Children taught value of money at Carlisle school
Children at a Carlisle junior school took part in fun interactive workshops to learn about the value of money.
The Cumberland Building Society treated Year Six pupils at Inglewood Junior School to an afternoon of adventure, games and creativity as they were encouraged to think about budgeting, savings and the cost of living.
The Cumberland has partnered with EVERFI from Blackbaud, the leader in powering social impact through education, to bring Vault, a financial literacy course to primary schools across the region. The course focuses on interaction, reflection and real-life experience, and includes both online workshops and offline practical sessions to introduce children to money management.
For Year Six teacher Liz Cairns, learning how to manage money is a vital life skill - and the younger you start to understand the difference between wants and needs, the better.
“This course helps prepare children for the wider world, putting in building blocks for the future,” she said.
“It’s so important that children understand the cost of living and learn how to budget.”
Making good choices on how to spend money is a significant part of the Vault online workshop, which asks children to prioritise our basic needs for food, water and shelter over wants. But that doesn’t mean that you aren’t allowed the occasional treat - a fact that is welcomed by 11-year-old Amelia Taylor who is saving her pocket money for something very close to her heart.
“I get £5 a week and am saving for a shopping trip with Grandma to our favourite book shop. I love to read, especially mysteries and thrillers,” she said.
Nyall Houghton, 10, hopes that he will make good choices as he grows up. “You need money to live a good life - but you have to make sure you spend it on the right things,” he said.
The event also gave children the opportunity to quiz representatives from the Cumberland Building Society in a Q&A session, including Cumberland CEO Des Moore.
“I’m really impressed with the programme today. It’s been fantastic to be here, interacting with the kids, seeing what they are learning and the impact that could potentially have on their lives”, said Des.
He reflected on being taught the value of money at an early age: “We didn’t have a lot of money, but I was taught the value of work and had jobs as a young boy.
“Watching the next generation start to develop their own understanding here today has been an inspiring experience.”
Once a school has signed up for the free online course, they have access to it permanently, meaning it will continue to make an impact on students for years to come.
The workshop at Inglewood came as part of the second year of the partnership between The Cumberland and EVERFI from Blackbaud, who, together, are supporting teachers to equip young people with the skills they need to thrive in an ever-changing world.
Jo Barlow, Director, Corporate Impact UK & Europe at EVERFI from Blackbaud, said: “We are proud to see the continuation of our partnership with Cumberland Building Society make a difference to the lives of hundreds of young people, whilst driving meaningful impact in the local community. It's important that we help the next generation understand the basics of financial literacy now, and in the future, so they can make smart financial decisions.”
Over 1,000 local pupils have already benefited from this free resource - with funding dedicated to supporting 25 schools this year.
At the heart of the partnership is The Cumberland’s kinder banking ethos, said Head of Marketing Nigel Taylor: “We want to make a positive impact in our communities and sow the seeds that will help the next generation thrive.”