Learning About Money in the Primary Classroom by Happy Giraffe

Learning About Money in the Primary Classroom

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Learning About Money in the Primary Classroom

About pfeg

About HSBC Bank plc

pfeg (Personal Finance Education Group) is an independent charity with the mission to support education providers in giving children and young people the skills, knowledge and confidence to manage money. We do this by influencing policy and practice; supporting educators in teaching money matters with confidence and providing education resources that will engage and inspire.

HSBC considers investment in education and conservation of the environment essential to the planet’s long-term health and prosperity, and these key areas form 75% of the group’s charitable donations. In 2010, HSBC donated in excess of £80 million to community projects worldwide, with half of all donations dedicated to educational projects. Education work focuses on primary and secondary education, financial education, disadvantaged children, projects promoting international understanding and the teaching of languages. For more information visit www.hsbc.com/sustainability.

We believe that all pupils are entitled to receive the basic grounding in personal finance necessary to prepare them for the economic realities of life and to enable them to make independent and informed decisions about their future. We also believe that it is never too early to start, and that personal finance education should begin in primary schools. We help schools teach lessons about money across a range of subjects and activities, including personal, social, health and economic education, citizenship, mathematics, ICT and enterprise education. pfeg works collaboratively with local authorities, academy groups, teachers and school leadership teams. Working in partnership with key groups makes it much more likely that pupils will develop the skills and confidence they need to manage their money. For more information and resources, visit www.pfeg.org

pfeg Fifth Floor 14 Bonhill Street London EC2A 4BX T 020 7330 9470 / 0845 241 0925 F 020 7374 6147 / 0845 241 0926 E info@pfeg.org W www.pfeg.org www.twitter.com/pfeg_org

HSBC serves 16.1 million customers in the UK and employs approximately 52,000 people. In the UK, HSBC offers a complete range of personal, premier and private banking services. It also provides commercial banking for small to medium businesses and corporate and institutional banking services. HSBC Bank is a wholly-owned subsidiary of HSBC Holdings plc. HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 7,500 offices in 87 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. With assets of some £1,702 billion at 30 June 2011, HSBC is one of the world’s largest banking and financial services organisations.

Contents How to use this resource

Introduction

3 4 7

What is What Money Means? What is financial capability and personal finance education?

Getting Started Planning and delivering personal finance education

Classroom Activities Early Years Foundation Stage The king is in his counting house Treasure trove Letâ&#x20AC;&#x2122;s play shops

16 18 20

Key Stage One Toys Buckets, spades and ice-cream Looking after your money

22 24 26

Lower Key Stage Two Sandwich challenge Controlling the classroom budget Is it fair?

28 30 32

Upper Key Stage Two A sporting chance Millions The world of work

34 36 38

Curriculum Subjects and Dimensions Mathematics English PSHEe Enterprise Other subjects

42 44 46 48 50

Whole-school and Other Approaches A pupil moneyfesto Savings schools Volunteers Using poems Using puppets In the school garden Engaging with parents Pupils teaching pupils about money

54 56 58 60 62 64 66 68

Continuing Professional Development One hour and counting A final note!

72 74 1

How to use this resource This resource comprises four elements: 1. Learning About Money in the Primary Classroom – this book 2. The Learning About Money Primary Planning Framework

Each core area maps out the key personal finance knowledge, skills and attitudes relevant to the specific age range. This is not designed to a be a rigid plan, and teachers may choose to use ideas from other age ranges depending on the needs of the children in their class or school.

3. A DVD, What Money Means in Action 4. Learning About Money Primary Assessment Ideas

Learning About Money in the Primary Classroom The book is divided into five sections: • Getting started – a quick guide to how to implement personal finance education • Classroom activities – practical activities and teaching strategies for pupils of different ages • Curriculum subjects and dimensions – how personal finance can enhance different subjects • Whole-school and other approaches – personal finance initiatives across the whole school, involving pupils, parents and volunteers • Continuing professional development (CPD) – ideas for staff development

Learning About Money Primary Planning Framework This framework is divided by age range – Early Years Foundation Stage, Key Stage 1, Lower Key Stage 2 and Upper Key Stage 2 – and by four core areas of learning: • How to manage money • Becoming a critical consumer • Managing risk and emotions • How finance plays an important part in people’s lives

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Further copies of the framework can be downloaded from www.pfeg.org/learningaboutmoney

What Money Means in Action DVD This short film shows some of the lively and creative classroom practice developed through the What Money Means project, and can be used as an introduction to the topic to inspire teachers. It is split into sections which can be used on their own or together for CPD by schools or other bodies.

Learning About Money Primary Assessment Ideas This book is intended to help teachers assess personal finance education. It contains a range of teacher-led assessment tasks and examples of pupils’ work generated in primary schools across England. The materials include work with pupils throughout the primary age range, and across a range of curriculum subjects and crosscurricular topics.

Online resources Throughout this book you will find references to resources which are online, e.g. worksheets, examples of work schools, planning documents, and so on. To find these, follow the link on the page under the online icon.

Introduction Money Talks I was born in a furnace, Brought up in a bank, I learned my trade In an ATM. I’ve been wet and cold, New and old, I’ve been dropped down a drain, I’ve travelled to Spain. I’ve paid the bill, Been stuck in a till, Lost in France, Washed with pants. Been borrowed and stolen, Nicked by a crook, Licked by a dog, Given as change, Lost and found. Buried underground. I’ve lived in a wallet In pockets and purses, I’ve been withdrawn, Been in dark places, Been spun, tossed Won and lost Year 6 pupil Fens Primary School, Hartlepool.

What is What Money Means? What Money Means – a groundbreaking five-year project established in 2007 – was designed to develop the financial capability of primary children, from Reception to Year 6, by providing high-quality training and resources for teachers. This has been achieved by working in partnership with teachers and local authority teams to integrate personal finance education across the curriculum, and by spreading good practice among the teaching community. It is the biggest non-governmental initiative of its kind for primary schools in this country. The project was rigorously evaluated by an independent group. The report showed that What Money Means has significantly improved personal finance education in England’s primary schools and left a legacy that teachers can continue to build on in the future.

Pupils and teachers What Money Means has directly supported 648 primary teachers in 34 local authorities across England. An estimated 23,200 pupils have benefited from personal finance education as a result. The teachers have been encouraged to be experimental and creative, and to identify what works for their pupils in their schools. The good practice and innovative ideas that have emerged have developed the financial capability of children as well as delivering learning objectives set out in the primary school curriculum. A wealth of classroom and whole-school activities have been developed (available in this publication and at www.pfeg.org ) along with a primary planning framework of learning outcomes, a curriculum audit tool to identify coverage and gaps, and a range of assessment ideas including a ‘Draw and Write’ baseline assessment tool for financial capability. The materials generated through What Money Means have been presented in a series of publications and a DVD of classroom practice,

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David Parry/Re dEye

which were made available free of charge, and to date have been requested by 4665 schools.

Initial teacher training What Money Means has demonstrated how important it is to reach teachers at the start of their careers, and those who are responsible for their training. We have worked with 695 trainee teachers in two large teacher training providers: Edge Hill University in Lancashire and Shropshire, and Roehampton University in London. This has enabled all those involved in the training of new teachers to raise the profile of personal finance education in their courses and promote good practice in the classroom, with the following results: • Teachers in training recognise how working with What Money Means has helped them to develop

professionally, and have been keen to integrate personal finance education into their teaching practice, often because they feel it is something they would have benefited from in their own education. • Course leaders and subject tutors in these institutions have put structures in place that enable all teachers in training to understand the importance of personal finance education and how it can be delivered well in the classroom. • Placement schools have been supportive of trainee teachers integrating personal finance education into their teaching practice, and involving already qualified teachers across the school.

Lead teachers What Money Means has gone further than supporting individual teachers, by helping the teaching community to help itself. We have worked with a number of local authorities and school clusters to create around 50 lead teachers committed to spreading the word about the financial capability of children, and training other teachers from neighbouring schools and across local authority boundaries. Different models have been adopted, but all have common features that have

made them a success. What Money Means lead teachers are: • practising teachers who are developing personal finance education in their own classrooms, giving credibility to their role • well qualified, motivated, and able to share examples of good practice with colleagues • committed to their own continuing professional development, and believe personal finance education makes a significant contribution to their success as teachers • supported by their headteacher, and given adequate time and resources to provide support to others • able to access good-quality teaching and learning resources in order to equip others with the ideas and materials they need to make personal finance education a reality in their schools. The lead teacher role has proved to be an effective mechanism for developing expertise and passing it on to others.

Special education needs With What Money Means, pfeg has been committed to working with pupils with special educational needs (SEN), whether in mainstream or special schools. We have worked with teachers to provide suitable activities and strategies for pupils at both ends of the ability spectrum to engage and stimulate them. In this respect we have found that money and money-related issues are extremely motivational, as pupils can understand their relevance and importance to their own lives. Teachers in schools for pupils with moderate and severe learning difficulties have seen personal finance education as crucial to the development of their pupils, since it allows them to become independent members of the community. Through the What Money Means project SEN pupils have been introduced to money management by the use of games and activities which teach them to recognise different coins and notes, use money in exchange for goods or services, appreciate the value of money, understand the difference between credit and debit cards, and so on. Teachers working with small groups of pupils with autism have seen their confidence grow as they put their personal finance learning into practice with visits to local stores, now able to carry out monetary transactions and engage in everyday activities like shopping. It teaches them how to care for themselves and others before they leave school at 18. Becoming independent is of immense importance to their development, and learning how to handle money is a big step along this path. Many of the activities found in this resource can be adapted to make them inclusive of children with special needs.

Bank volunteers Helping children connect what they learn in the classroom with life outside school is a central tenet of personal finance education. With that in mind, facilitating volunteering partnerships between HSBC employees and primary schools has been a unique and hugely important dimension of What Money Means. HSBC volunteers use their knowledge of banks and the financial sector to help children understand money matters and, in the process,

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help teachers develop their own knowledge and skills. Volunteers can contribute by: • using real-life examples to make financial education meaningful for children • explaining their work to help children understand the role of banks • sharing their own experiences of how people manage money • using local knowledge to link financial topics with the local community. 1110 HSBC staff successfully completed a training programme, designed and delivered jointly by HSBC and pfeg trainers. This gave them the confidence to work in classrooms in effective partnerships with teachers.

What is financial capability and personal finance education? Financial capability

Personal finance education

The recent economic crisis has proved that a solid grasp of money matters is essential to the well-being of individuals, families and communities. Budgeting, bank accounts, credit cards, income tax - we are all faced with complex financial decisions, and need to know how to make the right choices. Financially capable people are able to:

Enshrined in legislation is the requirement for schools to provide a curriculum that prepares all pupils for the opportunities, responsibilities and experiences of life. Developing the financial capability of children as they move towards adulthood is an important part of this. A school’s curriculum therefore needs to include personal finance education. This should be a planned programme of learning opportunities designed to:

• manage and keep track of their finances • be critical consumers of goods and services • manage risk and reward • know how finance plays an important part in people’s lives. Young people face particular challenges, from spending and saving their pocket money, using the credits on their mobile phones, buying items on the internet, to taking out student loans. Preparing children and young people to become financially capable is an important part of their personal development, and should be planned for in school.

• develop financial capability in all children and young people from every social and cultural background • enable children and young people to make informed judgments and effective decisions about managing money in their present and future lives. Teaching some aspects of personal finance has always been part of the primary curriculum. Children are often taught how to count with coins, and the ‘role-play shop’ in the classroom is a common sight. We need to be both literate and numerate when it comes to managing money, and to understand our attitudes to money and how this affects our behaviour. In primary schools personal finance education can be delivered through a range of subjects, including personal, social, health and economic education (PSHEe), mathematics and English. Most other subjects can be used as starting points for personal finance lessons too.

Financial education can be summarised within four related themes: How to manage money Including: • Uses and functions of coins, notes, credit and debit cards, and foreign currency • Budgeting, borrowing and debt • Using and interpreting financial information and records

Becoming a critical consumer Including: • Influences on the choices we make about how we spend our money • Weighing up needs and wants • Using information to get best value for money

Managing risk and emotions Including: • Feelings about having, spending and losing money • Saving and borrowing • Insurance and avoiding financial scams

How finance plays an important part in people’s lives Including: • Where money comes from and how money is earned • The role of charities • Pensions and saving for retirement The Learning About Money Primary Planning Framework which is part of this resource contains more detail to help you plan for personal finance education in the classroom.

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Getting Started How do you go about implementing personal finance education in your school? This section has a quick guide to some of the ways this can be done, whether you are an individual teacher introducing personal finance into your own lessons or whether you are a curriculum co-ordinator planning a programme of personal finance across different years in the school. It is supported by a range of audit and planning documents that can be found online. What’s in my pocket? You can hold it, But you can’t keep it. You can change it, But it can change you. Hungry people need it But you can’t eat it. Everyone wants it, But not everyone has it. Some people love it But it can’t buy you love. Shops are full of it, But you can’t buy it. Year 6 pupil Fens Primary School, Hartlepool.

Planning and delivering personal finance education What is personal finance education? Read page 7 in the introduction of this book.

