PUPILS at Longdendale Community College have been learning how to manage their finances . . . by running their own bank.
The youngsters at the school, in Hollingworth, are taught about budgeting, borrowing and saving as part of lessons in personal finance.
And as well as learning the theory in the classroom they even help to run their own school bank – organising the weekly running of the bank, opening accounts and helping to recruit new staff.
Now their innovative approach has been recognised at the RBS Personal Financial Education Awards, where the school was commended in the Best All Round Approach to Personal Financed Education.
And joining at the awards ceremony was a group of students from West Hill School, in Stalybridge, who were commended in the Most Innovative Approach to Personal Finance Education category.
Students at West Hill took part in a specially-designed Enterprise Day based around the music industry, in which pupils had to design and cost a publicity strategy for a con cert using real market value, select a loan deal and calculate APRs using real data downloaded the day before.
At the awards ceremony both schools were congratulated by Stalybridge and Hyde MP Jonathan Reynolds.
Jonathan said: “For most teenage students the idea of securing a mortgage or running a household budget can seem a lifetime away.
“But personal financial management is a vital skill – and I am delighted that two of our local schools are at the forefront of teaching it.
“Lessons in personal finance will better equip students to be able to make good financial decisions and exercise sound judgement.
“Waiting until later in life to learn these lessons can be much more difficult – and can involve expensive mistakes that can take years to resolve.
“West Hill School and Longdendale Community College are leading the way. And I was proud to be able to congratulate them on their success.”
Founded by the Royal Bank of Scotland Group in association with PFEG (Personal Finance Education Group), the awards showcase excellence in teaching Personal Financial Education to students aged between five and 18.
Head of Community Investment at RBS Sharon McDowall said: “These awards are testament to the hard work and dedication of schools across England, Scotland and Wales to deliver high calibre money management lessons to students.
“This year with a staggering 89 per cent uplift in entries from last year, we have been impressed by the exceptionally high standard of entries as well as their innovative approaches to teaching PFE.
“Students as young as five are now receiving financial education in schools and, alongside the advice and guidance of parents and guardians, this will help create ‘financially fit’ individuals for the future.”
Published June 22, 2010