Supporting pupils and families to develop positive financial literacy skills
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Information about the school
Corneli Primary School is situated in Bridgend. It shares its site with a Welsh-medium primary school and Corneli Children’s Centre. Corneli Primary School caters for 242 pupils, has 10 mainstream classes and a Local Authority Learning Resource Base class for pupils with moderate learning difficulties aged from 7 to 11. It has worked with Bridgend Lifesavers Credit Union to develop and implement an authentic context for developing financial literacy skills.
Context and background to the effective or innovative practice
Corneli Primary School is located near the seaside town of Porthcawl, Bridgend, It serves an area with a high level of deprivation and unemployment. Forty-two per cent of pupils are in receipt of free school meals. This is above average for primary schools in Wales. The school is proactive in supporting pupils’ and families’ financial well-being and is very aware of issues that some families may face.
Description of nature of strategy or activity
In partnership with Bridgend Lifesavers Credit Union, the school’s savings scheme opened in 2015 with 63 members signed up by the end of the first year but weekly savers averaged under 10, with a high of 18 in 2016. The school and credit union were determined to make the savings club thrive and, following a meeting with governors and the headteacher, there was a whole school re-launch, with pupils, teaching staff, the Chair of Governors and LSOs taking lead roles. The collection was moved from before school, to be part of the school day. Pupils were brought in from Years 4-6.
Posters were designed and children gave presentations to their classes on the benefits of saving. Incentives, including a weekly raffle, were established, for children who save each week. Every child recieves a small reward for attending the collection while a certificate assembly celebrates the most regular savers. Credit Union staff have become familiar faces in the school, with members reading stories to children and their families at regular ‘Story Cafés’.
Since then, Corneli Primary has won a Credit Unions of Wales award for a video entry. Eighteen staff have now joined school savings, making up over 140 members. Children attending the collection now average over 50. Furthermore, the school was nominated for a Credit Unions of Wales School Partnership
What impact has this work had on provision and learners’ standards?
- Nearly all pupils and families understand the benefits of regular saving and financial management.
- An Inclusive initiative for all pupils and families has become well esablished.
- Through pupil voice, older pupils have taken ownership working alongside staff and governors to successfully manage weekly savings provision.
- The majority of staff as well as members of our community save on a weekly basis, as role models for pupils.
- The school has created a real life context where pupils can save for a purpose.
- The school has enhancd its Enterprise initiative weeks and has had an integral role in developing the Four Purposes of Curriculum for Wales.
- Standards of financial literacy have increased across the school impacting on problem solving and thinking skills.
- A more positive impact has developed on attitudes towards financial management within the community, as well as enhanced life skills and social skills needed to thrive in society, and enhanced life chances and quality of life and to enable future aspirations for employment and economic well-being.
How have you shared your good practice?
Promotion of the savings scheme also directly resulted in an enquiry by a neighbouring school, which has since become Bridgend Lifesavers’ first Welsh-medium school partnership.
Corneli Primary has been part of Credit Union Wales Case studies and is the face of Bridgend School Savings Website and Social Media Platforms.