Learning About Money Primary Planning Framework This maps out the key personal finance knowledge, skills and attitudes relevant for specific age ranges that you can use to guide your curriculum choices.

Classroom activities Read some of the classroom activities in this book to get a flavour of the way you can teach personal finance in a lively and stimulating way.

DVD Watch the What Money Means in Action DVD, that accompanies this book. You can see teachers engaging pupils in a range of different activities which develop their financial capability.

pfeg Go to the pfeg website www.pfeg.org for more information.

First things first When you start the process of planning a lesson or programme of personal finance education, you need to be clear about what it entails and why it is important to teach it.

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Curriculum audit Carry out an audit to find out what aspects of personal finance are already being taught in your school. You can find some documents to help you do this at www.pfeg.org/ learningaboutmoney. The audit documents will help you ascertain which topics are being covered in which year group. You can then map this to the Learning About Money Primary Planning Framework. The process will also suggest areas you might think of working on.

Continuing professional development If some teachers would like some support in working out how they can teach personal finance then a CPD session may be the answer. You can see some suggestions for a short in-service training session on pages 72-73 of this book.

Staff audit

Curriculum and staff needs

Some teachers may lack confidence when it comes to teaching personal finance. So it is important to explore this and find out what teachers feel about teaching it. You can find a document to help you do this at www.pfeg.org/learningaboutmoney.

If you are a classroom teacher who wants to teach some personal finance lessons, then go on to the next page. If you are a curriculum co-ordinator and wish to plan a coherent programme of personal finance education in your school, then itâ&#x20AC;&#x2122;s a good idea to find out where it is already being taught and at what level.

Planning and delivering personal finance education continued Draw and Write This is a method for finding out what pupils know before planning lessons or schemes of work. You can see how see how teachers have used Draw and Write techniques in relation to financial capability in the assessment booklet that is part of this resource. A formal Draw and Write is also available at www.pfeg.org/learningaboutmoney.

Ask the pupils Engaging pupils in discussing what they know already and what they would like to learn about is very fruitful. You could get them to write a ‘moneyfesto’. You can read about doing this on pages 54-55 of this book. This can act as a way of motivating them to engage with personal finance.

Parents Talking to the parents about personal finance can be useful to pupils, school and parents. You might want to ask parents who know a lot about personal finance to help you in lessons. Parents can be asked to help their children at home. Many schools engage parents in after school family learning, which helps parents and children develop their financial knowledge and understanding together. See ‘Engaging parents’ on pages 66-67.

Meeting the pupils’ needs Children have very different experiences of money and its uses. These will vary from school to school and from region to region. Some will have had very little contact with cash and may have been protected from the financial world by their parents. Others may be confident handlers of money and have an understanding of money-related issues. You need to find out what they know already about personal finance and how financially capable they are.

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Themes and topics Look for themes/topics where personal finance could be taught as part of existing schemes of work. For instance, you might add a personal finance dimension to nursery rhymes, the theme of toys, or the seaside.

Strengthening financial capability Having looked at where you teach aspects of personal finance already, together with the personal finance framework, you might wish to strengthen the financial capability element or treat it in a more rigorous way, e.g. in a shop role-play or an enterprise activity.

Classroom activities and DVD Looking at the classroom activities in this book and the accompanying DVD can also suggest some areas to plan for personal finance education.

Curriculum subjects Look for opportunities to teach discrete units of personal finance linked to other curriculum subjects such as mathematics, English and PHSEe. Read the curriculum subjects section of this book for some ideas.

Assessment

Planning personal finance education After you have collected all the data from your curriculum, and from pupilsâ&#x20AC;&#x2122; and parentsâ&#x20AC;&#x2122; audits, then you can plan where to locate personal finance in your overall curriculum. Use the Learning About Money Primary Planning Framework to map out your coverage.

Plan opportunities for assessing personal finance into your schemes of work and lesson plans. There are suggestions for ways of doing this in Learning About Money Primary Assessment Ideas, which is part of this resource.

Classroom Activities This section contains a range of practical classroom activities and teaching strategies that can be used with pupils from Early Years through to Year 6. These activities are supported by a wide range of resources that can be found online.

Funny Money If carrots were money We would all start digging. If smiles could buy things We would all be jolly. If soap was money We’d be filthy rich. If water was money We’d be swimming in it. If friends were precious We’d all be rich. If time was money We’d spend it more carefully. If chocolate was healthy We’d all be wealthy. If cheese was money We’d be stinking rich. If life was cheap Somebody would make a killing Year 6 pupil Fens Primary School, Hartlepool.

The king is in his counting house Learning about money through nursery rhymes Many nursery rhymes have money-related themes, for example: the use and value of coins, counting and making spending choices. Some pose ethical and personal dilemmas connected with money. These three well-known nursery rhymes provide excellent starting points for activities which help children develop their financial capability.

Activities

Personal finance learning

FOUR currant buns in a baker’s shop Round and fat with a cherry on top Along came a girl, with a penny one day Bought a currant bun and took it away.

• Counting, sorting and comparing different coins • Choosing appropriate coins to use and waiting for change • Knowing that I need to look after my money

The children should, as far as possible, learn the rhymes by heart, performing them using both actions and appropriate variations in speech. Then you can draw attention to the content and meaning of the rhymes.

Five currant buns FIVE currant buns in a baker’s shop Round and fat with a cherry on top Along came a boy, with a penny one day Bought a currant bun and took it away.

THREE currant buns... The repetitious nature of the verses in this rhyme allows children to practise counting up and down in ones so that they become more confident in their basic number skills. Pupils role-play the rhyme in groups of six: one child is the baker, while the others play the customers with their pennies. The characters can be changed to a girl, a man, a woman, a teacher, a bear, etc. You can alter the cost of the buns, e.g. the shopper comes in with 2p or 3p each time and focus on the ‘paying’ and ‘buying’ process.

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Early Years Foundation Stage

Ask questions such as: - How much would it cost to buy two buns or three buns? - What would happen if the boy came in with no money? - Why does the boy have to pay for the buns? - What does the baker have to pay for in order to make the buns?

Sing a song of sixpence Sing a song of sixpence, A pocket full of rye Four and twenty blackbirds Baked in a pie. When the pie was opened, They all began to sing. Now, wasn’t that a dainty dish To set before the King? The King was in his counting house, Counting out his money The Queen was... Through this rhyme children can talk about where money is kept for safety, e.g. banks, safes and money boxes. The children can act out being cashiers and customers in a bank in the role-play area. Ask them: - Where do you keep your money for safety? - Inside the counting house, what did the king store his money in?

Seesaw Margery Daw Seesaw Margery Daw Johnny shall have a new master He shall earn but a penny a day Because he can’t work any faster.

Plan activities around the counting and sorting of coins. As a maths warm-up activity, select a small group of children to stand at the front of the class. Each child holds up a different large coin. The group or the whole class are then asked to arrange them in a line from the smallest value coin to the largest value or vice-versa.

Use this rhyme to do some basic monetary calculations and discuss work and money, for example: • Calculate how much Johnny would earn in one week/two weeks/three weeks, and then decide how he might spend it. • Introduce new characters and decide that if ‘Jenny’ can work faster, she will earn 2p per day. But is it fair to make her work faster? • Draw block graphs using stick-on coins or 3D graphs using piles of coins to compare what Johnny earns with what Jenny earns. • Discuss earning wages or pocket money in the context of spending and saving.

DVD

You can see children in the reception class at Lancaster Road Primary School learning about personal finance through the medium of nursery rhymes on the DVD.

Treasure trove What does money look like? Is money valuable or useful? The idea of finding treasure, which Early Years children enjoy as part of their imaginative play, provides an opportunity to look at coins and money and explore the concept of ‘value’. Personal finance learning • Recognising, describing and naming a range of coins

Activities Through discussion, find out what your class already knows about money. You may be surprised that, despite limited experience of handling money, many will be developing attitudes and opinions about money and what is valuable. Many young children have little contact with coins and real money, so it is helpful if they can handle some real coins in small groups. Large-size coins can be used to discuss the features of coins with the class.

• Beginning to know the value of a range of coins • Read a story about treasure like Spot’s Treasure Hunt by Eric Hill or Percy the Park Keeper – Treasure Hunt by Nick Butterworth (or make up your own) and ask the children: - What sort of things do you think were in the treasure? - Have you ever found anything valuable? - What did you do with it? • Working with small groups, tell the children that treasure has been buried in a sand tray or pit and suggest that they go on a treasure hunt. Talk to them briefly about being ‘detectives’ and how they must dig with great care, making sure that the treasure isn’t damaged. The children take turns to uncover the ‘treasure’, which consists of small envelopes containing coins. Encourage the pupils to: - observe and describe the coins in relation to their shape/size/colour/patterns and any letters and numbers which are on them - give the coins their correct value names and place them in sets on the large size coins used at the introduction to the activity. Add up the number of coins or, if the children are able, add up the total value of the coins. 18 For more information go to www.pfeg.org

Early Years Foundation Stage

• Follow this up by asking the children to create an imaginary story of the adventures of a coin or design a coin of their own.

Extension activity • Explore the difference between what is ‘valuable’ and what is ‘useful’. Plant some objects in the sand pit. Tell the children that some valuable objects were lost in the locality some time ago. Show them how to operate a basic metal detector (use trowels and brushes if a metal detector is unavailable). Then the children, working in groups of 3-4, take it in turns to use the detectors to find the objects. The objects are, of necessity, all metal and range from coins, jewellery, medals and tokens to nuts, bolts, small tools, spoons and odd bits of metal. As the objects are found the children have to discuss which of following three hoops to place them in: - green hoop = valuable - yellow hoop = not sure - red hoop = not valuable Then have a group discussion about which things are valuable and which are useful. Discuss how coins/money can be useful. You could ask questions such as: - Are the valuable items, e.g. jewellery, also useful? - Are the useful items, e.g. spoon, also valuable? - Are coins useful, e.g. to buy things? - Are coins valuable?

Let’s play shops Carrying out simple transactions and making choices Role-playing ‘shops’ is a popular activity which allows early years children to rehearse many aspects of personal finance. Buying things, and realising that you can’t have something if you don’t have enough money, helps children develop an awareness of how money is used and what it is worth. A variety of money-related issues can be introduced by varying the nature of the shop. Personal finance learning

Activities Decide the type of shop/retail outlet you wish to role play, e.g. toy shop, pet shop, charity shop, post office, and so on. Consider the various aspects of financial awareness that can be developed through different types of shop, as shown by the two examples below.

At the grocer’s The grocer’s shop introduces the key theme of buying and selling goods. As the children become more confident you might talk to them about a basic notion of value.

• Carrying out simple money transactions

The children who take on the role of grocer shop staff will:

• Making simple choices about spending money

- sell goods in exchange for money

• Using money in different types of shopping experiences [goods and services]

- become aware of selling things singly or by weight - price goods - identify coins and give change. The children who take on the role of customers will: - think about how much money they have to spend - make choices about what to spend their money on and buy what they need, e.g. sufficient quantities - recognise the value of coins and count them out to pay for items - begin to understand the idea that they should check their change.

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Early Years Foundation Stage

In the café/restaurant A café introduces the idea that some shops sell services. The children who take on the role of cafe staff will: - create and price simple menus - provide a service to customers - add simple prices together to work out the bill - give change when necessary. The children who take on the role of customers will: - be made aware that they are paying for work (a service) someone does - use the menu to identify prices - make choices about what they can afford to order

Coin/note recognition and value equivalence As the children become more familiar with the shape, size and colour of play/real coins, encourage them to sort piles of mixed coins into the correct containers – 1p, 2p, 5p containers, etc. Use large versions of coins to scrutinise the patterns and designs on each coin. During a shop role play, they buy a single item with a single coin (exact exchange). This activity progresses to using a range of coins equivalent to the same value, e.g. 5p = 5 x 1p = 2 x 2p + 1p. These activities can be revisited with higher value coins and notes as understanding develops.

- select the appropriate coins to pay for the items they have ordered.

Top tips for the role-play shop • Introduce the idea that the children must have enough money to pay for what they wish to buy. • Talk about the meaning of ‘cash’. Encourage the children to look closely at the differences between coins, and the differences between coins and notes. Look carefully at the sizes, colours, pictures and patterns and spot things that are the same and things that are different. • Look at the processes of keeping money safe, paying and giving change. Ensure that your role play area has a variety of purses and wallets, coins and notes and a cash register.

Assessment

Giving change Once children are familiar with the coins and with the notion of buying they can move on to purchasing items with coins where they will need change. For example, if an item costs 4p and the child has a 10p coin, ask them if the item is more or less or the same value as the 10p coin. Teach them that if the item is less than the money they have they can expect to have some change. Some children will begin to work out how much change they will get.

See the section on role play in shops and cafés on pages 6-7 in Learning About Money Primary Assessment Ideas. 21

Toys How long will it take me to save up for the toy I want? The theme of ‘toys’, often a favourite in the Year 1 curriculum, is an excellent vehicle for teaching about personal finance. The children can consider the cost of buying toys and how long it would take to save up for a toy. Personal finance learning • Making choices about the things we buy

Activities • Ask the children to bring in their favourite (small) toy. Discuss with the children why these toys are their favourite. -What do they particularly like about the toy? - How did they get it? As a present, bought themselves, etc. - Do they know how much it costs?

