Financial Insight case studies

Creating financially savvy students at East Carnarvon Primary School

East Carnarvon Primary School is a 2010 recipient of a $2,500 Financial Insight grant. Their class bankbooks and weekly auction program has been implemented to teach students from an early age how to better manage their money. Students manage their finances daily and enter in their debits or credits. They are rewarded with credits for effort, achievement, kindness, school pride and effective self-management skills. Debits are entered for tardiness, poor organisational and self-management choices that affect their learning.

A $50 gift voucher is presented to the student with the highest bankbook balance at the end of the term. Students have the incentive to save, or they can choose to spend at weekly auctions which allow students to learn the consequences of their purchasing choices.

Jenny Street, teacher from East Carnarvon, believed so strongly in the program that before receiving the grant, she funded the auction lots and gift vouchers from her own pocket. The grant now funds the original program and has enabled it to expand to include a Fund Raising Enterprise program for the school, which consists of using recycled materials creatively to make products for sale. The enterprise program aims to encourage students budgeting skills, their philanthropic desires and to work towards producing marketable and profitable goods.

Paper recycling enterprise at Leeman Public School

 

With their grant from Financial Insight, Leeman Public School has implemented a paper recycling project, starting off by purchasing all the equipment they needed including blenders, shredders, tubs and drying racks. All students and teachers are involved in the paper making process and they are preparing to sell their products. Preparing to sell their products has involved Years 2-4 writing a budget and working out income and expenditure, learning about invoices, taking orders and learning general financial terminology.

Other grant recipients for 2010

• Belmont Primary School - budgeting project
• Bertram Primary School - garden enterprise project
• Hazel Orme Community Kindergarten - kindy shop and bank project
• Norseman District High School - fresh food finance project
• Oberthur Primary School - classroom economy project
• Pemberton District High School - western solar boats budgeting project
• Rostrata Primary School - ‘how much does that tomato really cost?’ project
• White Gum Valley Primary School - whole school financial literacy project.