My daughter's school...?

Question

Are debating whether to set up a mini bank branch within school grounds; which the children will run (obviously with the teacher's guidance & close suveillence). It's primary aim being to teach children about finance & banking. My daughter seems very excited at the idea and is keen to get a main role within the 'minibank' (as seems to be the general feel amongst the children). I was just wondering if anyone has any experiences of such a scheme.. whether it's at your childrens school or one you have attended/attend. Has it been successful? Even if you have no experience of such a project your opinions would be greatly appreciated, what do you think of the idea? How could it benefit the kids & what might be the drawbacks? If your a child would you like to be a part of the "mini-bank" if it came to your school. If your a parent what would you feel about your children dealing with other peoples money? There is a parents meeting on the matter next week so the more information the better for me to discuss with others =)

Thanks guys.

Answer 1

I have never heard of such, seems like a good idea as long as bank customers are aware and ok with it

Answer 2

The audit commission and Ofsted have things to say on this. Their book, "Keeping your Balance" provides financial standards by which schools should manage themselves. Providing all of these are in place there should be no problem.

You should ask basic questions first about the audit trail, who is checking who? Then about who is holding the money at the tail end? i.e. many schools would do this in association with a bank. The bank then provides the security, interest and auditing procedures that many schools lack.

I would want to see a member of the non teaching staff run this as they have more time than teachers and could be employed specially to run this.

Anything that encourages children to save has to be good nowadays but it is not important that it works now it is important that it works for the long haul when the initial enthusiasm wanes and it becomes a chore.

The Royal Bank of Scotland have a School Banks initiative

http://www.prnewswire.co.uk/cgi/news/rel...

Hope this helps.

Answer 3

Well a draw back would be the children getting beat for the money the others "think" is on them.

Other then this and dishonest kids these would be my concerns.

Kids these days get money handed to them for doing nothing (most kids)......the kids might as well learn to handle there free money.

Answer 4

I think it depends on what grade and age your child is. If she is in high school I think it would be a great teacher for a lot of kids who's parents haven't taken the time to teach them how money works.

I also think there could be potential problems such as stealing and dishonesty but those are all facts of life too. Even in the grown up world. Those are real problems that kids are going to have to face some day or another. Better it be when she is young and you are able to explain the situation to her.

I am a step-mom of a 7year old who started first grade this year. If our school had the opportunity to start a mini bank I would agree with that.. Handling money is one of the most important things a person needs to learn how to do well. If your child never learns how to properly use and distribute money it can affect their whole life. Teaching the kids about money and giving them hands on experience will help them later in life when making decisions with things like a car, college, a house, keeping good credit. All these things relate back to having good money skills. I think it is a wonderful thing to be able to teach early with hands on experience. I say yes, go for it!

If you are worried about it stay involved with what is going on at school as any parent really should. Know what they are teaching and get feed back from your daughter on what she is learning. If you never give it a chance because of fear of something going wrong you may be depriving the children from a meaningful and learning experience that will last them a life time.. On the other hand if you agree with it and it doesnt work out so well it can always be discontinued project...

I say give it a try... Your kids will thank you.

also I found some other good topics on teaching your kids about money. I think they are great. here's just a few.

http://life.familyeducation.com/money-an...

http://www.moneyinstructor.com/kids.asp