• Keeping track of the money we have • Saving up for the things we want

- Do they think it is expensive or cheap? Involve the class in discussing the prices of their favourite toys and the best/cheapest place to buy them. • On classroom tables, put some pictures of small toys, games, sweets, comics etc. with prices. Give each child a sum of money, e.g. £10, and ask them what they would choose to buy with that money. - Would they buy one big toy or several small toys, or some toys and some sweets?

• Talk about the money they would need to pay for their toys. Using plastic money or pictures of coins and notes get the children to count out or draw the money they would need to pay for their chosen toy. - How much change would they get from their £10? • Show the class pictures of various toys from a toy catalogue, using the interactive white board (IWB) if available, or a PowerPoint presentation. Include some expensive toys and some cheaper toys.

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Key Stage One

Ask your class to think about the cost of each toy and the difference between cheaper and more expensive toys.

• Put Argos or similar catalogues on tables for children to share. Ask them to choose a toy to buy from the catalogue. Discuss with the class how they could buy this toy from the catalogue, using questions such as: - Where would you get the money to buy the toy? - Do you get regular pocket money and why do you get this? Do you have to help around the house? • Give each child a card which tells them how much pocket money they receive each week – 50p, £1, £2, etc. (This avoids asking them how much they actually get or, of course, do not get.) Ask the children to estimate/guess/work out how long it would take them to buy the toy they chose if they had to save up for it themselves. • Ask the children to tell you their toy choice, weekly pocket money received and then on the IWB/blackboard show them how long it would take to save up for their toy. Draw a bar chart showing class findings. Then ask them what their choice would be if they were given the option of a buying a cheaper toy that they have sooner or saving up for the toy they really want.

Extension activity Children could be asked to choose toys for a particular age range, or for a particular budget and work out which toys would be the most appropriate or the best value.

DVD

Aragon Primary School in Merton used the painting ‘Children’s Games’ by Pieter Brueghel as a starting point for its work on toys. The children compared games in the past with those today and played games that were popular in the past. They considered the costs involved in making toys from the past compared with modern ones, especially in regard to the materials used to make them. They thought about why some modern toys were expensive to buy and how expensive toys differ from cheaper ones. You can see Aragon School on the DVD. 23

Buckets, spades and ice cream Budgeting for a day out at the seaside Most children find the idea of a visit to the seaside exciting and this can motivate them to think about financial aspects of the visit, whether they have actually been to the seaside or not. Exploring basic budgeting, making children aware of what they can afford, and helping them manage their expectations can lay the foundations for sound financial awareness. Personal finance learning • Differentiating between needs and wants • Understanding that it may not be possible to have everything you want • Beginning to understand that money needs to managed

Activities The teacher can employ a three-stage approach.

1. A good day out - needs and wants • Ask the children to suggest items they might want to take with them to ensure they have an enjoyable day at the seaside, e.g. beach wear, towels, sun cream and games equipment. Put their ideas into a timeline of their ideal day and begin to introduce the idea that there may be restrictions on what they are able to do in the time available. • Using catalogues and internet sites, work with them to make a price list of various items they may like to take with them. Introduce the idea of ‘needs and wants’. Ask the children to look at their chosen items and sort them into things they would have to take (need) and would like to take (want). Give support where necessary. The children can be asked: - What food and drink might you need during the day? - How much do you think these would cost?’ - Are ice creams and a stick of rock needs or wants? - Is a windbreak a need or a want? Each child or group of children could make a montage of their needs and wants for the day at the seaside. This activity could be developed, where appropriate, by adding prices to their montage.

24 For more information go to www.pfeg.org

Key Stage One toppings 20p

3. My dream ice cream

flavours 60p

base 30p

2. My ideal day at the seaside... on a budget • Give the children a budget of £5, although this could be changed to suit the needs of your class. Ask the children if they would prefer a five pound note or five separate pound coins. The discussion that follows may look at security (easier to lose the note) or personal preferences but it should make the point that the coins and note are worth the same and that you can exchange the coins or notes for £5 worth of goods.

• Have some fun designing a dream ice cream with your class, reinforcing the idea that you always have to make choices within a budget. Use the whiteboard to create bases and flavours to drag and drop into place. Clip art and geometric shapes can be used to represent the cones, flavours and toppings. Depending on the age and ability of your class you will need to decide the number of options you provide for your pupils. • Give the children a set amount to spend, perhaps £2. They can work in pairs – one child building the ice cream on the whiteboard, the other counting out the correct money for each selection made. It is important that the children gain hands-on experience of paying for itemised bills, counting out the correct coins and being able to calculate the total within a set budget. Work with realistic prices where possible. The prices allow a basic purchase of a base, number of scoops and toppings.

• Provide the children with a variety of options for spending their money, e.g. ice cream, bucket and spade, rides at the fair, etc. Children can look for offers to make their money go further. Emphasise that many things at the seaside can be done at no extra cost, e.g. playing in the sand, swimming, exploring rock pools. Ask questions like: - How will you spend your money to have a really enjoyable day?’ - If you spend all of your money on rides, what would you do for the rest of the day?’ - How much does each scoop cost if you buy 1, 2 or 3 scoops of ice cream? - What things can you do for free at the seaside?

Looking after your money How can I look after my money? What does it mean to have more or less money than you need? The pupils receive a message from Jenny, who has recently won a large amount of money in a competition. She asks the pupils to help her look after her money. The teacher uses this story to make Years 1 and 2 pupils aware of the consequences of foolish spending and help them think about ways of managing money more responsibly. Personal finance learning • Knowing where my money comes from and that we may get money in different ways • Knowing where to keep money safe • Realising that spending money has consequences and that it needs to be managed responsibly

Activities The activities described below could take place over several weeks.

• Send a postcard from Jenny to the class saying that the prize money she won is running out. She has been spending it recklessly, and is worried that soon she won’t have any money left, especially as she gave up her job. She wants the children to tell her how best to look after it. As a quick starter, ask the children what you think Jenny should do. This will give you a good idea about the different levels of understanding in the class. • Show the children a big bag full of coins. Split the money between small groups of children and ask them to sort the coins out into different types and count the total amount they have been given. You can vary this according to ability by giving groups different amounts and combinations of coins, e.g. coins between 1p and 10p, coins between 1p and 50p. • Ask the children to draw pictures of what they would do if they had lots of money. Use their drawings to discuss how people might make different choices about how to spend their money. To encourage them to think about the responsible use of money, examine the difference between needs and wants. As a class, select items from a table and put them in one of two hoops – needs and wants. Help children to say why the item is being put in which hoop. Can we always have the things we want?

26 For more information go to www.pfeg.org

Key Stage One

• Ask the children to draw and write answers to the question: - Where will our money come from when we are grown up? Use this to explain the relationship between money and work. Although money can come from other places, such as winning it, these aren’t very reliable sources of income. • The children now work in groups to draw up a reply to Jenny’s original message, making them aware that Jenny’s problem is that she is spending money but has no income and that she might not be making the best decisions about how to spend it. What advice would they give Jenny? • Send another postcard from Jenny thanking the children for their help, and that she is looking for a job and is trying to be more careful about how she spends her money. However, she now has another problem - she doesn’t know how to keep her money safe. Pose the questions: - What might happen to Jenny’s money if she keeps it all in one big bag? - How might it make Jenny feel if she lost it?

money Class, a lot of ve e Dear Red it u q n o w d ha hile ago I my job an e and A little w tition. I gave up a good tim e in a comp ral weeks having ially on an exe ec spent sev ts of money, esp an. But it is lo be spending day in the Carib alise I have been li e o r h e I d money pensiv un out an oked after my r o t g in t lo ve star should ha foolish. I ully. e advice ef e me som e I more car iv g e s a Ple ur o make s help me? Can you should do next t and don’t get on what I h money to live on won’t last for g on have enou . The money I w le b u o r t o int . very long hes, Best wis oney. Can Jenny bag of m way of a u o y g d find a m sendin P.S. I a fter it for me an a you look re it is safe? u s g makin

Assessment

Learning About Money Primary Assessment Ideas contains materials on keeping money safe on pages 22-23 and simple bank records on pages 30-31.

• Ask the children to draw a mind map to show different places where money can be kept safe, e.g. pocket, wallet or purse, money box, bank. Introduce the idea of a bank, and arrange for a bank volunteer (possibly a parent) to come into school and talk to them about how banks work. Ideally the children, in small groups, would visit a local bank to see: - bags of money and the bank safe - how people might pay money in or take money out - savings books or statements to see how this is recorded.

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This set of activities is based on a project developed by Applegarth School in North Yorkshire. The teacher created the postcards to drive the activities in a creative way. The class worked with their local HSBC bank and small groups visited it to see the bank in operation and find out about bank cards and accounts. You can use resources and planning documents from the project at www.pfeg.org/learningabout money. 27

Sandwich challenge Can I make choices based on budget, taste and healthy eating? Year 3 children learn about ‘making a sandwich’ in school as part of their design and technology curriculum. This can be enhanced by adding a financial dimension comparing prices, working out best value and designing a packed lunch on a set budget. Set your pupils the ‘sandwich challenge’. Personal finance learning • Recognising that some things are better value for money than others • Planning and tracking spending through using a simple budget • Making choices based on needs and resources

Activities • Discuss with the class which type of sandwich they like best. Use the information to show what the most popular sandwiches are. Ask the pupils to choose 3 or 4 ‘shop-bought’ sandwiches to buy, e.g. chicken and salad, cheese and tomato. Disassemble each sandwich and look at the different items that make it up. • Play ‘The Price is Right!’ Draw a long line with 1p at one end and £2 at the other. Take the items from the sandwiches and ask the children to stand on the number line at the price they think the item would be. • Introduce the idea of a budget. Explain to the class that you are going to give them a limited budget and challenge them to make a healthy sandwich that they and they peers would enjoy eating. Emphasise that they will not be able to spend more than they have been given. • Hold a blind bread tasting session to try out different breads at different prices and find out the one that tastes best (and is healthy) while giving good ‘value for money’. • Having decided on the bread, focus on the fillings. Discuss the benefits of a balanced diet and discard the fillings that might be unhealthy. Using the internet, or a trip to the shops, ask the children to price these foods. - Which items are the cheapest? - Which items are the most expensive? - How much of each filling item is there? Compare these prices with those they suggested earlier in the ‘Price is Right’ activity.

28 For more information go to www.pfeg.org

Lower Key Stage Two

• Choose and buy the ingredients for the sandwich based on healthy choices and value for money. In small groups, make similar sandwiches for lunch. Then pose these questions: - How much did each sandwich cost to make? - Which is cheapest? - What does each sandwich look like? • Compare the home-made sandwiches with the shop-bought sandwiches: - Which tastes better? - Which would they choose to eat? - Which is the most expensive, and what is the difference in price? Ask the children to compare their findings and decide which is the ‘best value’.

• Discuss with your class what else they think a healthy school lunch box should contain? (A carbohydrate, a source of protein, a good source of calcium, a non-fizzy drink and a portion of fruit/vegetable.) • Give pupils a budget of around £2.00 and then ask the children to price the cost of the food and drink that they need to make a healthy lunch box. They can research the prices or, if this is too difficult, provide a range of prices on cards for them to use. • Ask your class to present their findings: - Compare the difference in prices and the food in the lunch boxes - Which was the cheapest/most expensive lunch box? • Collate data on the blackboard/IWB in class and display evidence in graphs and charts. Ask the class to present the findings of their research, with ‘best buy’ suggestions to the whole school in a special assembly.

Pupils at Plaistow Hill Infant and Nursery School, Plymouth, took the sandwich challenge and discovered that the home-made healthy sandwich was not only tastier to eat but over a pound cheaper than a shopbought one. At Morden Primary School, London, parents/carers and pupils were invited to learn together about how to create a healthy lunch on a budget. This also enabled the school to develop in the wider community an understanding of healthy eating and financial capability. 29

Controlling the classroom budget Making spending decisions and understanding how these affect other people You may think that your class stationery budget is tiny, but for a class of Year 3 or 4 pupils it’s a small fortune they’d love to get their hands on. Allowing them to make decisions about day-to-day school expenditure gives them a greater sense of responsibility.

Activities

Personal finance learning

• Create a mind map of ideas from the whole class about the stationery items they think they need, e.g. pens, pencils, glue sticks.

• Appreciating the real cost of items and that some things are better ‘value’ for money than others • Making choices about how money should be spent • Plan and track my spending and keep accurate records

• Present the class with a letter from the headteacher explaining that the class is being given control of the stationery budget and that the pupils are expected to decide what the whole class will need for the rest of the term. Include the amount of money they can spend, preferably as real notes.

- What do they want? - What do they need? - What is most important and why? • Organise the pupils to work in small groups and give them a stationery catalogue each or a set of picture cards showing different items with their quantities and prices. You can make the number and combination of cards more or less difficult depending on the level of challenge the pupils need, e.g. one card with pencils for 10p each and another with 10 pencils for 90p, buy-one-get-one-free offers. Always use real prices.

