Local Beaver Colony supported to achieve ‘money skills’ badge
The children of 1st Crownhill Beaver Colony received some welcomed support this month from Milton Keynes-based Fintech, IE Hub. The award-winning start-up worked with the group to explain the history of money and the importance of budgeting.
Assistant Beaver Leader Katy Winkle said, “We had a visitor in to tell the Beavers all about the history of money and to talk about coins from all over the world. They were amazed when he showed them some banknotes from Zimbabwe, particularly the 10 billion dollars note!
“The group conducted some coin rubbing, and in their lodges (groups of 6 children), they were given pictures of 9 different items, ranging from a single banana to a superyacht, and they had to match the items to the correct price tag. The exercise saw a house sold for £200! Interestingly the children all thought that a holiday was more expensive than a house or a car. We think this is because they see a house as something that all people have, whereas a holiday is a luxury.”
As part of the exercise, each child was gifted a chocolate coin each week and given the option to eat it immediately or put it into the Beaver Bank, on the understanding that at the end of term they could then exchange their coins for a larger item. The vast majority of children saved all of their coins, and those that chose to eat them at the first meeting decided to save their following coins. At the end of term, the coins were returned and the children were able to purchase larger items from the ‘Beaver Shop’.
IE Hub Marketing Director Gemma Cryan said, “Teaching children about money equips them with the knowledge and skills they need to manage their money effectively now and in the future. We were delighted to be able to support the Beavers of 1st Crownhill Beaver Colony.