Running a Class Bank to Teach Financial Literacy
Announcing a new web-based resource for class teachers that will have your students learning how to effectively manage their own money through the establishment of a class bank. This resource has been designed by a New Zealand trained teacher with 20 years’ experience and is fully online!
The students get to design their own money, use wallets and have their own bank accounts, they even learn about credit cards, P.A.Y.E, G.S.T and Kiwi-saver!
Full, life-time access for a one off payment of $20.00 gets you an e-mailed letter containing set up instructions and step pages password.
If you are interested, please visit https://classbank.wordpress.com/ and also check out my students’ online banking website: http://wdbankonline.wordpress.com/ or email firstname.lastname@example.org or email@example.com
Read a little more…
Class bank teaches lessons in savings
05 Nov 2014 04:32 pm
The savings and spending skills of Wellsford students were put to the test last term when they undertook a practical lesson in financial management.
Teacher Mark Lorenzen set-up a class bank to teach Year 4 and 5 students about money, banking and saving.
Each week, the students were paid $10 a day for attending school and they had to pay rent for their desk and chair.
The students learnt how this applied to real life earning weekly wages and paying rent or a mortgage.
Each student started with a bank balance of zero. At the end of the exercise, some finished with more than $9000 in their account.
The students could also access their account online, either at school or from home.
Mr Lorenzen offered spending temptations such as drinks for $40 a glass, pencils for $40 to $80 each, lollies for a mere $50 a pop and other items – all in an attempt to teach the students to make the tough decisions – spend now for a ‘want’ or resist the urge and save their money instead.
Interest on savings was paid fortnightly teaching the children that the more money they saved, the more interest they received.
“Some students have also learnt the harsh reality of credit card debt and the rather large interest rates this comes with,” Mr Lorenzen said.
Prizes and certificates were presented to the class bank’s biggest savers and the bank project will return to the school next year.
For schools, parents or teachers who want additional information, visit Mark’s financial literacy e-learning website classbank.wordpress.com