30 For more information go to www.pfeg.org

Lower Key Stage Two

• Give each pupil a budget sheet to complete individually. They can do this using paper or an electronic spreadsheet. These methods offer opportunities to practise different skills. • Ask the headteacher to collect the order at the end of the day or for a group of the pupils to take it to the school office. You can actually place the order with a stationery company or select the items they have chosen from the stationery store and parcel them up. • Task each group with making a list of items they want to buy: - How many people will need the stationery? - Will everyone need one of everything? - How much do different items cost? - Can the same item be bought more cheaply? - Are the items good quality? - What is the total budget available? • Take feedback from each group and make a list of the most popular items. Model for the children how to set out the information in a simple budget that shows the:

• Arrange for the order to be delivered to the classroom. Ask the pupils to check each item off against the order to make sure all the items have been included, and to check that the school has been charged the correct prices. Make sure the pupils know how the bill is to be paid, by showing them the bank notes you used at the start of the activity. • Give the pupils responsibility for handing out the stationery when it is needed and counting it back at the end of each day. They can calculate the cost of any items that are used up, get damaged or go missing.

- name, quantity and cost of each item - running total - total cost at the bottom.

When teachers at Halley Primary School in London handed their class stationery budget over to the pupils, they found it helped to improve their numeracy and social skills. Pupils worked with bigger numbers than usual and practised rounding up, estimating, multiplying, adding, subtracting, dividing, problem-solving and using a calculator. They also negotiated with each other over which items should be ordered, and showed greater respect for school property.

Is it fair? How do our spending choices affect others around the world? Children feel strongly about the concept of ‘fairness’ and they like to engage with real-life dilemmas about how to spend money ethically. Similarly, they find the way supermarkets merchandise goods intriguing and enjoy making decisions about best buys and value for money. This provides a rich context for mathematics, and children can easily appreciate why the subject is relevant to their lives. Personal finance learning • Understanding that the choices I make about spending money can have an impact on others • Understand that people have different attitudes to spending money • Making choices based on my own needs and resources

Activities • Ask the children in pairs to discuss what happens when they go to a supermarket with adults. How can they make sure they spend their money wisely, e.g. bargains, low prices, special offers. • Discuss supermarkets’ offers, e.g. buy-oneget-one-free, buy one get one half-price. On the whiteboard, show the pupils several examples of food items with their full price and their special offers. Ask them to work out the cost for one of the products in the special offer, and also how much they have to spend in total. • Discuss the answers, then pose the following questions: - Is it always a good idea to buy goods with a special offer? - Can you afford to pay the extra money to get the ‘value for money’ deal? - Why do supermarkets offer these deals? • Ask children for ideas about who gets the money they pay for food items, e.g. the supermarket, the farmer or producer. Look again at a range of items to see where they were produced e.g. a factory in the UK, a farm in Kenya.

! EE

R E N EF O Y ON U B ET G

32 For more information go to www.pfeg.org

• Introduce the concept of Fairtrade, where producers are guaranteed a fair price for their goods. The price is designed to cover the cost of production and be enough to provide the producers with a basic standard of living. You can find out much more about how goods become Fairtrade goods on the Fairtrade Foundation website.

Lower Key Stage Two

• Use a supermarket website to find pictures and prices for two groups of the same (or very similar) food items: one Fairtrade group and the other non-Fairtrade. Use a chart like the one shown, to record the prices so that the pupils understand the equivalence of pounds and pence. • Ask the children to identify what is the same and what is different about the two groups:

Chart Reinforce the equivalence of pounds and pence by listing the prices of items in both formats to make sure that pupils appreciate, for example, that £0.34 and 34p are the same thing. A table like this can be used:

- Are the products the same in both groups?

Item

Pounds

Pence

- Are the same (or very similar) products in both groups the same price, e.g. chocolate?

Coffee

£2.66

266p

Chocolate

£0.31

31p

Bananas

£1.35

135p

Cotton socks £4.20

420p

- Are all the products in one group more expensive than the other?

• To provide more of a challenge you can include the same (or similar) products but in different quantities, so pupils have to work with ‘units’ and find prices for single products so they can compare like for like. To take this further, ask them to look at shelf edge labels in supermarkets and compare, for example, the price per 100 grams of different brands of coffee. • Ask the children to consider how they would choose between the two groups of foods: - Even if the Fairtrade goods are more expensive, are there other reasons why you might buy them? - If you are on a strict budget and cannot afford a more expensive Fairtrade item, should they buy them anyway? • Ask the pupils to use their understanding of special offers to construct their own deals and special offers that promote Fairtrade goods. They can take part in a Fairtrade Fair, making things like cakes from Fairtrade products to sell.

These activities are based on work done at Willow Lane Community Primary School, Lancashire, where children explored value for money and debated how purchasing decisions are made. They practised their mathematical skills in calculating the best value for money on a range of products and then weighed these against the ethical considerations involved in buying Fairtrade goods.

A sporting chance How much does it cost to attend sporting fixtures? How do sports venues cover their costs? Sport provides an excellent vehicle for personal finance education, particularly if it is associated with a local club – football, cricket or ice hockey. The activities below explore ticket sales, travelling costs, players’ salaries and similar topics. Personal finance learning • Make comparisons between prices when deciding what is best value for money • Know how to keep and interpret basic financial information • Plan and manage a budget

Activities It is always better to set classroom learning about money in a real-life context, so the following activities should be used to support a visit to a real sporting fixture if at all possible.

• Task pupils with selling tickets and using a spreadsheet to record the names and numbers of the people going, (parents, children and teachers might go, at different ticket prices), and work out the total ticket sales. • Look at the website for a local club (or the nearest one that the pupils are interested in) and find out details of ticket prices, the capacity of the venue, and deals for families and children, etc. Then set the children a series of money-related tasks. For example, ask them to work out: - how much money the club would take if all the tickets for a game were sold - how much it would make if half the tickets were sold - how much it would take for average attendance (use club figures) - how much a junior would pay to see each home game if he/she bought a season ticket, compared with the amount they would pay to see each game individually.

34 For more information go to www.pfeg.org

Upper Key Stage Two

• Ask the children to work out how much it would cost for a family day out to see a match, including the cost of match tickets, bus/train tickets, and food and drink, and how this would change if discounts were applied from the club website (use local or made up prices for these calculations). Work out the best value for money options. • Use a route planner to work out the distances involved in driving to an away game at some distance, the time it would take and when they would have to leave to get there 30 minutes before the game started; also how much it would cost in petrol (and, as an extension, compare this with the cost of going by train). They could do this for several away fixtures. • Using an average player’s weekly wage (e.g. £2500), ask the children to work out how much the club’s wage bill is per week and how many tickets they would have to sell to pay this bill. Ask them to think of other costs the club would have to meet as part of its operations. Find out about the very high salaries some footballers earn and debate in class whether the children think this is appropriate and fair.

Online

Long Meadow School in Milton Keynes set up a project with the MK Lightning Ice Hockey Team. They met the players, sold tickets for a match to pupils and their families and went to the match itself. Schools in Brighton and Hove participated in a project to create a range of finance-based mathematical activities related to the local football and cricket clubs. You can see the questions and answers at www.pfeg.org/learningabout money.

• Go to the website of a major sports venue like Wimbledon. Ask the children to find out why some seats, matches or days of the week are more expensive than others.

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Millions Making ethical decisions about what to do with money It’s fun to muse about what you would do if you had a lot of money, but exploring the ethical, moral and practical dimensions around money can be daunting – for many pupils it can be a sensitive area. Using fictional characters allows children to respond to a scenario as if it was happening to them, while being secure in the knowledge that it’s just a story. Personal finance learning

Activities Before starting the activities, Millions should be read either as a class or group guided reader, or on an individual basis up to the end of chapter 10. The book provides many opportunities to explain financial vocabulary and discuss different aspects of personal finance apart from the activities below.

What should you do with stolen money? It is important to deal with the fact that Damien and Anthony have found the money before moving on to looking at their decisions about what to do with it.

• Plan and manage the use of money • Understand that people have different values and feelings about money • Understand that my choices about spending and saving money can affect others

• Organise the children into small groups. Pose the dilemma: Damien and Anthony have found money that has been stolen in a bank robbery. Should they: - keep it - tell an adult

Millions by Frank Cotterell Boyce

- hand it in to the police

This story is about two brothers who find £229,370: they have to do something with the money within ten days before the UK changes over to euros. Damien, the younger brother, believes it is a gift from God, while Anthony discovers it is swag from a foiled bank robbery. The challenge for the brothers is to agree what to do with the money. Their different philosophies and the difficulties presented by adult laws and attitudes towards money make this problematic. The book introduces issues to do with financial topics such as budgeting, the euro, charities, value, tax and mortgages.

- try to find the person who stole it.

36 For more information go to www.pfeg.org

The children have to rank the four options in order of the one they think is the best idea to the one they think is the worst idea and write a sentence for each option that explains their decision, using the word ‘because’.

Upper Key Stage Two

• Then ask the pupils whether it would make a difference if the money had been lost by: - a person Damien and Anthony know - a person they don’t know - a family that doesn’t have much money - someone who has a lot of money.

What would you do with £20… or £2,000... or £20,000... or £200,000? The way we use money depends on the amount of money we have, our circumstances, and our attitudes to money. • Ask the children what they would do with different amounts of money. There are no right or wrong answers. Start with the smaller amounts and work up to the larger ones. • Compare their decisions with the characters in Millions: - Would you use the money in the same way as Damien or Anthony, or another way entirely? - Would you use the money differently if you were given the money, as opposed to having worked hard to earn it?

Spend it or give it away Anthony is in Year 6 and is financially astute and wants to use the money. His younger brother Damien is more interested in ‘being good’ and giving money to the poor. • Use ‘hotseating’ to enable children to take turns to question and respond to both characters, so they can explore Damien and Anthony’s (and the pupils’) different attitudes to money. Questions might include: - Why do you want to spend all the money/give it all away? - Why would you choose to use that money in that way? - What are the advantages/disadvantages you can foresee?

DVD

The book led children at Luckwell Primary School in Bristol to have a lively debate about why we have money and what life would be like without it (‘chaos’ they concluded). They also investigated the history of money and developed a drama around the question: what would you do with £2000? You can see the pupils of Luckwell on the DVD.

- Would having £229,370 make you happy or sad? - How would other people feel if you had that amount of money? • Find out what these amounts of money would buy in other countries, especially less economically advanced and developing countries.

The world of work How do you earn money? How does what you earn affect your spending and saving choices? Year 6 pupils usually have little knowledge of the range of jobs they could do when they enter the world of work; their experience is probably limited to family members. Creating opportunities for pupils to meet adults from a variety of workplaces can help broaden their horizons before they make the important move into secondary school. It also helps children understand the link between their future job and the salary they will earn, and how this will affect their future lifestyle. However, it can be quite daunting to talk about jobs you have not done yourself. Working alongside a volunteer or outside speaker, who you can refer to as an ‘expert’, can give you the confidence you need. They can speak from experience, tell personal stories and tackle concepts such as income tax and salaries in a real-life context.

Personal finance learning • Understand that money is deducted from earnings to provide things we all need • Know that having a job will allow me to achieve certain goals in my life • Understand that different jobs have different salaries and that good qualifications may lead to better opportunities

Activities • Invite a friend of the school, such as a parent, local business owner or school governor, to talk to your class about their job and answer the children’s questions about how they use money at work and how they use their earnings to support their lifestyle. Ask the visitor to provide some photos of his/workplace that you can show to the children in advance of the session. • Discuss with children what they know about the different jobs people do, what’s involved in these jobs and what people are paid for their work. Then use the photos and other visual aids such as video clips, posters, and picture books to explain the basics about the visitor’s job to the children, and to help them create a set of questions they would like to ask:

Your job - Can you tell us about your job? - Do you need special skills and qualifications for your job? - What are the three main reasons that you do your job? - What do you enjoy the most and like the least about your job? - Do you use or see money at work?

38 For more information go to www.pfeg.org

Upper Key Stage Two

Your earnings - How much do you get paid for doing your job? - How often do you get paid? - How do you keep your money safe? - Could you tell us three things you regularly have to spend your money on?

- Can you tell us one thing you like to spend money on as a treat? - What happens if you haven’t got enough money to buy something you want? - What else happens to the money that you earn, e.g. tax and pension deductions? • Hold a class discussion about how the visitor might feel when talking about how much they earn. Money can be a very sensitive subject. As part of your preparation you will need to confirm with the visitor that they are comfortable with the children asking about their earnings, deductions and their saving and spending habits. Send the pupils’ questions to the visitor in advance of the session. • Ensure that the pupils understand the terms that are likely to come up in the discussions, e.g. income tax, deductions, pension, interest, mortgage, salary, wages.

