The Fiver Challenge, run by Young Enterprise and supported by Virgin Money and the Department for Business, Innovation and Skills, launches today in schools across the UK.
Over 45,000 children in 686 schools have registered for the Challenge, which pledges each pupil with £5 for the month of June. They set up mini-businesses either alone or with friends to engage with their community and make a profit.
At the end of the month, pupils return their £5 pledges plus a 50p legacy donation, and are free to keep their profits.
They can also enter the national competition, with prizes available for the Best Group, Highest Profit and Most Inspiring Individual.
Last year’s Highest Profit winners – a team of two – made £495.23 from their fivers.
Pupils taking part develop skills such as creativity, resilience and teamwork, in a fun and supportive environment.
Jayne-Anne Gadhia, Chief Executive of Virgin Money said: “The Fiver Challenge introduces children to personal finance management at a young age, encouraging them to consider their attitudes towards work and money, and what drives the choices they make.
“Virgin Money is pleased to be working with Young Enterprise for the second year on the Fiver Challenge, and we are all looking forward to seeing what businesses the young people taking part will set up.”
Michael Mercieca, Chief Executive of Young Enterprise said: “Fiver had a hugely successful first year and we’re delighted to see the amount of interest there is this year.
“We know from research by the Money Advice Service that children can develop money management habits by the age of seven, so it is important to introduce personal finance management at a young age.
“Fiver is structured to introduce young pupils to this concept in a fun and supportive environment, encouraging them to use their creativity and develop skills of resilience and teamwork along the way.”
Schools can still register to take part on the Fiver Challenge website until the 5th June.