Over the last couple of weeks we have delivered a short unit on money.
Our main focus was our Grow A Pound Week. This exciting week begins when the Friends of the school give the children a pound each to form a business. They team up into teams of up to four and decide on a service they would like to provide. They put together a business plan and carry out market research to find out prices and try to estimate the popularity of their idea. They then spend their pounds and prepare their business for opening.
The children run their stalls at lunch time. The businesses this year vary - from games to shoe shining, from caricature drawing to jewellery making. The children in the rest of the school are able to visit the stalls and purchase items/services. Parents are also invited to attend.
During the week each business keeps accounts which are used to prepare graphs.
What is interesting about the week is the way their ideas evolve during the week, aiming to meet the demands of their customers. I like how the children work well as a team and interact with their customers, changing their sales pitches for older pupils and for the children in Foundation.
In the end £57 was grown into nearly £500 - each pound given out was grown into over £9! The money will be used to pay for a leavers' treat to go bowling, and also to buy something for the school (at the moment they are thinking about buying head microphones).
It was also interesting to see the lack of awareness of how much money is worth. Prices were sometimes plucked out of thin air and the unrealistic ideas of what they can buy with their money revealed a naivety which needed to be addressed. Lots of guidance was needed with this and the children's understanding improved during the week.
During the project we also completed a classroom project on money. We used the Bank of England's resource 'Pounds and Pence' to do this. This is a very child (and teacher) friendly package which enabled the children to meet with concepts such as what money actually is, interest, savings, loans and inflation.
This resource is available to download here. There are videos included, but these can also be found on YouTube.
The topic certainly engaged the children after their SATs.