• When the visitor comes into the school, invite the children to ask the questions they have prepared and to take a note of what the visitor tells them. • Once the question and answer session has come to an end, organise the pupils into groups of four and task them with creating a short presentation about what they have learnt. Ask the visitor to mark the presentations and go over any information that the pupils have misunderstood. Reiterate the key learning points: - Most jobs require particular skills and qualifications. - Earning money is not the only reason people work. - Basic needs and necessities have to be paid for first from earnings before luxuries and treats. - You can’t keep all the money you earn because deductions such as income tax and National Insurance are made from your ‘gross’ earnings to pay for public services.

Curriculum Subjects and Dimensions Personal finance can provide a rich context for the teaching of different subjects, particularly mathematics, English and personal, social, health and economic education (PSHEe). It can also enhance a whole range of subjects, giving them a dimension that will engage and stimulate pupils. This section illustrates some of the ways this can be done. It also shows how different subjects can be used as a vehicle to deliver personal finance learning objectives.

The Money Tree: Autumn The leaves fall like cold copper coins in an old beggar’s hat, they fade like savings, disappear like pocket money. The branches are as bare as a widow’s purse, empty as your pockets. The blossom disappears like a punter’s money, old crumpled notes floating in the breeze. Year 6 pupil Fens Primary School, Hartlepool.

Mathematics Mathematics and personal finance education often go hand in hand. We clearly need to be able to handle numbers and do calculations when we are managing money, and many teachers report that in mathematics lessons, “When it is money – the children get it!”

Even simple techniques work: • Allow children to handle real rather than plastic money to help them use cash confidently in real life. • Use realistic prices for goods and services – pupils can often cope with larger numbers than usual if they do so with money. • Set mathematical problems in a real-life context, e.g. how much do I need to save, over how many weeks, to be able to buy my favourite computer games console? The real-life contexts that personal finance offers mathematics are very appealing to both teachers and pupils, but it’s important to keep the mathematics wide ranging and challenging. For example:

• Venn or Carroll diagrams can be used to sort coins into shape (circular or flat-sided) and colour (silver or bronze), developing the categorising and sorting skills that pupils need for later mathematical classification. • Surveys about pupils’ spending choices (shopping locally and on holiday) can be used to generate real-life data they can analyse and interpret using pictograms, bar charts, and pie charts. It is natural to think that if money is involved, the task in hand is related solely to personal finance. However, personal finance topics don’t just involve calculations. Pupils also need to consider their attitudes and behaviour towards money. For example, sorting items by monetary cost and then in order of ‘best value’ allows children to explore whether or not the things we value most in life are the most expensive, while also developing their mathematical skills.

Sun Mon Tue s Wed Thur 1p + 2p + 4p + 8p + 16p + 42 For more information go to www.pfeg.org

School trip Planning a school trip provides excellent real-life opportunities to build financial capability. Involving pupils in real decision making with real money reinforces the learning and makes the work they are doing purposeful and involving. When planning the trip, these key questions could be put to the children: - How much are the tickets? Are there group discounts or different prices for different ages? - How much will it cost to get there – by train, coach, car? - How much will the whole trip cost for each pupil? - Will we need to save up or shall we pay in instalments? If so, how much each week, and for how long?

Pocket money

Needs and wants Year 1 pupils at Long Ditton School in Surrey categorised items into needs and wants. Their available budget was given to them in small plastic baskets, and they had to place coins to the correct value over the items they wished to purchase. In this way they could easily see their money disappearing, and work out which combination of items they could afford. Because of the tangible and concrete nature of the task, pupils worked confidently with sums of money over one pound and were comfortable with using real-life prices.

Use this activity to explore mathematical growth patterns by giving pupils a pocket money choice. Ask them: Would you prefer to have £1 each Sunday, or 1p on Sunday and then double the amount of the previous day up to and including the following Saturday? Children may be surprised to learn that they would be 27p better off with the second option.

Fri Sat 32p + 64p = ?

Pet shop Holy Trinity CE Primary School in West Sussex wanted a practical way for their Year 1 children to work with coins and be able to work out change. They set up a role-play ‘pet shop’ where pupils could buy items for their own pets. Pupils could not always afford the item they wanted and had to save up for the following week. Writing out receipts for items gave pupils practice in recording their mathematical transactions, and taught them about the need for financial records. 43

English Our ability to manage money effectively is often linked to our numeracy skills, but we need to be both literate and numerate when it comes to financial matters. As adults we need to be able to discuss money with family members, talk to utility companies and the bank, read statements, bills, and the small print in contracts.

English lessons provide opportunities to: • use language and actions to explore and convey situations, e.g. discussing how money can make us feel happy, sad, jealous, worried and excited in different situations • read non-fictional texts and obtain specific information through detailed reading, e.g. advertising materials and simple contracts • vary writing to suit the purpose and the reader, e.g. asking for charitable donations or giving advice to other children about money matters. Personal finance education also benefits from the use of stories, a key teaching method for developing literacy skills. They stimulate language and communication, help children to make connections between ideas and concepts, and engage their interest and imagination. Stories are also helpful when the subject matter is sensitive, allowing children to explore difficult or confusing financial issues in a non-threatening way.

Early years and Key Stage 1 • Dogger by Shirley Hughes: Dave loses his beloved toy Dogger which eventually turns up on a stall at the school fete. A little girl buys Dogger before Dave can raise the money to buy him back. • Charlie and Lola - Please May I Have Some More of Yours? by Lauren Child: Charlie and Lola have a day out at the zoo. Lola is keen to buy a seal toy for her bath, but she can’t seem to save her pocket money. Charlie lends her some money and Lola eventually gets the hang of saving. • Other story books include: - The Great Pet Sale by Mick Inkpen - A Chair for My Mother by Vera B Williams

Reading Money features in many fairy stories, myths and traditional tales. Should Jack, in the Jack and the Beanstalk story, have stolen the money from the giant? Why does King Midas want to have the ‘golden touch’? There are also plenty of books by modern authors that can help children understand the role of money in our lives.

- A Bargain for Frances by Russell Hoban - Little Croc’s Purse by Lizzie Finlay - One Hen: How One Small Loan Made a Big Difference by Kate Smith Milway - The Gold Coin by Alma Flor Ada and Neil Waldman - Tight Times by Barbara Shook Hazen - The Berenstain Bears’ Trouble with Money by Jan and Stan Berenstain

44 For more information go to www.pfeg.org

Role play The role-play area of a classroom usually includes a shop where pupils can practise buying and selling, using a cash register, checking change, keeping money safe in a purse or wallet, reading price tags, making spending decisions, negotiating a good deal, and giving receipts. A café or restaurant gives children the opportunity to design menus and price lists, and write down orders. They can also pay in and withdraw money, and use a cash-machine (ATM) if the role play area includes a bank. Role play is good for developing speaking and listening skills. e rry/RedEy David Pa

Key Stage 2 • The Bed and Breakfast Star by Jacqueline Wilson and Nick Sharratt: Elsa uses her sense of humour to cope with her none-too-glamorous life, and fantasises about becoming a comedian. She does her best to cheer up her family when they lose their lovely home and move into a bed and breakfast. But when disaster strikes at the B&B, Elsa has her chance to shine. • Millions by Frank Cottrell Boyce: Brothers Damian and Anthony suddenly become very rich when they find a bag of stolen money. The boys set about spending the money, and their dilemmas over buying a million pizzas or ending world poverty are hilarious, but their search for happiness is also tinged with sadness. See pages 36-37 for specific ideas.

Writing As well as more functional writing related to personal finance, e.g. writing receipts, children can explore social and moral dilemmas about money through writing stories and plays. They can use their imagination to explore feelings and ideas in familiar settings like the family home, a shop, or anywhere that money is used, like a cinema ticket office. Some scenarios for stories could include: - a police officer investigates who stole money from a teenage boy. - a grandfather unexpectedly wins some money and can’t decide what to do with it. - you want to buy a present for your best friend but don’t have any money. - a business owner loses all the money that was taken in the shop that day. - your sister asks to borrow some money from you.

• Other story books include: - On the Money - four stories by Alison Prince, Jonathan Meres, Theresa Breslin and Nicola Morgan - Master Money the Millionaire by Allan Ahlberg - Treehorn’s Treasure by Florence Parry Heide and Edward Gorey - The Granny Project by Anne Fine - The Gift by Aliana Brodmann - All the Money in the World by Bill Brittain - How to get Fabulously Rich by Thomas Rockwell 45

Personal, Social, Health and Economic Education PSHEe has a unique and vital role in helping children and young people make the most of all the opportunities and challenges that money presents in life. Money affects their lives at home, their self-esteem and their relationships with family and friends. Peer pressure, advertising and worries about the financing of their future have a big effect on young people’s emotional health and quality of life. PSHEe can help equip young people to understand their attitudes towards money, and to make informed choices as they grow older, when the financial decisions they have to make become increasingly complex. For example: • Use stories to look at more challenging financial issues from the viewpoint of a fictional character, e.g. Funny Money by Alison Prince (from On the Money, available online), which looks at the change in a child’s life when her parents have to cut back after overspending on credit cards. • Ask the children to look at advertising in magazines and identify the words and images used to encourage or influence customer spending. Understandably, teachers consider money to be a sensitive topic, which needs to be handled carefully in the classroom. Children will have different experiences of money depending on their family circumstances, e.g. frequency and amount of pocket money, if any. It is important to use the distancing techniques employed in other areas of PSHEe, such as the use of stories and fictional characters. The usual PSHEe ground rules should also be used with your class to provide clear boundaries for discussion. For example:

• All comments should be respectful. • Pupils don’t have to say anything if they prefer not to. • Personal questions about financial situations should be avoided. Provide a question box for pupils to use for any individual concerns about financial topics they don’t want to raise in class, so that you can address them in future lessons.

Dear Claire, I have lent my pocket money to a friend. They said they would pay me back tomorrow. It has been a week and they still have not paid me. I need the money for a school trip. What should I do? Can you help?

46 For more information go to www.pfeg.org

Play ‘Agree/Disagree/Don’t Know’ This lively activity promotes debate and encourages good listening skills. Push the desks to the back of the classroom or play this in the school hall. Label three ‘posts’ in different parts of the room ‘Agree/Disagree/Don’t Know’. Then provide the class with money-related statements, for example:

• Your friend finds a purse with £100 in it, but there are no details of the owner. What should your friend do?

• Children should have to earn their pocket money. • Premiership footballers are worth their weekly wage of £200,000. • Should everyone get paid the same amount of money? • Winning the lottery is not fair. • If you have to wear school uniform it should be given to you for free. • All children should be allowed to travel for free on public transport. Give children a few minutes to think about each statement and then direct them to stand by the post which reflects their view. Ask a child from the Agree and Disagree posts to give you the reasons for their decision. Check with the ‘Don’t Knows’ if they want to make a decision. If the ‘Don’t Knows’ haven’t been convinced either way then ask them to explain why they are still unsure. Agrees and Disagrees can change their minds as they hear the arguments. The debate can continue until you feel all avenues have been explored.

Use ‘Conscience Alley’ to explore financial dilemmas The class forms an alley of two lines facing each other (a ladder formation). One person takes the leading role and walks through the alley. Those lined up take turns to give the leader their advice or opinion as she walks past. When the leader reaches the end of the alley, she makes her decision. Give the class financial dilemmas to consider, for example: • All your friends are clubbing together to buy a birthday present for another friend. They’ve asked you for your share, which is more than you can afford. You don’t have enough money, but you don’t want to let everyone down. What should you do?

• You lend part of your pocket money to a friend. Your friend promises to pay you back the next day, but doesn’t. It’s a week later and you need the money to pay for a school outing. What should you do?

Use an Emotions Ball Money can arouse a huge variety of emotions, and children need to know how to manage their own feelings about money. Use an ‘emotions ball’ (a soft ball, labelled with a variety of emotions, such as, sad, angry, etc) as part of a circle time lesson. Reinforce the ground rule that pupils should only share things they are comfortable to talk about. Pose the question ‘When does money make you feel…?’ and then throw the ball to a member of the class. Whoever catches the ball has to read out the emotion nearest to their left thumb. Repeat the question, adding the named emotion which the child has read out, giving the child time to think of a response. The ball is then thrown again. Move the activity along with quite a pace to enable a wide variety of emotions to be considered.

Enterprise Schools usually deliver enterprise education through mini-businesses where pupils make goods that they sell for a profit. In this context enterprise can develop financial capability, and provide a springboard into personal finance education. However, not all enterprise activities develop financial capability, and teachers should ensure that they understand how it can be built in when they are planning enterprise work. Enterprising attitudes

Mini-businesses

Our ability to manage money can benefit from developing enterprising behaviours and attitudes. Enterprise education aims to develop children’s ability to show initiative, take responsibility, respond positively to change, and develop determination and drive. Enterprising people are able to create new ideas, handle uncertainty, take and manage risks, and have the drive, or ‘can do’ attitude, to make things happen.

Running a mini-business gives pupils a valuable, real-life insight into what makes businesses and entrepreneurs successful. As well as businesses run on commercial grounds, pupils can set up social enterprises and ‘not for profit’ companies that work for the benefit of the school or the wider community.

