As part of our ambition to make everyone better off, Virgin Money has branched out into financial education with the national roll-out of our Make £5 Grow scheme.
What is Make £5 Grow?
Make £5 Grow is a fun and engaging enterprise initiative designed to help draw out those important entrepreneurial skills in primary school pupils.
Virgin Money’s staff volunteers build relationships with schools in their local area by helping pupils set up mini-businesses to try to make a profit. To help make this possible, the bank provides a loan of £5 for every pupil taking part, up to a maximum of £250 for 50 pupils.
Pupils use this money to create products or services they can sell. They are encouraged to think carefully about their target audience, product costing, pricing and marketing. And in the process, they develop their business skills and financial understanding. In addition, schools keep any profit made after the original loan has been paid back – a great reward for pupils’ enterprise and hard work!
Exciting the nation
Already a success in the North East and North West regions, this month sees Make £5 Grow expand across the country through Virgin Money’s network of 75 Stores. Teachers who have been involved have found the programme to be flexible, having used it alongside the National Curriculum in core subjects including English and maths, Personal, Social, Health and Economic Education (PSHE), citizenship, design technology and art and design.
Previous participants have set up thriving companies selling calendars, bags and cupcakes to name a few. Some of these businesses are still running and continue to make a profit for their school.
Ron Naylor, Headteacher at Forefield Junior School in Merseyside said: “Our pupils deserve to be prepared with the knowledge and skills to thrive and succeed in an ever more challenging world.
“The Make £5 Grow initiative inspires and engages our children in meaningful inventiveness, creativity and enterprise. It will not only enthuse our children but also provides stimulating learning in truly relevant contexts.”
India Parkinson, a pupil at Sacred Heart RC Primary School in Bolton added: “I felt it was not just a fun and exciting project but I felt it gave me a lot of confidence and was a great experience for my team.”
I felt it was not just a fun and exciting project but I felt it gave me a lot of confidence and was a great experience for my team
Ciaran Clare, also from Sacred Heart RC Primary School said: “I used planning and creative skills by debating what idea we should have and what we should create with our budget. Also we used real life situations by using the same skills we would use in a job or business.
“As well as planning we used lots of maths by working out what it would cost and what the profit could be. We made a lot of money for our school too.”
If you are a parent or teacher and want to know more about how to get involved in Make £5 Grow, contact us at firstname.lastname@example.org. And to see the project come to life, why not take a look at our video.