Achieve Believe Enjoy
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.