Meavy Fiver Challenge
Tuesday 16th May 2017
Dear Parents
Fiver Challenge
The Fiver Challenge has finally arrived! The children will be participating in this throughout June, but will be starting to put their ideas together over the next two weeks. The initiative, provides a highly interactive, fun way of introducing financial literacy, resilience and teamwork in learning for primary school pupils.
Each child will be given £5 that they will need to “grow” over the course of a month. The children will be working in teams and pooling together their money. They can be as creative as they like in thinking of ways in which to increase their funds. The children will each receive their £5 funds on Friday 19th May 2017.
At the end of the month, the original £5 pledge will be repaid. The profits are to be kept and used to provide school resources chosen by the children;donate to a charity of their choice or a combination of these.
The only rules are: you cannot use your fiver to gamble, take part in illegal activities or be fraudulent. As a class we have reflected on last years’ business ventures and we have agreed that all products are to be home-made, i.e you cannot buy food in the shops and then resell it on your own stall. The children have also decided that their ideas have to be original - four stalls selling smoothies or milkshakes will be in competition with each other and they may not make as much profit.
We encourage you to help guide the children in their ideas by offering advice, but remember, the challenge is ultimately for the children!
The children have already been coming up with some great ideas for their business ventures. As we did last year, the majority of the work for their business will form part of their homework; if the children are able to meet up out of school and work together on their products, then that is even better! Each team will set up and run their business from home and school, including stalls to sell their products at the end of the school day. Dates for the after school stalls to be confirmed in due course. They will also be designing logos, creating advertisements and carrying out market research. They have the whole month to make as much profit as they can from their fiver whilst also aiming to engage with the local community.
Any support and encouragement you can give your child during the activity would really help maximise the learning from the experience. Information and updates will be sent out throughout the month, however, if you have any questions please do not hesitate to pop in and see me.
Good Luck!
Kind regards
Mrs Millar