Registrations are now open for the Fiver Challenge 2016
Registrations have launched today, 21 March, for the third consecutive Fiver Challenge, a month long initiative that challenges young people aged 5 – 11 to set up and run their own mini-business. The Fiver Challenge, run by Young Enterprise and supported by Virgin Money, provides a highly interactive, fun way of introducing financial literacy, resilience and teamwork in learning for primary school pupils. Pupils are pledged £5 and then have one month to set up a business and create a product or service that they can sell or deliver at a profit, while engaging with their local community. At the end of the month, the young entrepreneurs can chose how they wish to spend their profit, either for classroom resources, to put toward a school trip or to a charity of their choosing.
This year the Fiver Challenge will run from 6 June – 1 July, with registration closing on the 10 June. It helps pupils to develop vital employability skills, such as team work, creative thinking, problem solving and communication, as well as encouraging them to handle money. In fact, 94% of teachers indicated that students developed at least one employability competency throughout the month (2015 evaluation report). The programme has been designed to support primary teachers in leading this challenge which introduces students to all aspects of running a business, from marketing to selling.
Michael Mercieca, Chief Executive, Young Enterprise said: “The Fiver Challenge engages with children in the crucial years when financial behaviours are known to be formed. This is a fun and motivating activity that helps primary school children to appreciate the value of money as well as develop an understanding of the fundamentals of running a business.”
About the Fiver Challenge and Young Enterprise
- The Fiver Challenge is run by Young Enterprise, the UK’s leading charity that empowers young people to harness their personal and business skills, and supported by Virgin Money
- The 2016 Challenge will run during June, and registrations are open at fiverchallenge.org.uk
- The programme, which is also supported by the Department of Business, Innovation & Skills, is drawn from Young Enterprise’s Tenner challenge (www.tenner.org.uk) and also builds upon the success of Virgin Money’s ‘Make £5 Grow’ scheme.
- Find Fiver on Twitter @TennerFiverYE #fiverchallenge