School’s new on-site bank aims to get pupils financially savvy

School's new on-site bank aims to get pupils financially savvy

A secondary school in Staffordshire has introduced its own currency as part of an initiative to get pupils saving.

Thistley Hough academy in Stoke-on-Trent has also opened its own on-site bank where students can save “Thistley dollars”, with the aim of improving financial literacy.

Two pupils will man the bank with a representative from a local building society once a week during lunchtime. Would-be bankers will first have to be interviewed, reflecting what would happen in real life.

As well as making cash deposits to top up their balances, students can earn extra dollars during the year through good attendance and results, which can then be withdrawn as real cash.

Nathan Fletcher, aged 11, said “I’ve made four deposits so far because I had some Christmas money that I’d like to save for when I’m older to help me get a good job.”

Chris Dillon, the academy’s director of mathematics and project co-ordinator, said: “Supporting students to develop their understanding of the world of finance is a vital part of our work at the academy.

“We believe this project will provide our students with a financial education that will allow them to access financial services with confidence in the future.”

 

Featured picture: Pupils Fathi Omer and Philippa Hancock with principal Holly Hartley (centre) and representatives of the academy’s business partners