Merrylands East Public School’s ‘toy shop’ teaches kids about cash
Forget stickers or merit cards, students at a primary school in Sydney’s west are awarded fake money for good behaviour, which they can spend on real products like Lego and Lush bath bombs.
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Forget stickers or merit cards, students at a primary school in Sydney’s west are awarded fake money for good behaviour, which they can spend on real products like Lego and Lush bath bombs.
A toy store has opened in Merrylands East Public School, which Year 5 and 6 students stock, run and shop at.
Digital currency, with no value in the real world, is deposited into students’ fake bank accounts if they uphold the school values of fairness, participation, excellence, honesty, respect and responsibility.
For many students, such as Raeed Nawaseri, 10, and Millen Batth, 11, it’s their first ever bank account and the first time they have ever saved up.
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“I am going to get a real bank account now I know how to save up my pocket money,” she said.
Mallen made greeting cards and necklaces with beads and string that are on sale in the store, the profits of which will be deposited in her account.
Having already bought a pack of bath bombs and moisturiser, Mallen will use her remaining savings to buy her cousin a Lego set for Christmas.
Not only do the students learn the maths skills necessary to calculate profit margins and stocking rates, but they gain an appreciation for how their parents need to steadily save before they can afford gifts.
Most importantly for principal John Goh, the students can also opt to donate their earnings rather than spending it all.
“The students can get genuine retail skills, which makes the literacy and numeracy skills they’re learning more concrete and authentic,” Mr Goh said.
“They learn financial literacy and philanthropy skills, such as how to derive and spend income, and how to give income away.”
The student-run shop is the brainchild of Young Change Agents, which is a company that teaches entrepreneurship and start-up skills to kids aged 10 to 18, and the goods are donated by charity Good360.