What's it all about?

The Fiver Challenge is Young Enterprise’s  FREE nationwide challenge for 5 - 11 year olds and this year the children in Year 4 will be taking part.

The Fiver Challenge, provides a highly interactive, fun way of introducing financial literacy, resilience and teamwork in learning. The children have 1 month to set up a mini business and create a product or service they can then sell or deliver at a profit and engage with their local community.

Step 1 - Here's a fiver!

Each participant registered is pledged £5 from the Fiver Bank.

Step 2 - Get it going     

They use this start-up capital to get their enterprise off the ground, working alone or in a group.

 

Step 3 - Keep it going 

They have the whole month to make as much profit as they can from their fiver whilst also aiming to engage with the local community.

 

Step 4 - Payback...for the future

At the end of the month, each team works out their finances and repays their pledge.  This means that the £5 pledge is repaid + a suggested 50p legacy donation to the Fiver Bank so more young people can participate next year in the Challenge.

 

Step 5 - Keep the profit

The participants are in full control of the profits they have earned and should decide themselves what they would like to spend them on - for example, a school trip or day out, resources or activities for school or the classroom, or they may wish to donate their money to a charity of their choice.

 

Year 4 worked really hard on their Fiver Challenge enterprises. They ran businesses including craft stalls and sweet and cake stalls. They made an amazing £676 profit which they decided to donate to lots of different charities.