MANAGING money is one of life’s key skills.
So a school in Horndean is making sure its pupils get to grips with the challenge of cash early by helping them set up their own accounts.
Pupils in Year 5 at Horndean Junior School in Five Heads Road had a talk from NatWest bank employees on how to look after their money in the future.
The bank is working in partnership with the school to set up the accounts.
The children need permission from their parents to do so but will have the account in their name. Those who do will receive a piggy bank they can put their savings into until they deposit it into their account.
Students will learn about credit ratings, savings and the different types of accounts that are available.
Mrs Jollisse-Smith, Year 5 teacher, said: ‘We want to encourage the children to be sensible with their money in the future. We want them to understand the importance of saving.
‘We’re working with their parents and NatWest to set up personal accounts.
‘The money can be deposited into them on a Thursday before school. This means it can become a regular thing.
‘We want to give the children a good grounding with their money, especially in the current economic climate.’
The children will run the bank themselves with supervision from teachers.
Finance is not part of the national curriculum but can be incorporated into tutor sessions.
Kate Utting, headteacher at Horndean Junior School, thinks it is an important factor of a child’s learning.
She said: ‘It’s a great thing to teach the children.
‘We want them to understand money management is vital and I think teaching them something at a young age will help them in the future.
‘That is what we are hoping to achieve through the programme.
‘It’s a very useful scheme and is easy to put into practise in every day school life.’
She added: ‘It’s something all schools should do especially as they children get older.
‘It would be great to see other schools taking part and seeing children benefiting from it.’
The students who set up their own personal bank accounts at the school will have access to a website.
It will give them contact with NatWest staff who can help them with any questions.