Vale pupils learn the benefits of saving money

A recent survey of their understanding was carried out after they took part in the Guernsey Investment and Funds Association’s school bank finance literacy initiative. As well as 89% understanding the benefits of saving, 72% of students aged seven to 11 understood the value of money.

Both figures were about 20% higher than before the GIFA initiative started.

It offered children in school years three to six the opportunity to make their own financial decisions about whether to spend or save and earn interest.

‘The children have enjoyed taking part in this exciting initiative, which has been both fun and informative,’ said Vale Primary head teacher Gary Hind.

‘Often a hands-on approach can achieve better results and we’re grateful to GIFA for designing the scheme and volunteering a number of hours to assist the students and teachers in the running of the scheme.

‘We hope the success here at Vale will pave the way for more schools to try this initiative.’

The children earned Class Dojo points for following the school’s values and these were then converted into ‘Vales’, the school’s currency, by the class bankers.

Pupils could also apply for the roles of bank manager and shopkeeper to earn additional Vales. Shopkeepers learned about setting up a shop, keeping a record of what was sold, dealing with customers and keeping stock up to date. Bankers were taught how to record Vales earned and spent and calculate balances and interest.

‘My son was successful in his application to become one of the first school bankers and this has helped him in not only understanding the responsibilities of having a job but taught him to think carefully about the money he does have, and not make a rushed decision on what to do with it,’ said Gemma Ainger, who has a son at Vale Primary and also helped GIFA run the project.

‘This hands-on way of learning has enabled children to develop their knowledge and really put what they have learnt into practice.’