More primary school children than ever before across England and Wales are being given the chance to take part in an entrepreneurial challenge that will introduce money management skills from an early age.
Principality Building Society and Young Enterprise have teamed up to deliver the Fiver Challenge initiative for another three years.
The scheme invites students aged 5-11 years to create, research and plan a business with just £5.
Principality has sponsored and provided funding for the Fiver Challenge in Wales since 2020. It has now expanded its support for the scheme across England, allowing even more children the opportunity to develop their creativity, commercial awareness, and money management skills.
The challenge is accessible in Welsh and English with resources provided in both languages.
During the project, which starts in June, students will learn important skills for starting their own mini businesses, including designing a company logo, undertaking market research, and planning their product or service. They will then pitch their plan in a Dragon’s Den-style.
Students will also have the chance to win prizes by entering competitions for the best logo, sales pitch and overall project.
The new partnership was announced at an event at Principality’s head office in Cardiff last night. Attendees included last year’s winners of the Fiver Challenge, Seeder Wood from St. Andrews Primary School.
Vicky Wales, Chief Customer Officer at Principality said: ‘’We’re delighted to have teamed up with Young Enterprise to bring the Fiver Challenge to children and young people across Wales and England. We are passionate about helping young people to build their life skills, which includes supporting hard working schools with financial education and careers-based activities. Our commitment to this challenge over the next three years will mean we can continue to grow this project and partnership, and we can’t wait to see the results.’’
Teachers can sign up and access the resources for their school to take part on the Fiver Challenge website by visiting fiverchallenge.org.uk
Sharon Davies, Chief Executive of Young Enterprise, said: “The Fiver Challenge continues to provide young people with a brilliant opportunity to introduce and develop transferable skills that will remain with them for life. We are thrilled to be partnering with Principality for three years to offer this programme to young people across both Wales and England, helping to support the development of valuable life skills in a fun and engaging way.’’
Since 2020, Principality Building Society has worked with partners such as Young Enterprise to reach over 30,000 children and young people with financial education and careers-based learnings.
This year also marks the 60th anniversary of Young Enterprise, a national financial and enterprise education charity that motivates young people to succeed in the changing world of work by equipping them with the work skills, knowledge and confidence they need.