These enterprising attitudes are essential for effective money management throughout our lives. For example, we need to: • take action if our income drops through redundancy or illness, and make sure we change our spending habits, even if that means making difficult choices • be proactive if we get into financial difficulties, find solutions to the money problems we face, and seek out advice when necessary • understand the relationship between risk and return for different types of investment, e.g. buying shares in a company presents a higher risk, and potentially a higher return, than saving the same amount of money in a bank account. It is also important for children to understand how they can be enterprising with money by spotting opportunities to make their money grow, or to negotiate good deals when spending their money.

48 For more information go to www.pfeg.org

Very often pupils are put into teams, taking on different functions, such as marketing, finance, production, or sales. While this reflects how employees are organised in real life (in all but the smallest businesses) it means that only some pupils will learn about the financial aspects of the operation. Even if all the pupils are involved, they will need to apply the financial skills and knowledge they have learnt in a business context to their personal lives, e.g. through activities that investigate where their or their family’s money comes from, spending and saving choices, best buys and deals in shops, and how to read bank statements.

Reduce, reuse, recycle and save money Many schools promote recycling as part of their environmental policy. This provides an excellent opportunity for children to connect changes in their own behaviour with saving money, and global issues such as climate change and deforestation. • Ask the children to promote a ‘Reduce, Reuse and Recycle’ campaign through presentations in assembly, and making posters and displays. • Provide an incentive by agreeing that any money the pupils save on paper and energy during the term will be given to the school council for it to spend on an event or equipment that will benefit all the pupils in the school. • Let the children look at the school’s utility bills and ask them to work out the cost of heating and lighting the school per day, week, month and year. • Arrange for each class to appoint two ‘Eco-Eagles’ each week to monitor the use of paper, water and electricity in their classroom. • Ask the Eco-Eagles to record the number of sheets of paper that are reused before being recycled, the number of water bottles that are filled without overflowing and when the lights and computers are turned off during break and lunchtimes. • Reward the class that achieves the largest savings each week in assembly. • Announce which class has saved the most over the term at a special assembly with parents, and celebrate everyone’s achievements by awarding certificates.

• ask the headteacher for a loan to buy the goods, and discuss how banks charge interest on loans, and the consequences of not being able to pay back money that has been borrowed (from friends, family, banks) • consider how much time they will have to spend working in the car wash, how different jobs are paid different amounts, and deductions from pay, like tax • draw up a company budget showing how much income the pupils hope to generate, all the costs, and the projected profit, and compare this to family budgeting • decide how the income from customers will be kept safe on the day of the car wash, keep a record of the takings, count the money and arrange for it to be paid into an account at a bank, building society or credit union.

Make your money grow Organise pupils into small groups and ‘lend’ each group £5. Explain that their challenge is to double the £5 within 2 weeks. Suggest that the groups generate ideas about how they can make their £5 grow. Pupils are likely to suggest: • doing chores around the house or ‘work’ for family members and neighbours • selling things they no longer need, like old toys or books • making items to sell, such as biscuits and cakes, using the £5 to buy the raw materials • being sponsored for sports activities, like running and swimming.

A mini-enterprise Challenge the class to set up a car wash to raise money for a forthcoming school event like an endof-year party. Give pupils the opportunity to: • shop around for the soap, sponges and buckets they will need, and consider how families also have to spend money on basic household items

Other subjects How about using these subjects as a vehicle for teaching financial capability? Art ●

Create a piece of artwork (2D or 3D) around a financial theme. This could be in answer to a question such as ‘What does money mean to me?’ Or you could ask pupils to make a drawing or painting to show what would they would spend money on, especially if they had as much as they wanted.

●

Design a new coin or banknote. This could link to a historical event or person, or represent something in the present or near future. Pupils could be asked to think about what money might look like in the future, and create designs in answer to questions such as: ‘What will future money be made of?’ ‘Where and how can it be used?’ ‘Does it have any special features or advantages?’

Design and technology ●

Eco-couture: design a fashion item that promotes the 3Rs – Reduce, Reuse and Recycle – looking at the economics of sustainability. Pupils have to control and manage a tight budget to make their goods. Hold a fashion show and raise money for a charity.

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Make a money box: the finished item needs to keep money safe. Are there good shapes for this? Can the pupils design a box with a secret compartment?

50 For more information go to www.pfeg.org

en Sunny Days Travel Ag

Geography ●

Set up a travel agency to make children aware of the cost of larger purchases such as foreign holidays, and of different ways to pay for these. This could include looking at things to do in the destination country, examining the place and its culture. Pupils could role play the travel agency, or they could research and work out the costs of holidays for a family, considering package holidays compared with trips undertaken independently. Practise changing pounds sterling to other appropriate currencies.

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Compare and contrast the prices of Fairtrade and non-Fairtrade goods. Explore the human geography involved in the concept of Fairtrade – how it affects the lifestyle and life chances of people who produce goods like coffee and bananas. Take part in ‘Fairtrade Week’ and produce for sale goods made from Fairtrade products, e.g. chocolate cakes.

History

Modern foreign languages

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The Great Fire of London provides pupils with opportunities to explore the roots of insurance, and why it is needed. Explain how fire insurance worked in the seventeenth century.

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Introduce money into Key Stage 2 history topics such as the Tudors, the Victorians and World War Two. For example, the children could learn about Tudor money in relation to the jobs and lifestyle of the period, work out sums in old money, or write a creative story involving a Tudor citizen earning and spending money.

s Tudor Time Living The Cost of

t: Shopping Lis A Soldier’s owance) r soldier’s food all (based on a Tudo wheat bread 24 ounces of s of beer 2/3 gallon mutton 2lbs beef or

ys) ing on Frida (cod or herr ½lb butter

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Run a French café in the school as part of a French-themed event. Pupils can cost and provide French-style breakfast with coffee and croissants in euros, keep a running financial record and work out profits at the end. Invite the local community and shops to participate. Supermarkets may provide food, e.g. French bread, at reduced rates. Use some basic French vocabulary for the food, and when serving in the café.

●

Create a currency exchange bureau to introduce the pupils to currencies and exchange rates. Provide specimen notes for children to use in role play areas. You can download images of foreign currency from the internet but, for legal reasons, ensure that they are printed on one side only, and clearly marked with the word ‘specimen’.

Religious education ●

Using some stories, parables and traditions, explore what different religions say about money. For example, why did Jesus want to stop the traders from selling things in the temple? Why do guests at a Sikh wedding cover the bride in money?

●

Look into Zakat (charity) which is one of the main pillars of Islam. Using the internet, research some specifically religious charities, such as CAFOD, Jewish Care, Hare Krishna Food for Life, etc, to find out why religious people believe that sharing with other people is a worthwhile thing to do.

1 penny

2 pence

1½ pence

1lb cheese

7 pence

Total:

getables and fruit.

Note the lack of ve

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You can find case studies of projects and resource materials produced by teachers for a range of subjects at www.pfeg.org 51

Whole-school and Other Approaches This section looks at the ways personal finance education can be taught across the school covering the whole age range. Its starting point is the pupils themselves – how they can be involved in deciding what aspects of personal finance should be included in the financial curriculum. It then looks at initiatives that can be developed throughout the school, e.g. developing a programme of planned savings, and ways to draw in parents and volunteers from the local community.

Bling King: Before

Bling King: After

I love it, I adore it, Admire it I want more of it. It’s the best thing in the world. I worship it Depend on it, I eat off it, I’m addicted to it, I treasure it, I need it, I crave for it, Long for it.

I hate it, I despise it, Detest it Want no more of it It’s the worst thing in the world. I curse it. Who needs it? What good is it? It’s my enemy, It’s worthless I wish it were gone Year 6 pupil Fens Primary School, Hartlepool.

A pupil moneyfesto Finding out which money topics pupils feel secure about and which they want to learn more about Listening to pupils is crucial if we’re going to provide financial education that really meets their needs. We need to find out what they’re interested in and concerned about, and act on that information so that we can create learning opportunities relevant to their lives. It’s good to take a step back occasionally and gather children’s views in a structured way, as well as taking day-to-day feedback into account.

Objectives • For pupils to give their views on which money topics they would like to learn more about. • For teachers to reflect on pupils’ views and take them into account when planning personal finance education.

Approach • Identify a group of pupils to involve in the consultation. Ideally they will be drawn from all age groups, so that you can gather information to develop a spiral curriculum; but you could focus on just one class or year group. Alternatively, you could work with the members of your school council. Whatever your approach, it’s important to include pupils with a range of abilities. • Draw up a set of financial topics for the pupils to consider. You can use topics drawn from your own programmes of study, or from the Learning About Money Primary Planning Framework, which can be found in this resource. Make sure the topics are written in ‘pupil-friendly’ language. • Run some warm-up activities to get the pupils thinking about money issues like spending, saving and budgeting. This will help them to give informed views of the money topics you have prepared. Run through the topics to check that the children understand what each one means. • Give each pupil a set of the money topics, cut up into individual cards, and a table to stick the topics onto, split into three columns: - Topics I know about - Topics I want to learn about now - Topics I want to learn about in the future

54 For more information go to www.pfeg.org

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How to keep money

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Where money comes from

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• Organise the pupils into pairs. They can discuss the topics with each other, but they should complete one topic table each. It’s important that each child has the opportunity to give their views rather than only shared views negotiated with a group. Younger children may need help from a teaching assistant. • Gather in the topic tables and identify the common themes: - Which topics have the pupils put in each of the three columns most often? - Have pupils in different year groups given different opinions? - Are there any conclusions you can draw? • Use the information to revise your schemes of work and include financial topics that your pupils have asked to learn more about. Let the children know what action you have taken. It’s important that they know their views have been taken seriously. You could create a poster or leaflet – a Moneyfesto – to present in an assembly, or publish the results and your action plan on the school’s website or in its newsletter.

What if money is lost or stolen

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Around 80 pupils – from Reception through to Year 6 – from eight of Bexley’s primary schools spent the afternoon in the council’s civic chamber giving their views on which money topics they wanted to learn about. The information was drawn together in a leaflet and distributed to all the primary schools in Bexley, as a way of encouraging schools to check the money topics in their existing schemes, or providing some starting points if they had not yet got personal finance education under way. You can see the money topics they used at www.pfeg.org/learningaboutmoney

Savings schools Building the habit of saving Encouraging saving as a whole-school project helps children to understand that money management is an integral part of their lives. It imbues good habits and financial discipline, which are at the core of financial capability. It also provides a rich context for mathematics, and can involve parents and a local bank, building society or credit union.

Objectives • Encourage schools to work closely with a local bank and develop an understanding of how banks operate. • Provide opportunities for children and their families to open savings accounts and deposit money via the school. • Lay down sound principles of saving and money management.

Approach The savings school can operate at different levels, depending on how many pupils you wish to involve and how far you wish to integrate it into the curriculum. • It could simply be a class saving scheme to save for a particular treat or resource for the class, or to raise funds for a charity. You might ask questions such as: - How many coins/pounds does it take to pay for something? - How many weeks will it take to reach that amount if we save ‘X’ amount per week? - How much have we saved up, and how much more do we need to save to teach the target? The class could create a spreadsheet to record their savings or keep a paper record.

56 For more information go to www.pfeg.org

s. It’s about g in v a s t u o b a t “It’s not jus needs and ir e th g in s ti ri o ri children p rything e v e t o n t a th g ndin wants, understa me things are o s t a th d n a e c comes at on stically li a re t u o b a ’s It r. worth waiting fo ur resources.” managing yo hool Head

Sc Cumbrian Primary

• At the other end of the spectrum, you could set up a school bank where the pupils have individual savings accounts. This is a very practical, handson way of helping children become familiar with how banks and financial institutions work, and to encourage them to save regularly. To set one up you will need to approach a local bank, building society or credit union and work with them to handle and record all the funds paid in to the accounts. Arrange a visit to the bank as well, if at all possible. This could be embedded into the life of the school and the curriculum by: - having a set morning once a week for deposits - delivering a regular mathematics lesson where pupils check their savings account by looking at their savings books, bank statements or their own paper-based records or spreadsheets; older pupils can also look at money security, e.g. account numbers, PIN numbers and interest - using assemblies to discuss savings and recognise the achievements of regular savers.

David Parry/RedEye

Top tips • Involve staff, governors and parents. • Keep expectations of the project realistic. • Liaise with a local bank, building society or credit union. Many of these institutions have specific ‘school banks’. • Include all children in activities related to saving, even those who have not opened a savings account. This enables them to participate when they are ready.

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Schools in Cumbria set up an extensive savings programme, integrating the activity into the mathematics curriculum and other subjects. Teachers reported enthusiasm among their pupils for learning about savings, and increased confidence and financial competence over the period it operated. They developed an extensive set of resources and mathematical activities, including savings worksheets, covering the whole age range from Foundation to Year 6, which can be seen online at www.pfeg.org/learningaboutmoney. 57

Volunteers Helping children make links with life outside the classroom Volunteers are a valuable resource for schools, as they bring the outside world and their experience of money into the classroom. Pupils enjoy hearing from an ‘expert’ and being able to question them. Volunteer involvement can range from a one-off input, regular sessions across a number of weeks or multiple sessions to support a themed week, e.g. ‘Money Week’.

• Be clear from the start what you want to achieve from involving a volunteer.

