Children at Peterbrook Primary School in Shirley have been adding new to fiscal responsibility by running their own bank, sponsored by HSBC.
The children, aged between 7 and 11, have opened and are running their own branch of HSBC inside the school. The ‘employees’ of the bank were those who successfully interviewed to become cashiers, records officers, branch managers and marketing managers. The 9 year old cashiers helped their classmates open accounts, with the sales advisors dealing with enquiries and the branch managers looking after their staff.
The scheme is run by HSBC in order to encourage children to start saving early and teach them how to manage their money. The bank was formally opened last Friday by Solihull MP Julian Knight, who cut the ribbon to applause from the children.
Julian, a former financial journalist, gave a speech encouraging the children to save and told them how, despite not growing up with much money, he was able to work his way up through managing the money he earned.
Julian says: “It was really encouraging to see – not only is this teaching the children great skills for later life, but the children are learning at the best time. Money management is something children need to learn young, and not every child has parents who will teach it to them. Schemes like this in school are a great way of giving all children an equal start –though I have to say I wasn’t as conscientious at the age of 9!”
Deputy Headteacher Mr Russell, who had organised the scheme for Peterbrook Primary, said “The school bank is really important to us as it not only helps our pupils to develop financial awareness but also provides wonderful opportunities for our Year 4 ‘employees’ to be responsible, to organise and to lead.”