Now that we are well into the final term of this academic year, we would like to take this opportunity to tell you about an exciting project that the children in Years 5 and 6 will be embarking on shortly – ‘The Fiver Challenge’.
The Fiver Challenge, a Young Enterprise Project, has been running for a number of years now. It provides a highly interactive, fun way of introducing financial education, enterprise and the world of work to primary school pupils, as they aim to make as much profit as possible from £5. Having formed a company, brainstormed potential ideas and completed their business plan, the children will receive a £5 loan per pupil and will have 4 weeks ‘trade’ and (hopefully) return a profit. At the end of the 4 weeks, the companies will have to repay their business loans. If the class have made any profits these will be split between investing in the future of the school (the last group who did this contributed towards the tepee) and something special for the class to celebrate their success (the same group had a pizza and film afternoon, funded by their profits).
Having already made a start in school, and with ideas fully in flow, we are sure that you will have already heard (in some cases quite a lot) about the challenge. Year 5 will receive their ‘fivers’ on Monday and Year 6 next Friday. Companies are free to begin trading once they have received their funds. As such we wanted to share a few top tips for parents and ensure you are fully ‘in the loop’ about our expectations.
- Once companies receive their money, it will be their responsibility to look after it. Each team will be given a sealable wallet to keep their funds in along with a financial record sheet. We will be using the school office as their ‘bank’. If they want to withdraw cash they will need to sign it out. They will then need to sign back in any money left over and any profits made. That said, we would ask that you support your child in looking after any funds that they might bring home.
- Once the planning is complete and the money distributed, the project is to be run out of school hours. This will mean that your child may need some support in arranging how they will collaborate with others in their company. We want the children to engage as much as they can with the project but we also fully understand that it has to be manageable and realistic for you as well – we have discussed this with the children.
- As much as we would love you to support your children, we would also like them to be as independent as possible. For example, we would like them to use their ‘fivers’ to set up their companies rather than utilise your ‘generosity’ in donating items. This way they can really experience what it is like to budget. That said, we are very happy if you would like to extend them a ‘further loan’ so long as the expectation is that they repay it (it may be hard for them to order items online, if they need to).
We hope that you are also able to see the huge benefits that this project can offer. However, if you have any questions or concerns about the project, please do not hesitate to approach us.
Mr Everitt and Mr Jarvis