• Talk through exactly what will happen, agree roles and responsibilities and the next steps in the planning process.

• Set aside time for a planning meeting with the volunteer.

• Make sure your volunteer is confident about their role. Do they have everything they need?

• Find out about your volunteer’s previous experience and explore how confident they feel about working directly with the children.

• Set aside some time after the session to review what happened and feed back to each other.

Using volunteers effectively

• Be clear about your role as the teacher, and remember that the volunteer is there to support you, not to replace you. • Map out the activity that you and the volunteer are planning to deliver. What are you expecting the children to learn through the input of the volunteer?

58 For more information go to www.pfeg.org

Volunteering in practice Hampsthwaite Primary School in Harrogate Raj Hanjan, an HSBC volunteer with Hampsthwaite School, worked with Years 3 to 6. Together, they looked at currency, the Stock Exchange, and creating a school bank where money could be deposited and withdrawn. Raj worked with the teachers to plan a range of activities, which included the following examples. • Money around the world: Raj brought in examples of different currencies to show the children. They examined the different notes and coins and compared them to UK currency. • Currency conversion: each week the pupils converted £100 into a different currency and recorded the results. At the end of eight weeks they converted the money back into pounds and the children were able to see if they had made or lost money as a result of the conversion rate. The children then created a display of the different currencies and were able to compare, at a glance, set amounts of money.

and deposit slips, credit and debit cards and even name tags for the staff. They then extended it to the whole school to make deposits.

HSBC Volunteers at Fairtrade week One school incorporated a finance element into its Fairtrade week to teach pupils about banking and budgeting. They enlisted the support of some local HSBC volunteers, who worked with the teacher to provide the pupils with activities focusing on money. The volunteers engaged in role play with the children to create a typical bank statement showing the ways money flows in and out of a bank account. The volunteers arranged for all the pupils to visit their local high street HSBC branch, where the children had access to areas of the bank not open to the public, giving them first-hand experience of the banking world. They were shown the banking hall, banking machines such as coin sorters and cash machines, and even had a look in the safe. Finally, the pupils’ experiences with the volunteers were put to the test when they visited a local supermarket, where they were provided with £1.50 each to buy a healthy, Fairtrade packed lunch, which they then took back to school to eat.

• The stock market: in Years 5 and 6, the children worked in teams and used an online fantasy Stock Exchange programme to ‘play’ the stock market. The children acted as account managers and had to make decisions about the shares they bought and sold, whether to save any of the ‘capital’ they had, and to review money made or lost each week. • ‘Bank of Hampsthwaite’: Years 5 and 6 children also worked with Raj to develop a school bank. The class teacher and the head discussed how the bank might work. The children, working in two teams, were challenged to create the bank. The groups made ATM machines out of cardboard, signage for customers (Customer Services, Cashiers, Bureau de Change, etc), withdrawal

DVD

Online

To see examples of how volunteers have worked in schools, look at Luckwell Primary School in Bristol on the DVD, and St Mary's C of E Primary School, Bolton-on-Swale, North Yorkshire online. If you want to work with a volunteer from the financial sector, go to www.pfeg.org/uye.

Using poems Poems have universal appeal with the power to inspire creativity as well as the authority to be instructive. Evocative poetic imagery can help young people to make sense of the complex world we live in. Reading and writing money-related poems provide inspirational ways to look at different aspects of finance. Younger children enjoy repetitive rhythm and rhyme. Playing with words and using alliteration are a vital step in language learning and understanding. Poems and rhymes are a very useful tool for exploring issues and concepts with children of all ages. What do you value? When people consider the things that are most precious and valuable to them, for the most part they are of no monetary value at all. Kit Wrightâ&#x20AC;&#x2122;s poem The Magic Box gives great scope for exploring this notion. Read the poem to the class. Precious things have been placed in the Magic Box (some of which exist purely in the imagination). Encourage your pupils to discuss the sensations and experiences which have been most valuable to them. They may use the structure of the poem to provide a framework to write up their own version.

Extract from Kit Wrightâ&#x20AC;&#x2122;s The Magic Box I will put in th

e box the swish of a silk sari on a summer nig ht, fire from the nostrils of a Chinese dra gon, the tip of a to ngue touch ing a tooth.

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Following on from this, children can explore how money can help people obtain desired things and allow access to interesting experiences.

Creating Poetry Andy Croft is a poet who has worked with many teachers on poems throughout the What Money Means project. Here is a taste of some of the inspirational titles and ideas that you might use and adapt to plan your activities for your children.

A Recipe for Poverty Pie... or Rich Cake Build up contrasting lists about poverty and wealth as the focus for discussion. Discussion can then be developed on the factors which create the contrasts between poverty and wealth and around fairness and inequality.

A Recipe for Poverty Pie A dash of watery gruel A smattering of weevily rice

Rich cake A dollop of golden syrup ins An abundance of jewelled rais

Money Talk s

The story of a Coin – Money Talks Make the ordinary seem extraordinary by getting the pupils to imagine the life story of a coin in the first person as a poetic form.

What I want, what I really, really want! Use well-known songs to instigate conversations about values. You could start by listening to the first verse or appropriate lines. The children could create their own lyrics ‘What I need, what I really really need’. This title may promote further exploration of issues on a personal, local, national and global level. Other song titles to consider: Money Makes the World go around; Money, Money, Money, must be funny, in a rich man’s world.

Curious Currencies How does money work? How do we assign it value? We offer coins and notes in exchange for goods and services. Anything can be used as currency as long as people agree to it and trust in its value. Engage the children in thinking about the implications of using things other than the metal discs and paper we currently use. See Funny Money on page 15.

Riddle Children really enjoy riddles, and enjoyment is memorable, and consolidates learning. When creating riddles they are forced to think about the more complex and unusual aspects inherent in money and exchange.

I was born in a furnac e, Brought up in a bank, I learned my trade In an ATM ... Sometime s tails And some times hea ds. I’ve rolled in the gutt er, Been stuc k under be d s, In a magp ie’s nest.

What’s in my

pocket?

ple need it Hungry peo ’t eat it.... But you can It’s valuable hless. But it’s wort What is it?

Online

The poems, from which these extracts have been taken, were written by Year 6 pupils from Fens Primary School, Hartlepool working with Andy Croft, a poet. More extracts can be seen throughout this book and full versions of the poems can be found at www.pfeg.org/learningaboutmoney

Using puppets Making more challenging financial topics easier to manage Using puppets gives children the opportunity to respond to moneyrelated scenarios through the medium of a fictional character â&#x20AC;&#x201C; the puppet. It is an excellent distancing technique, particularly for topics where the pupils are anxious about getting the answers right in front of their peers. Children can find it easier to articulate their ideas to a puppet, and often demonstrate a deeper understanding of an issue when they have a conversation with a puppet than they do with teachers or other pupils. In particular, puppets can be the public voice of children that find social situations difficult.

Using puppets effectively Set firm ground rules with the children about listening and responding to each other. To start with, operate the puppet yourself. Introduce a financial topic, and initially make the puppet slow to take on new information, e.g. about why it is good to save. Encourage the children to join in the conversation and become educators of the puppet. Alternatively, the puppet could be very intelligent, and know all the answers. At a later stage you can develop a conversation between two puppets.

62 For more information go to www.pfeg.org

Finders keepers Either work at the front of the class with two puppets, or the pupils can try this activity in pairs if sufficient puppets are available. Set up a scenario where the puppet has lost some money. The dialogue between you or the pupils and the puppet will help the children understand the consequences of losing money or having it stolen, and that it is possible to keep money safe in a bank. Ask and answer questions through the puppet: - How did you lose your money? How much money did you lose? How might you keep it safer in future? - How did you feel when you realised that you had lost your money? - What did you plan to do with the money you lost?

Top tips

- What do you think the person who found your money will do with it?

• Eye contact – a puppet looks at an object by moving its entire head, oft en giving a little jolt of recognition.

I want it! Help the children to think about the difference between needs and wants and spending money sensibly by asking the puppet: - What is it that you really, really want? - Why do you want it? - Do you need it, or just want it? - Can you afford it? - Does it give good value for money?

• Gravity – keep your pu ppet sitting on your spare forearm or on a table. Do n’t allow the puppet to float in the air. • Keep your puppet aliv e – make small movements of the head and let it bre athe in unison with you. • Lip synch – the simple rule is that puppets open and close their mouths for each syllable in a word. To speak more qu ietly, open the mouth less; to speak louder, mo re.

Does money make you happy?’ Give the children an opportunity to discuss wider issues about money, particularly the role that money plays in our lives. The puppet could have no money, or lots of it, and the pupils can ask the following questions, or the roles can be reversed. This activity works well with children using puppets in pairs or groups: - How much money is enough money? - There’s a saying ‘Nothing in life is free’. Is this true? - How would you feel if you had no money at all? - How would you feel if you had more money than you ever needed?

DVD

Assessment

PGCE students from Roehampton University found that once children have mastered basic puppetry techniques they come to see the puppets as animate beings. The operator becomes invisible as the audience focuses on the puppet and the action. You can see an example of this at Lancaster Road Primary School on the DVD. Pages 12-13 of Learning About Money Primary Assessment Ideas feature a puppet called Percy the Penguin who needs to keep his money safe.

- Do you think we should all have the same amount of money?

In the school garden Invest and grow The school garden can be used as an extension of the classroom to enhance children’s understanding of the natural world, and where their food comes from. It also offers a good opportunity for children to learn about budgeting, and making real-life decisions about money. Children of all ages can take part. There are many parallels between gardening and financial planning, including: • the concept of delayed gratification – waiting to see things grow, saving for future reward • the notion of cultivation, nurturing – growing and tending plants, growing money in savings accounts • ideas of sustainability, investment and self-sufficiency.

Objectives • Develop understanding of budgeting, saving and planning for future spending. • Encourage children to make choices based on ‘value for money’. • Practise keeping simple financial records.

Approach • Present a class or a group of children of different ages with the funding for creating a new school garden, or a start-of-season planting in an established garden. The money may have come from charity fundraising, a donation, or from the school budget. The amount of the budget will depend on whether this project focuses on a new school garden requiring digging and preparation, or planting in an established garden. Ask the children to offer ideas on why it is important to set a budget at the start of this activity. • Conduct a whole-group discussion on the tools, materials, plants and seeds they are likely to need, and draw up a ‘wish list’. Different year groups can be allocated different parts or aspects of the garden, e.g. Years 1 and 2 buying and growing seedlings and plants in a particular area of the garden, Years 5 and 6 bigger plants and garden equipment. • Organise the children to work in small groups and ask them to research the cost of their ‘wish list’ by looking at seed catalogues, garden centre catalogues (previously collected) and/or on the internet. Before the session you will need to identify sites that will be easy for the children to access, and provide a facility to calculate prices.

• When the final choice has been made, start the process of ordering and paying for the tools, materials and planting supplies. Older children need to keep a record of the expenditure and understand how the available money is reduced as items are purchased. Younger children can have a very limited number of items to order and pay for to simplify this process. • Involve the children in the planting. The older children can make comparisons between planting plants and seeing them grow, and putting money in the bank and seeing it grow. • When plants have been harvested, ask the children to say how they feel about seeing the plants grow and the results of the work they have put in. Make comparisons with how it feels to save up for something you really want, rather than just spending money as soon as you get it. • Sell some of the produce to put money back into the garden fund for buying next year’s seeds and plants; or sell produce to raise funds for the school.

• Ask the groups to record the price of each product on their wish list, along with the garden centre or internet site where they can be bought. • Share the research findings from each group. Draw up a projected expenditure table based on the best value for money from each group for each item. At this point further research may be needed to refine the list to keep within the budget. Encourage the children to: - look for ‘value for money’, e.g. bulk-purchase discounts, alternative suppliers - identify which items are less necessary than others in the short term.

DVD

Minterne Junior School in Kent gave Years 5 and 6 control over a £1500 budget to turn a derelict patch of land in the school grounds into a garden. The £1500 had been raised through fundraising efforts by the children themselves and the school’s friends association. Their experiences can be seen on the DVD.

Engaging with parents Helping children and families develop their financial capability together Families have different ways of managing their money, and children will bring these experiences into the classroom. For example, discussions about pocket money need to be handled carefully, so that those children who don't receive pocket money don't feel left out. Letting parents know about the financial education you have planned will give them an opportunity to raise any concerns they may have, and support their child's learning. Personal finance education benefits greatly from the direct involvement of parents. For example, parents who work in a bank, or have to handle money in their jobs, such as in a shop, can make valuable contributions in the classroom to help pupils connect what they learn in school with life outside. However, not all parents will find it easy to help their child when it comes to money management. Some lack confidence in their own abilities or have poor financial skills themselves. Creating opportunities for parents and children to learn together is a very effective way of helping children build the foundation for their future economic well-being, and helps parents improve their financial capability.

66 For more information go to www.pfeg.org

Approach • Provide parents with some simple activities to do with their children at home. For example: - counting money in a money box, counting out coins to pay for items in a shop, and checking change - checking unit prices on supermarket shelves, working out the cheapest brand, or the advantages and disadvantage of deals like buyone-get-one-free, or three-for-the-price-of-two - researching the cost of train tickets, entry into theme parks and packed lunches for a day out, within a budget - reading a storybook that involves money, e.g. The Great Pet Sale by Mick Inkpen. For more ideas about using stories, see the English section of this book.

