Year 5 and Year 6 had an amazing workshop looking at their use and thoughts about money. It was led by Shaf Hussain from Ripple Wealth.
The workshop focused on:
- Good things to do with your money
- How to manage and grow your money
- How to budget
- How to save and invest
- Dangerous things to do with your money (risk and reward)
Each child started with a bank statement and a balance of £500. They had to keep track of their own money every time they spent and earned. This meant that they had to learn about ‘credit’ – any money going in, and ‘debit’ – any money going out.
The children could earn and grow money at the game stations. Each game station had a fee to play the game. The stations explored:
- Goal Setting and Budgeting
- Saving and Investing – including risk and reward
- Borrowing and Lending
Along the way they met a character, Rich Ricky, who had a sure fire way to take the money they had in the bank and invest it for a great return!
Here is what the children had to say about the games.
Eye on the Prize: This is a game where we threw 3 darts to gain money. You pay either £20 or £50 per entry. If you pay £20, you gain £10 every time you hit the board. If you pay £50, you gain £20 each time you hit.
Play it With the Big Kids: This is a money workshop game using card, where we try to get a number closest to 21. If you get over you’re out. It costs £50 to enter and the prize money is £100.
Build to Last: In this game you had to build a tower in a given period of time. The higher the tower the more money you made. Each round was 30 seconds.
Fighting Fit: With Fighting Fit you had to do around 50 burpees and 30 jumping jacks to win £175. You paid £50 to play so you were really winning £125.
After the session, the children had an opportunity to give some feedback about how the session had impacted them and what they had learnt. Here are a few of their responses:
You should not invest money with people you don’t know who say they are rich. They may make you lose a lot of money.
After the Money Matters workshop, I will never fall for a scam again. I now understand the difference between debit and credit.
I learnt that not everything you get on an email is true because half the class gave money to Rich Ricky and it was a scam!
You should have a budget before buying something you really want.
I understand debit and credit. Debit is the money you take out of your bank account to use and credit is the money you receive.
I learnt not to give my money to strangers as they could scam you.
I won’t trust anyone I don’t know with large amounts of my money. I was scammed by Rich Ricky. I lost all my money.
I know that debit means to withdraw money and credit means to deposit money. You have to think about playing risky games as you could lose all your money. Instead you could put your money in the bank.
I learnt how to save and spend money correctly.
I learned how credit and debit works and I really enjoyed all the activities that showed it to us.
You should not trust people you meet online who ask for money – it could be a scam!
I now know not to always trust sites that seem too generous. I like that we acted like adults, deciding what to spend.
Rich Ricky promised to double the money that I gave him, but he didn’t return anything.
Thank you Mr Hussain and team for the amazing sessions teaching the children that Money Matters!