Savings clubs aim to introduce children to the idea of saving small amounts on a regular basis rather than concentrating on the total amount saved.
|On joining children receive a record card,
certificate and message bug saying
“I am a smart saver”.
Every time they save they get a smart
saver sticker. Once they have collected
10 stickers they receive a house money box.
One of the clubs is being held before school on a Friday morning. Members of the school council act as “Cashiers”. This is giving them valuable experience and responsibility. They take the money and record it carefully, then have to check that the total money taken is the correct amount. They learn the value of checking their work and the importance of accuracy. They can get experience using calculators, practice at mental arithmetic and learn different ways of counting money.
Need inspiration? Click here for information about what some of the schools we work with have done:
Swaythling Primary School:
Savings clubs offer schools many links with the school curriculum which can be usefully explored. The children can set themselves personal savings goals. Fraction and percentages work can be brought in as the children consider how much they have saved towards their own savings goal. Graphs and pie charts could be included and work on spreadsheets. The maths opportunities are endless! Questions around why we save and the choices we have around money could bring in the work of charities and opportunities to link the work to PSHE in the curriculum. Other topics to include would be the important issue of debt and how we can manage our money so as to avoid it. Also how to recognise and avoid inappropriate borrowing from Loan Sharks can be considered, giving children important life skills. Another way of preparing children for adult life is by helping them understand the difference between a debit and a credit card and all the other cards they may come across. This could be taught alongside a savings club. As they get older they will be able to apply for their own “Engage” Debit card through Solent Credit Union on to which their savings can be safely loaded.
We offer support to the schools in getting savings clubs organised as we know how busy teachers are. We will come in and meet with you to discuss your plans and then help train those who will be responsible for the club. We will attend the first few sessions and help with registering the children. Each child has to have an adult sponsor from whom we need to collect some simple ID. We will help with this side of things in order to make the process as simple as possible for the schools to get started.
If you are interested, we are also very happy to get involved in the classroom or in assemblies. We can help by providing resources and lesson plans for the delivery of financial education. A very good source of ideas is the Personal Finance Education Group (PFEG). This charity has been working in schools across the country for a number of years. See www.pfeg.org for more details. Each year they provide resources for “My Money Week” which is held in June. If you would like to get involved with this, we would love to hear from you.
If your school is interested in starting a savings club then contact Helen Taylor firstname.lastname@example.org