- Provide them with a purse or wallet (even better if the parent uses their own) to help them talk about how to keep money safe, or to explore all the things typically found in a purse like cash, debit cards, credit cards, reward cards, store cards, money-off coupons and receipts. • Run a family learning course as part of the school's extended services offer. The programme can work alongside what pupils are learning in class by exploring similar themes, but giving children the opportunity to discuss matters with their parents. Promote the scheme, and time the session for the end of the school day. Provide incentives to encourage parents to attend the sessions, e.g. refreshments and freebies, and invite local agencies like the Citizens Advice Bureau to provide leaflets for parents, or to run a session.

• Invite parents in to school, perhaps for a coffee morning, to talk to them about your plans for financial education, and arrange for their children to join them towards the end. Set up some activities they can do together. For example: - Draw the outline of their house on a sheet of flipchart paper and write around the outside all the things that cost money, such as electricity, food, furniture, pets.

Online

Kent Extended Services ran a ten-hour family learning programme, made up of weekly one-hour after-school sessions, over one term. The session plans and resources can be seen online. The financial topics that the programme covered include: • Money – what is it and why do we need it? • How do we pay for things we want to buy? • What would life be like without money? • Where does money come from? • Why do we save? The programme acknowledged different learning styles by providing a range of activity formats, such as games, quizzes, data gathering and research, and group challenges. At the end of the programme the children had made good progress with financial education, and parents reported that they were attempting to put what they leant about budget management and prudent spending into practice at home. You can find more information and ideas for family learning in relation to personal finance at www.pfeg.org/learningaboutmoney.

Pupils teaching pupils about money How older pupils can help younger children to learn about personal finance A good way to approach personal finance education across the school is to get older pupils to teach younger pupils. This can be through peer mentoring, or through pupils researching money topics and presenting the information back to younger children. In both cases the learning of the older pupils is enhanced because they have to internalise and shape the information for a younger target audience, while the younger ones are receptive to the knowledge and ideas conveyed by their older peers.

“

ur Spend yo isely on w y e n o m need. u o y s g in th

Objectives

”

• Learn about the functions and uses of money. • Know about different methods of payment.

“

• Learn about savings and money management.

Saving is impo rtant even if it means yo u can’t buy everything yo u want.

”

Writing money guides

es getting v lo e n o y r Eve giving them t u b s t n e s pre t all warm. r a e h r u o y makes

“

”

“

It’s risky to lend money. W hat if you don’t ge t it back?

”

68 For more information go to www.pfeg.org

Usually this would involve a Year 5 or 6 class working with pupils in Years 2 or 3. Tell the class their task is to write a class leaflet for younger children that explains four financial topics: spending, saving, giving and borrowing. Use the activities suggested on the page opposite to introduce your class to these topics. Afterwards, split your class into five mixed-ability groups and allocate a topic to each group. Challenge each group to think about how they could present information on their topic to younger children. Support them to do further research to deepen their understanding of the topic, and to present their findings in the leaflet.

Borrowing If you lend money to someone else there is a risk that the money will not be paid back, in part or in full. If you borrow money you may be charged interest. You can use the activity below to explore the different ways money can be borrowed:

Spending

Ask for four volunteers to represent different types of lender:

In groups, ask your pupils how they would spend £20. Use the activity on page 74 of this book.

1. The family lender – no interest will be charged

Saving

2. The credit union lender – credit unions are nonprofit making co-operative savings associations that lend money to their members at low interest rates and encourage saving

Introduce pupils to the idea of saving and the implications of using money in different ways. Explain how general savings accounts are a way of saving money in a relatively safe environment. Ask children to consider the advantages and disadvantages of using a money box instead. Use a website to compare different interest rates. You could ask the children to choose two or three accounts and compare them by calculating the return on £100.

Giving Ask the children to think of a gift they would like to give to someone they know, and explain why. Talk to the children about how it feels to give and receive gifts, if the monetary value of the gift is important, and the idea of charity.

3. The bank – lends money with clearly specified interest terms 4. Loan shark – lends money which has high interest rates which spiral rapidly if not paid on time. Tell the lenders that you will ask them questions to explore the pros and cons for each lender. For example, the family member agrees to lend some money to another member of the family. Ask them how much they are prepared to lend, when they want it back, what they will do if the money isn't paid back and whether it’s a good idea to get a family loan. Ask the person playing the bank how much they are prepared to loan, the interest rate, period of the loan, how it is to be repaid, etc. 69

T 020 7330 9470 / 0845 241 0925 F 020 7374 6147 / 0845 241 0926 E info@pfeg.org W www.pfeg.org www.twitter.com/pfeg_org pfeg is a registered charity Registered number 1081639 pfeg is a company limited by guarantee Registered number 3943766

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Contact us If you would like to know more about how pfeg helps schools plan and teach financial capability, would like to talk to us in more detail about financial education or get involved in our work contact us.

Pupils teaching pupils about money, continued

Peer mentoring Schools in Slough have adopted a ‘Money Mentors’ programme. Older pupils work with younger pupils to develop their financial knowledge, skills and attitudes. With support from staff, the mentors organise themselves to work with small groups of ‘mentees’ in lunchtimes and ‘Golden Time’, or even as an after-school club. The schools developed a Money Mentors activity box for the pupils to use. It contains activities which are easy to make or access, including a variety of games, such as Money Snap and Money Word Search, a currency game, fishing with magnetic rods for specific amounts of money, a board game called ‘Spend, Save or Give’ and a mock ATM machine. The activity box is designed to:

The mentors were given good-quality training in how to use the resources in the box. They were encouraged to: • think about words and concepts relating to money, and construct stories using money-related words to develop their financial vocabulary • remember money words by matching them with actions and phrases • make a task more or less challenging for the mentees by changing the Space, Task, Equipment or People – the STEP approach.

• allow the mentors to use it independently of teachers • minimise the risk of reinforcing any misconceptions with their mentees • develop financial vocabulary, confidence and competence in handling money, individual learning, and self esteem.

David Parry/RedEye

Online

Initially the ‘Money Mentors’ programme was piloted with Year 5 pupils working with Year 2 pupils in Slough. The approach was then adopted for Year 2 pupils supporting Year 1 and Reception pupils. More recently, teachers in Slough have worked with Money Mentors who have special needs. They have developed activities that raise awareness of practical everyday activities relating to money, e.g. checking for change and simple budgeting. For more information about Money Mentors, go to www.pfeg.org/learningaboutmoney.

70 For more information go to www.pfeg.org

Continuing Professional Development This section is designed to help schools start the process of planning a coherent programme of personal finance education. It shows how this resource can be used to run a short in-service training session as part of a staff meeting with colleagues in schools.

Poem - Two sides of the same coin I was born in a palace, I was born in a barn. I can eat anything I like, I am always hungry. I earn £1,000 a minute, I earn £10 a year. I have a lot of servants, I work like a slave. I sleep in a mansion with eighty two bedrooms, I sleep in a field under the stars. I go by chauffeur driven limo, to a private school in Barbados, I don’t go to school at all. I live easily, I die easily. I wear golden shoes, I walk barefoot. I like caviar, I eat rice. I own a theme park, I own nothing. Year 6 pupil Fens Primary School, Hartlepool.

One hour and counting Delivering a short INSET session for teaching colleagues Have you tried some personal finance in your classroom and seen how motivating it can be for pupils?

other t e g o t want Do you ues involved? colleag

Here are some practical ideas for how to use the materials in this book to run a one-hour INSET session with colleagues, designed to inspire them and help you start planning the implementation of personal finance education across your school. You’ll find everything you need in this book, on the DVD and on the pfeg website. Select from the activities below.

1 Discussion activity Your opening activity needs to highlight the important role money plays in all our lives, and explain why financial capability is important. Read ‘What is Financial Capability?’ in the introduction of this book to help you prepare, and use one of the following activities: • A Final Note (page 74) – to get teachers to think about how they would spend £20, and how their choices may differ from those of their colleagues. • Agree/disagree/don’t know (page 47) – to explore our attitudes to money in different circumstance. Make up your own statements that are appropriate to adults, such as: - I always know how much money I have in my bank account. - Credit cards are the best way to make purchases.

72 For more information go to www.pfeg.org

Are you respons co-ordi ible for nating p e r so educati on in yo nal finance ur scho ol?

• Emotions Ball (page 47) – to help explain how money affects our feelings, making us happy sad, worried, and many other emotions. Use the group's responses to: - explore how we use and think about money, and how it makes us feel - reflect on the fact that we all have different views about money - understand that we all make different choices about what to do with money.

2 What is personal finance education? • In groups, discuss what a financially-capable child might know and understand about money at ages 7 and 11. Ask the groups to write their responses on a large piece of paper. • Ask the groups to compare their ideas with the Learning About Money Primary Planning Framework, included with this resource.

• Ask them to feed the results back to the main group and then, as a whole group, discuss what is appropriate for pupils of different ages at your school.

3 What might it look like in the classroom? Show the What Money Means DVD (included in this resource) and ask the group if they saw anything that: - particularly inspires them

allenge Whole-school ch know about money –

dy Find out what pupils alrea e the ‘Pupil Moneyfesto’ Us d. you may be surprise or get some ideas for example on pages 54-55 t ities from the assessmen baseline assessment activ . this resource booklet that accompanies

- matches their ideas of a financially capable child - they could adapt to use in their classroom.

4 Planning: what could you do? Give your colleagues an opportunity to plan some personal finance education. They can work individually or in age/key stage groups. Provide them with a selection of activities from the Classroom Activities, Curriculum Subjects and Dimensions, and Whole-School and Other Approaches sections of this book. You will also find useful materials in the assessment booklet that accompanies this resource.

current provision by Identify the gaps in your t Money Primary Planning using the Learning Abou ulum audit tool Framework and the Curric p u and your colleagues ma [see page 11] to help yo school curriculum. personal finance across the teers and the local Agree how parents, volun ed – look at the ideas in community can be involv her Approaches section the Whole-School and Ot of this book. t tive or a Money Week tha Plan a whole-school initia t the school. involves pupils throughou

Classroom challeng

Plan something quick – a one-off lesson. This book contains lots of ideas tha t can be used to develop a simple lesson.

Plan something integrated – add the personal finance dimension to an existing topic or subject. Have a look at the ‘how ab out’ ideas in the Curriculum Subjects and Dimensions section. Plan something bigger – a series of lessons, or money as a topic in its ow n right. As well as using ideas in this book, the ass essment booklet that accompanies this resource contains examples of how other teachers have gone about this.

A final note! What would you do with £20? This activity works equally well with children and adults, and is good way to get personal finance education started in the classroom, or to introduce it to teaching staff during an INSET session.

Use the responses from the group to illustrate that: - there are lots of different things we can do with our money - we all make different choices about what to do with our money, and there aren't necessarily any right or wrong choices - we have different attitudes to money – some of us are 'spenders' and some are 'savers'

You will either need to give everybody in the class or group a £20 note or a piece of paper that represents a £20 note1. Ask everybody to think about what they would do with their £20. Give them some time to think about how they might use it, and then ask for feedback. The responses are likely to fall into the following categories, and probably the first three, if you are working with children: - spend it, e.g. sweets, DVDs, petrol (essentials and 'treats') - save it, e.g. for a day out, holiday or a 'rainy day' (short and long term, for something specific or unexpected)

- money can make us feel happy (when we can buy something we want or buy someone a present), sad (when we lose money or don't have enough) as well as jealous, worried, motivated and a range of other emotions - we ‘value’ different things - we have had different experiences of money, have different amounts of knowledge about money, and levels of confidence in handling it. Ask everyone if they would spend the money differently if: - it had been given to them by a parent or family member - they had earned it by doing chores - they had ‘found’ it, e.g. in the street - you had given them a different amount like £2, £200 or £2000, and if so, why.

- give it away, e.g. buy someone a present, give it to someone who needs it more than you do, a family member or charity - invest or gamble it, e.g. stocks and shares, lottery, betting (take a risk that you might make a lot of money, or lose the £20 altogether) - lend it, e.g. to a friend (what happens if they don’t pay it back?) 74 For more information go to www.pfeg.org

It is a criminal offence for any person, without prior consent in writing

of the Bank of England, to reproduce any Bank of England banknote.

Acknowledgements pfeg would like to thank all the local authorities, schools, teachers, teaching assistants, children and consultants who participated in the What Money Means project. Their contribution has been enormous, and lies at the heart of the success of the project. We cannot acknowledge individual contributions because they are so numerous, but we are extremely grateful to all involved. We would like to give special mention to the following people without whose support this project would not have been possible: Celia Allaby, What Money Means Project Director Margaret Atherton, What Money Means Project Facilitator Peter Bull, HSBC Fiona Ellis, What Money Means Consultant Terry Fiehn, Editor Tim Green, pfeg Sara Passmore, pfeg Juliet Wells, What Money Means Project Facilitator