Making ‘cents’ of Money Matters

Our new workshop started this week. It’s called ‘Money Matters’ and is very topical when you consider the recent calls for financial education to be made compulsory in schools. Here are a few facts, taken from the Personal Finance Education Group website, that point towards why starting financial education young is important.

•    7 years is the average for children to begin receiving pocket money.
•    8 years is the average age for UK children to get their first mobile phone.
•    10 years is the average age that children begin to purchase items online.

And…

•    Over 75% of 7-11 year olds are already saving for the future.
•    42% of children prefer to store their money in a money box.
•    93% of teachers and parents think that personal finance education should be taught in schools.

So, we think we’re on the right track. As Billy Graham once said: ‘If a person gets his attitude toward money straight, it will help straighten out almost every other area in his life’.

The Money Matters workshop takes place in the Eureka! Bank and our ‘Imagination Space’ room and involves: exploration, investigation, discussions, games and (of course!) role-play. It will hopefully help develop in the children a good attitude towards saving and financial responsibility.

On one particular morning last month, I was dressed very smartly in shirt, tie and jacket with my ‘Bank Manager’ badge hung from my lapel. Enabler Darren was my cashier and also looked the part in another smart shirt, tie and badge. We had great fun in the bank as the children (7-9 years old) filled in withdrawal forms with Darren to get their Eureka! Bank notes and phoned me in my office to ask pertinent questions such as ‘Why should I keep my money in your bank?’ and ‘Is it fun being a bank manager?’

Money matters here in the Eureka! Bank!

They explored the bank vault with its huge thick doors and different alarm systems. They discovered all the security features that make it so difficult to forge a banknote. They even sat in a million pound chair and contemplated what they would do if they had that much money!

Keeping the Bank Vault safe and secure!

Back in the Imagination Space we had the children counting up giant laminated coins, working out interest payments on their calculators and joining in with a game that was a mixture of  ‘Play Your Cards Right’ and ‘The Price is Right’. The children responded brilliantly to the tasks and the discussions. It was heartening to hear their reasons for not spending all their money:
•    “Because you won’t be able to keep your promises if you’ve promised to take somebody on a day out”
•    “Because you won’t be able to buy your mum a birthday present”.

They were also very enthusiastic about giving their money away to charities:
•    “Because it’s good to help other people who are poor”

By the end of the workshop the class had accrued over £400 in Eureka! Banknotes. We sent them home with the task of deciding as a class how they would spend, save and give away that money if it were real. It’s a great way to make sure the lessons of saving and spending wisely continue after their visit to Eureka! and I look forward to hearing from them and finding out what they decide.

Jill Ward is an Enabler at Eureka! The National Children’s Museum. If she received £400 she would:
•    Treat herelf to a couple of DVDs.
•    Treat her family to a nice meal out.
•    Give £50 to Comic Relief (because that’s her favourite charity).
•    Save the rest of it towards her next holiday.