary School revealed that nearly half of the children did not understand the real value of money.

So Gifa worked with the school on a programme to give pupils a practical hands-on experience to help understand finances and prepare them for the future.

Students are able earn Vales in various ways such as academic achievement, showing respect and kindness, supporting others, and by displaying many of the other ‘Vale Values’ which gets noted on current reward system ClassDojo.

There is also the option to earn Vales, by saving them in the bank and collecting interest on them.

Some of the students have enjoyed working as bankers and shopkeepers to earn extra Vales.

‘It’s a different experience to normal school,’ said Vale pupil Darcie Bellis, 9.

‘We get a lot of responsibility,’ added fellow student Rosie Gist, 10.

The bankers count up everyone’s ClassDojo points and are in charge of converting them into notes, which four of the pupils designed.

‘The bankers have to sign the bank books and check the interest,’ said Harrison Ainger, 8. ‘We’re learning how to earn money by saving.’

In the shop there is a wide selection of items and toys, chosen with input from the school council and shopkeepers, available for purchase with at a wide range of prices.

Many of the pupils are opting to save their Vales over the year to earn interest and be able to afford some of the expensive items.

The introduction of the banking scheme is part of Guernsey’s Big Picture Curriculum, which has a focus on financial literacy, one of the key elements is helping children to make informed financial choices regarding saving, investing, borrowing, making money, profit and debt. This project has been designed to work hand-in-hand with maths lessons.

‘The importance of educating the younger generations on understanding and managing their own finances is without a doubt, something that should be supported,’ said Jason Liddy, chairman of Gifa’s education committee.

‘Ever since we saw the news of the scheme at Kirton Primary School [in Boston, UK], we knew that this was something we had to bring to Guernsey.

‘Gifa started working on this scheme in 2019/20 and it has been a real community project to get it launched in Vale, having been delayed by the impact of Covid.’

‘We are delighted to be the first primary school on the island to trial this scheme,’ said Vale head Gary Hind.

‘We are looking forward to seeing the children learn and improve their financial literacy. Thank you to all those businesses and volunteers who have put in the hard work to get the initiative launched, plus our children who have designed the currency and staff for their support in making the project work.’

The scheme is a pilot but Gifa has ambitions to roll it out to as many junior schools as want to implement it in the future.