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The purpose of the school bank is to support the planning, teaching, and progression of financial education as defined by the Financial Education Planning Framework developed by the Money Charity.
The Framework describes four key areas of financial knowledge, skills and attitudes as:
how to manage money;
becoming a critical consumer;
managing risks and emotions associated with money;
understanding the important role money plays in our lives
By using the school bank, your students will develop skills relating to a number of subjects including:
Mathematics
PSHE
Citizenship
Skills for Life
Students will also be encouraged to develop their critical thinking skills as part of this project.
The school bank operates alongside a school shop where learners can spend their money on items chosen by the school. This may be physical items such as pens, or keyrings, or may be more abstract such as lunch with the head teacher or an extended break time.
School bank is intended to be used either in place of, or alongside a traditional merit system.
Target Audience:
School Bank can be used with any pupils ages 4-18, however, this documentation is aimed at teachers in primary schools. For older children, please refer to the secondary school documentation.
Before you start
Familiarise yourself with the school bank admin console. Your school super administrator should have already set up your student accounts, and you should be able to view them easily and make any necessary changes.
Each account will have a sort code and account number. Please note that the sort code is unique to your school.
From the admin console, you can view and edit items in the School Shop. The shop items will have been agreed by your senior leadership and super administrator and will include rewards that students can purchase with their currency, for example extra playtime.
You are able to reward students with bank money by ….
Each month, accounts will receive interest. This will be set by the super administrator and will be used as part of the teaching and learning with the School Bank. In KS2 and KS3, learners will complete activities to understand why interest rates might change and how that would affect their savings. The super administrators can change the interest rate for the accounts and there is a sample ‘bank’ letter to inform learners of the interest change. You may want to use this as a discussion point around what is currently happening to affect interest rates for the Bank of England.
The School bank is designed to run alongside the School Shop. Please ensure you distinguish between the bank and the shop for your learners by explicitly stating that the bank is where your money is kept safe and the shop is where you spend your money.
You will need to make sure that you have discussed with your school bank administrator how the items available in the school shop will be distributed to learners, and when they will have an opportunity to spend their money.
Additional Resources
Additional Resources
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