Preston school launches own currency

Bank of England North West agent John Young with pupils at Eldon Primary School where they have their own
Bank of England North West agent John Young with pupils at Eldon Primary School where they have their own
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When it comes to innovative teaching methods, pupils at Eldon Primary know they can bank on their teachers.

And banking on success is literally what the latest initiative at the Preston school is.


The Bank of Eldon is officially up and running and even has its own currency, with pupils being “paid” to do jobs around school.


The idea came after headteacher Azra Butt attended a forum in Liverpool where governors from the Bank of England expressed fear that adults don’t understand economics and raised concerns about young people starting out steeped in debt from student loans.


Azra said: “It was really pitched at high schools but as a primary school head I came away thinking that we should be doing something earlier.
“We already have systems in place here where the children can do little jobs in school, like salad bar monitors, anti-bullying ambassadors, play leaders etc.
“But we don’t actually have any reward fort his work.
“So, with the school council, we discussed it and decided to launch our own currency.”


The pupils are eager to sign up and have to apply for jobs, and for a bank account.
They are monthly and can use the cash to buy a range of treats from £E5 for first place in the dinner queue to £E50 for a party at Eldon House.


The privileges have been compiled by the school council and since bank was launched at a glittering back tie event at school for parents Azra said the scheme has snowballed.
She added: “We’ve had the currency printed off and it, the bank, has raised all sorts of questions among the children, such as interest rates and what value they can put on actual jobs.”


The school’s efforts saw them receive a visit from John Young from the Bank of England North West team.